Samsung Electronics and SK Hynix shares have plunged about 23% and 35% in the
past month amid concerns over weakening HBM price momentum, NAND oversupply and
faster rival capacity build-outs. Goldman Sachs says the sell-off is overdone,
citing still-low inventories, persistent supply tightness and support
long-term supply contracts and shareholder returns, and reiterates Buy on both
names. The stocks now trade around 3.5–3.6x 2027 P/E and 1.4–1.6x P/B. Goldman
forecasts 2027 blended HBM ASPs to rise about 87% for Samsung and 100% for SK
Hynix to roughly $2.9/GB, with the SK Hynix estimate roughly 24% above
consensus. Goldman highlights constrained HBM expansion—driven by node upgrades,
increased stacking and tougher yield ramps—and warns next year’s supply
shortfall could be larger than this year’s.
