Korea Investment & Securities estimates SK Hynix Q2 revenue at 80.9 trln won and
operating profit at 60.4 trln won, up 264% and 556% YoY respectively, but about
8% below the 65 trln won market consensus. Analyst Chae Min-suk said SK Hynix’s
higher share of high-bandwidth memory (HBM), whose ASP gains have lagged the
market, caps company-level ASP increases; with HBM4 entering full production and
sales from Q3, ASP growth should align with the market. KIS estimates Q2 DRAM
and NAND ASPs rose roughly 30% and 50% QoQ. The broker cut its operating-profit
forecasts for this year and 2027 by 9% and 11%, saying the revisions reflect
more realistic price assumptions tied to signed long-term contracts. Chae added
that as the memory industry shifts toward 3–5 year contract structures, company
value will depend on how long higher profitability persists rather than
quarterly ASP growth rates.
