Mirae Asset raises SK Hynix target price to 4.2 million won on HBM outlook, Nasdaq listing hopes

Mirae Asset Securities raised its target price for SK Hynix from 3.8 million won ($2,470) to 4.2 million won, citing expectations of higher HBM prices and the possibility of the chipmaker's inclusion in the Philadelphia Semiconductor Index following its planned American depositary receipt listing in the United States.

Kim Young-geon, a researcher at Mirae Asset Securities, said in a report Wednesday that the brokerage kept its 2026 earnings outlook unchanged but raised its 2027 operating profit forecast to reflect an improved HBM price outlook.

Kim revised his projected HBM price growth rate for 2027 upward from 25.3 percent to 43.7 percent, and lifted his 2027 operating profit estimate for SK Hynix by 3.3 percent to 449 trillion won on the back of that revision.

On SK Hynix's announcement Tuesday that it plans to issue ADRs worth up to 45 trillion won, Kim said he expects the company to be added to the Philadelphia Semiconductor Index after the ADR listing.

"Based on the offering price, the market capitalization of $30 billion would rank 25th within the SOX index, and the trading volume requirements should also be met without difficulty," Kim said, adding that he expects SK Hynix to be included in the index at its regular September review next year.

SK Hynix publicly filed an F-1 registration statement with the US Securities and Exchange Commission on Tuesday (local time) for its ADR listing — moving at a rapid pace roughly seven months after speculation about a US listing first surfaced late last year. If the schedule holds, trading under the ticker "SKHY" is set to begin July 10.

The company plans to issue up to 17.79 million new shares, equivalent to about 45.45 trillion won at current share prices. It will conduct a book-building process targeting global institutional investors on July 6, with the offering price to be finalized on July 9 (local time). Trading on the Nasdaq is then set to begin July 10 (local time).

SK Hynix plans to use the Nasdaq listing to strengthen its HBM technology competitiveness. The company also intends to restructure its traditional DRAM and NAND flash lineups into AI-optimized offerings.