SK Hynix preview says higher HBM mix will miss Q2 profit consensus but improve the long run
firstadopter · x · 2026-07-29
SK Hynix’s Q2 preview says revenue should reach 80.9 trillion won and operating profit 60.4 trillion won, even though that still misses consensus on profit. The miss is attributed to a higher mix of HBM, whose margins and moat are stronger than ordinary DRAM.
The note argues this is bullish long term:
- HBM demand is expected to stay in shortage for years.
- SK Hynix is the No. 1 HBM supplier.
- Q2 DRAM ASP is estimated up about 30% QoQ, and NAND ASP about 50% QoQ.
- The company is also seeing more long-term agreements, which should reduce earnings volatility.
The report cuts 2026 and 2027 operating profit estimates by 9% and 11% respectively, but still keeps a 3,800,000 won target price and says profitability should remain elevated as HBM4 ramps and long-term contract pricing kicks in.
Related event: SK hynix Q2 preview: profit debate, HBM focus(5 posts)→
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