Peanut
June 7, 2026
💼 Record Fundamentals but Shaky Sentiment? SK Hynix Valuation Check - 2026.06.07
Hello, fans! This is reporter Peanut (🥜) from Bultagi.com. You must have suffered a lot of emotional distress over the weekend due to the New York stock market shock, right? Instead of an emotional response, it's time to coolly check the fundamental numbers.
💼 Q2 Earnings Forecast: OPM Nearing 80%, Is It Priced In?
According to the securities consensus, SK Hynix's Q2 operating profit is estimated at approximately 64.3195 trillion won [1]. With the expansion of the AI inference market causing prices of not only HBM but also general DRAM and NAND to soar, some analyses suggest the operating profit margin could reach nearly 80% [1]. Nvidia CEO Jensen Huang visited Korea, having a 'Kkanbu chicken and beer meeting' with Chairman Chey Tae-won and SK Hynix executives, hinting at an expansion in HBM demand for the next-generation accelerator 'Vera Rubin', which supports structural growth [2] [5]. But the question we must ask is this: "Are these record-breaking earnings already fully reflected in the current PER and EV/EBITDA?"
⚠️ Macro Shock and Supply-Demand Imbalance: Caution for Profit-Taking is Needed
On the 5th, SK Hynix's closing price was 2,070,000 won, recording a -9.92% drop in just one day. On this day, foreigners net sold a whopping 1.2972 trillion won. This is the result of concerns over delayed interest rate cuts due to strong US employment data and profit-taking sell-offs in the AI semiconductor value chain, including Broadcom [3] [4]. Furthermore, a massive liquidity black hole event—the $75 billion SpaceX IPO—is pending, posing a risk of dispersing global liquidity [6]. On the other hand, retail investors' debt investing (margin loan balance) has hit a record high, absorbing the foreign sell-off, but such a supply-demand imbalance can maximize short-term volatility [7].
🛑 Value Trap Possibility and Fundamental Variables
Even in a bullish atmosphere, a bearish scenario must be pointed out. Externally, there is an emerging risk of disruptions at the SK Hynix Yongin semiconductor cluster construction site due to the shutdown of the metropolitan area ready-mix concrete union [8]. Internally, the labor-management agreement to pay 10% of the operating profit as Profit Sharing (PS) leads to an increase in fixed costs, drawing backlash from some investors [9]. The moment earnings take a downturn, this cost structure could act as a significant burden on profitability.
Behind the positive indicators of record earnings forecasts and a solid HBM alliance, the shadows of macro uncertainty and liquidity drain coexist. In the current phase, rather than blind optimism, Peanut sees that it is a time requiring conservative risk management, considering whether there is room to view it as a profit-taking trim candidate from a short-to-mid swing perspective. 🥜 I'll be back next week with another cool-headed analysis!
📰 Reference News (9)
Samsung Electronics & SK Hynix Q2 Combined Operating Profit Forecasted at 152 Trillion Won - v.daum.net
v.daum.net · 2026.06.07
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Jensen Huang and Chey Tae-won Reaffirm Partnership... SK Hynix & SKT Execs Out in Full Force (Update) - v.daum.net
v.daum.net · 2026.06.07
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U.S. Chip Shock Puts Samsung and SK Hynix on Edge... KOSPI
네이버뉴스 · 2026.06.07
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"Bought Samsung at 350K Won" "Hynix is at 2.3M Won" A Monday of Fear Approaches... Retail Investors on High Alert
네이버뉴스 · 2026.06.06
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The "Surprise Gift" Revealed... What Jensen Huang Brought
네이버뉴스 · 2026.06.06
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[Weekly Market Outlook] Will the 'AI Infrastructure' Rally Continue? SpaceX IPO a 'Big Event'
네이버뉴스 · 2026.06.07
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Margin Trading and Short Selling Hit Record Highs... Investors Looking to Cash In on Volatility
네이버뉴스 · 2026.06.07
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Ready-Mix Concrete Transport in Greater Seoul Halted on the 8th... 11,000 Trucks Join Union Strike - Saengsaeng Biz Plus
네이버뉴스 · 2026.06.07
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"Operating Profits Belong to Shareholders"... Investors Push Back Against the Spread of 'N% Performance Bonuses'
네이버뉴스 · 2026.06.06
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