Key Metrics
ADR IPO
$149.00
Pricing price
ADR Close
$168.01
+12.76%
Premium vs Seoul
+16.5%
vs KRX close
Volume (Day 1)
107.7M
NYSE normal
Market Cap
$1.06T
Won: ₩1,152T
Fwd P/E
6.56×
Deep value
ADR Premium Analysis
| Date | Seoul (₩) | ADR ($) | Premium |
|---|---|---|---|
| 7/9 Pricing | 2,186,000 | 149.00 | +3.1% |
| 7/10 Open | 2,296,000 | 170.43 | +8.7% |
| 7/10 Close | 2,180,000 | 168.01 | +16.5% |
| 7/10 AH | — | 172.70 | +19.6% |
Premium Progression (%)
Seoul Price Action
| Date | Close | Vol | Change from 6/25 Peak |
|---|---|---|---|
| 6/25 | ₩2,917,000 | 6.79M | Peak |
| 7/1 | ₩2,560,000 | 4.28M | -12.2% |
| 7/8 | ₩2,076,000 | 6.98M | -28.8% (Panic low) |
| 7/10 | ₩2,180,000 | 4.83M | -25.3% |
Seoul Price (₩'000) — From Peak
Earnings
| P&L Table | Q1 2026(A) | Q2 2026(E) | QoQ |
|---|---|---|---|
| Revenue | ₩52.60T | ₩82.83T | +57.4% |
| OP | ₩37.60T | ₩63.40T | +68.6% |
| OP Margin | 71.5% | 76.5% | +5pp |
| FY Comparison | FY2025(A) | FY2026(E) | YoY |
|---|---|---|---|
| Revenue | ₩97.15T | ₩345.52T | +255.7% |
| OP | ₩42.92T | ₩265.77T | +519.4% |
| Est. Fwd P/E | — | 6.0× | — |
Index Inclusion Timeline
Jul 10 — SKHY Listed (NYSE debut)
Dec 2026 — Nasdaq 100 expected (passive $1.5-3.0B)
Jan 10, 2027 — SOX 6-month qual met (ticker age requirement)
Sep 2027 — SOX rebalance (earliest, $0.75-1.25B)
Valuation vs Micron
| Metric | SK Hynix | Micron | Gap |
|---|---|---|---|
| Fwd P/E | 6.56× | ~9.5× | -31% |
| EV/Sales | ~5.2× | ~7.0× | -26% |
| P/B | ~2.8× | ~4.1× | -32% |
Multiple Comparison
Thesis & Catalysts
🐂 Bull Case
Premium structural (TSMC 15% precedent)
Nasdaq 100 inclusion — massive passive flows
HBM shortage to 2030 — secular AI tailwind
Q2 beat potential — revenue ₩82.83T est.
CEO predicts "worst shortage in 2027"
Nasdaq 100 inclusion — massive passive flows
HBM shortage to 2030 — secular AI tailwind
Q2 beat potential — revenue ₩82.83T est.
CEO predicts "worst shortage in 2027"
🐻 Bear Case
$26.5B ADR unlock Jul 14 — lockup expiry
Seoul -25.3% in 12 days — momentum risk
Cycle peak concern (WSJ) — memory cyclicality
Samsung HBM4 competition — market share risk
Iran geopolitical risk — supply chain
Seoul -25.3% in 12 days — momentum risk
Cycle peak concern (WSJ) — memory cyclicality
Samsung HBM4 competition — market share risk
Iran geopolitical risk — supply chain