Xiaohuihui exclusive analysis
Storing the next round of rebound—leaders are changing.
In this round, the strongest is no longer SK hynix, but SanDisk (SNDK).
Smaller share count, greater earnings upside, and higher flexibility for management in capital operations and business adjustments—this is the core reason SanDisk has outperformed this round.
What’s wrong with SK hynix?
HBM remains an absolute advantage, but the stock performance has clearly lagged some other memory names.
Behind it is a problem that can’t be ignored: Korean corporate governance.
DRAM is highly concentrated globally in SK hynix and Samsung Electronics. Investing in Korean memory giants isn’t just a bet on the memory cycle—it also means taking on Korea-specific issues related to corporate governance, capital allocation, and shareholder returns.
If this round keeps looking bullish on memory, what’s worth paying attention to is:
Who has the biggest earnings sensitivity, the smallest float, and the most flexible management?
Based on current information, on the NAND side, SanDisk is becoming one of the strongest representatives.
On the DRAM and HBM side, SK hynix and Samsung are still the absolute core, but valuation and governance factors need to be re-priced.
The memory super cycle is still ongoing, but the internal winners within the sector are switching.
The real logic is: memory price hikes → who benefits first → who has the greatest profit sensitivity → who has the greatest stock price sensitivity.
$SNDK
$SKHY
Storing the next round of rebound—leaders are changing.
In this round, the strongest is no longer SK hynix, but SanDisk (SNDK).
Smaller share count, greater earnings upside, and higher flexibility for management in capital operations and business adjustments—this is the core reason SanDisk has outperformed this round.
What’s wrong with SK hynix?
HBM remains an absolute advantage, but the stock performance has clearly lagged some other memory names.
Behind it is a problem that can’t be ignored: Korean corporate governance.
DRAM is highly concentrated globally in SK hynix and Samsung Electronics. Investing in Korean memory giants isn’t just a bet on the memory cycle—it also means taking on Korea-specific issues related to corporate governance, capital allocation, and shareholder returns.
If this round keeps looking bullish on memory, what’s worth paying attention to is:
Who has the biggest earnings sensitivity, the smallest float, and the most flexible management?
Based on current information, on the NAND side, SanDisk is becoming one of the strongest representatives.
On the DRAM and HBM side, SK hynix and Samsung are still the absolute core, but valuation and governance factors need to be re-priced.
The memory super cycle is still ongoing, but the internal winners within the sector are switching.
The real logic is: memory price hikes → who benefits first → who has the greatest profit sensitivity → who has the greatest stock price sensitivity.
$SNDK
$SKHY