$SHAZB SK Hynix’s sharp rise looks more like a “value re-rating” than a simple “good news sell-off,” but short-term profit-taking pressure is real.
The support comes from hard data: Q3 operating profit of 83.3 trillion won beat expectations by 9%; the announced 100 trillion won shareholder return plan is 2.5 times the market consensus, with a 20 trillion won buyback launched the same day. Capacity is sold out through 2029, and HBM demand is more than twice supply.
But the conditions for a “sell-off” are also there: net profit fell far below expectations due to 32.6 trillion won in exchange-rate losses and asset impairment, revenue growth slowed from 51% quarter-on-quarter to 32%, and the pace of price increases eased; on the same day, the memory sector saw signs of profit-taking, with foreign investors net selling about 22 trillion won.
The difference is this: if Q4 shipment volume takes over from price increases (DRAM shipment guidance is around 20% quarter-on-quarter, far above expectations), then the valuation recovery is not over; if only the price story remains and volume fails to keep up, then the surge is just a window for profit-taking. Current data supports the former more strongly, but the net profit miss and slowdown in growth deserve close attention. #股票财报季
The support comes from hard data: Q3 operating profit of 83.3 trillion won beat expectations by 9%; the announced 100 trillion won shareholder return plan is 2.5 times the market consensus, with a 20 trillion won buyback launched the same day. Capacity is sold out through 2029, and HBM demand is more than twice supply.
But the conditions for a “sell-off” are also there: net profit fell far below expectations due to 32.6 trillion won in exchange-rate losses and asset impairment, revenue growth slowed from 51% quarter-on-quarter to 32%, and the pace of price increases eased; on the same day, the memory sector saw signs of profit-taking, with foreign investors net selling about 22 trillion won.
The difference is this: if Q4 shipment volume takes over from price increases (DRAM shipment guidance is around 20% quarter-on-quarter, far above expectations), then the valuation recovery is not over; if only the price story remains and volume fails to keep up, then the surge is just a window for profit-taking. Current data supports the former more strongly, but the net profit miss and slowdown in growth deserve close attention. #股票财报季
