SK Hynix Inc. — Investment Research Report

ADR Premium Analysis · Trading Dynamics · SOX Timeline · Q2 FY2026 Preview
July 11, 2026
ADR IPO Price
$149.00
ADR Close (7/10)
$168.01
+12.76%
Premium vs Seoul
+16.5%
Total Raised
$26.5B
Market Cap
$1.06T
Forward P/E
6.56×

Executive Summary

SK Hynix (000660.KS / SKHY) completed the largest US IPO by a foreign company on July 10, 2026, raising $26.5 billion. ADRs priced at $149, a 3.1% premium to the Seoul close, and closed the first day at $168.01 (+12.76%). The ADR premium widened to approximately 16.5% by close.

Seoul-listed shares corrected 25.3% from the June 25 peak of ₩2,917,000 to ₩2,180,000 on July 10, exhibiting a classic "buy the rumor, sell the fact" pattern ahead of the ADR listing.

Q2 FY2026 earnings (Jul 29) consensus: Revenue ₩82.83T (+272.6% YoY), Operating Profit ₩63.40T (+588.1% YoY). Full-year FY2026 operating profit consensus of ₩265.77T implies a forward P/E of ~6.0× at current market cap, compared to Micron's 9–10× — a 31–52% re-rating opportunity.

1. ADR Premium Detail

Date Seoul Close (₩) ADR Close ($) Premium
7/9 — IPO 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 — After-hours — 172.70 +19.6%
ADR Premium Waterfall (%) 3.1% 8.7% 16.5% 19.6% IPO Open Close After-hrs

2. Seoul Price Correction

Date Close Volume Note
6/25 ₩2,917,000 6.79M Pre-ADR peak
7/1 ₩2,560,000 4.28M
7/3 ₩2,425,000 7.98M ADR price range announced
7/8 ₩2,076,000 6.98M Panic low
7/9 ₩2,186,000 6.26M Recovery
7/10 ₩2,180,000 4.83M ADR debut, −0.27%
Seoul Close Price Trend (₩, 000s) 2,000 2,500 3,000 6/25 7/1 7/3 7/8 7/9 7/10

3. Earnings Comparison P&L Statement Style

Quarterly Performance
Metric Q1 2026 (A) Q2 2026 (E) QoQ Chg YoY Chg
Revenue ₩52.60T ₩82.83T +57.4% +272.6%
Operating Profit ₩37.60T ₩63.40T +68.6% +588.1%
OP Margin 71.5% 76.5% +5.0pp —
Net Income — — — —
Revenue & Operating Profit (₩T) Revenue 52.6 82.83 +57.4% Operating Profit 37.6 63.4 +68.6% Q1 Q2 (E) Q1 Q2 (E) Q1 Actual Q2 Est.
Full Year Comparables
FY2025 (A) FY2026 (E) YoY
Revenue ₩97.15T ₩345.52T +255.7%
Operating Profit ₩42.92T ₩265.77T +519.4%
Full-Year Revenue & OP Waterfall (₩T) ₩97.15T FY25 Rev ₩345.52T FY26 Rev (E) +255.7% ₩42.92T FY25 OP ₩265.77T FY26 OP (E) +519.4%

4. SOX / Nasdaq 100 Timeline

Jul 10, 2026
SKHY Nasdaq Listing — ADR begins trading on the Nasdaq Global Select Market under ticker SKHY
Dec 2026
Nasdaq 100 Expected Inclusion (high probability) — passive inflow $1.5–3.0B
Jan 10, 2027
6-Month SOX Qualification Met — SKHY becomes eligible for Philadelphia Semiconductor Index consideration
Sep 2027
SOX Index Rebalance (earliest feasible) — passive inflow $0.75–1.25B

5. Valuation Comparison

Metric SK Hynix Micron (MU) Gap
Forward P/E 6.56× ~9.5× −31%
EV/Sales (TTM) ~5.2× ~7.0× −26%
P/B ~2.8× ~4.1× −32%
Valuation Gap vs Micron Fwd P/E 6.56× MU ~9.5× −31% EV/Sales ~5.2× MU ~7.0× −26% P/B ~2.8× MU ~4.1× −32%

Investment Thesis

△ Bull Case

  • ADR premium could be structural — TSMC ADR precedent suggests sustained 10–20% gap
  • Nasdaq 100 inclusion (Dec 2026) expected to drive $1.5–3.0B in passive inflows
  • Q2 FY2026 beat potential — consensus already implying 76.5% OP margin
  • HBM supply tightness extends into 2030+; AI memory demand secular
  • Re-rating potential: 6.56× Fwd P/E vs MU 9.5× = 31–52% upside if gap closes

▽ Bear Case

  • Jul 14 ADR lockup expiry unlocks $26.5B in supply overhang
  • Seoul 25% correction from peak signals momentum exhaustion
  • Cycle peak concerns flagged by WSJ, FT, sell-side analysts
  • Samsung HBM4 competition intensifies; potential share loss risk
  • Iran / geopolitical risk adds tail-event volatility to memory pricing
  • Legacy DRAM/NAND pricing softness if AI CapEx rotation slows
Data sources: SK Hynix IR, Yahoo Finance, StockAnalysis, Chosun Biz, MK, Reuters, Bloomberg, WSJ, FT,
Futurum Group, Mirae Asset Securities, KB Securities, Daishin Securities, Korea Investment & Securities, UBS.
本報告僅供專業投資人參考，不構成投資建議
Generated by Hermes Agent • Data as of 2026.07.10