HBM4与美股上市双催化，摩根大通上调SK海力士目标价至100万韩元

Core Viewpoint - Morgan Stanley has significantly raised the target price for SK Hynix to 1 million KRW, citing the long-term growth trend in AI memory demand and a potential US stock listing as dual catalysts for stock price increase [1][3]. Group 1: Target Price Adjustment - Morgan Stanley maintains an "overweight" rating for SK Hynix and has increased the target price for December 2026 from 800,000 KRW to 1 million KRW, anticipating strong pricing momentum to drive upward revisions in earnings expectations [1][3]. - The expected earnings per share (EPS) for the fiscal years 2026 to 2027 is projected to be revised upward by 20% to 25% [1][9]. Group 2: Capital Operations and US Listing - SK Hynix is evaluating various measures to enhance corporate value, including the potential for a US stock listing through American Depositary Receipts (ADR), which could narrow the valuation gap with US peers [3][15]. - The company is considering listing approximately 2.4% of its outstanding shares, equivalent to about 17.4 million shares, to attract capital from passive funds and ETFs that invest only in US-listed stocks [15]. Group 3: Technology and Market Position - The recent investment plan of 19 trillion KRW for a packaging plant reinforces SK Hynix's commitment to developing AI memory solutions, with large-scale production expected to begin in 2028 [4]. - Despite a temporary decline in HBM sales proportion to 30% this year, it is forecasted to rebound to 39% by 2027, supported by the company's leading position in HBM4 technology [4][9]. Group 4: Pricing Momentum and Earnings Outlook - Strong server demand is driving upward potential in the traditional DRAM and NAND markets, leading to a 7-9% upward revision in the total addressable market (TAM) for HBM [9]. - Capital expenditures for fiscal years 2026 to 2027 are projected to be adjusted to 36-48 trillion KRW, primarily due to infrastructure spending, with a capital intensity of 20-23%, significantly lower than the historical average of 33% from 2016 to 2025 [9].