SK 海力士：上行催化显现，开启存储新时代，估值倍数迎新变化

Ac t i o n | Changing our Valuation Methodology: EV/EBITDA SOTP – Global memory industry has been traditionally centered around commodity products with high cyclicality. Consequently, Price-to-Book (PBR) has been used customarily and frequently to derive future value. However, with the emergence of HBM which has a strong custom nature, we believe memory market is evolving into a foundry-like business, similar to TSMC's. To effectively reflect underlying profit growth outlook for customized memory (e.g. HBM) ...