SK 海力士：存储上行周期中勿逆势操作；上调目标价

Asia Pacific Equity Research 29 January 2026 000660.KS, 000660 KS Price (29 Jan 26):W861,000 ▲Price Target (Dec-26):W1,250,000 Prior (Dec-26):W1,000,000 SK hynix Don't fight memory during an upcycle; raise PT/ estimates Following the 4Q beat (report) and key assumption changes, we raise our FY26E- 27 EPS estimates by 23-35% and our Dec-26 PT to W1.25mn using a 35% premium to the historical peak-cycle FTM P/B multiple to reflect a stronger and longer memory up-cycle. We maintain our bullish view and recommen ...