Strength to continue through 1H18
We raise our six-month-forward target price from KRW83,000 (1.4x 2018F BPS) to KRW105,000 (1.9x
12-month-forward BPS attributable to controlling interests) and maintain BUY. We now believe
Hynix’s 3Q consolidated revenue and operating profit will beat our previous forecasts by 1% and 3.5%
to stand at KRW7.9tn and KRW3.8tn, respectively, on the back of sharper-than-expected DRAM price
hikes. In 3Q, mobile DRAM’s share of revenue should grow backed by rising demand from China and
Apple. However, as the mobile DRAM price increase is relatively moderate compared with server and
PC DRAM prices, we believe 3Q results will be in line with consensus estimates.
SK hynix is engaged in the manufacture and sale of semiconductors and related devices. Co.'s memory semiconductors include dynamic random access memory ("DRAM") modules, multi-chip products (MCPs) and NAND flash memory semiconductors. Co.'s memory semiconductors are used for desktops, notebooks, smartphones, tablets, game consoles, MP3, PMP, USB drive, televisions, and digital cameras. Co. also develops non-memory semiconductors such as complementary metal oxide semiconductor image sensors used in digital imaging devices.
Hyundai Motor Investment & Securities is the investment banking arm of the Hyundai Motor Group. The company offers stock brokerage and advisory services; derivative products brokerage and advisory services; wrap account portfolio management services; and VIP wealth management and tax planning, institutional equities, derivatives, and futures brokerage services, as well as sells investment and institutional products. It also provides equity offering, ABS, real estate PF and real estate PF securitization, offshore SOC, structured financing, asset securitization, real estate sales, IPO advisory, and private equity fund and fund management services; and CMA/RP portfolio management and fixed income based investments, as well as involved in the issuance, management, and brokerage of OTC derivatives. In addition, the company offers research services, including macro economic forecasts and stock market outlook, industry overviews and forecasts, fixed income strategies, corporate credit analysis, and valuation analysis. Further, it offers a range of retirement and pension services for individuals and corporate members; portfolios and asset allocation consulting and marketing services; proposing retirement pension plans; contract and payment management services; pension plan advisory and actuarial services; and system development and implementation services, as well as operates call centers for retirement pension services, etc.
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