Han Dong-hee

SK Hynix is the primary beneficiary of the structural AI-driven memory upcycle, with leadership in HBM, long-term supply agreements (LTA) providing earnings visibility, and valuation re-rating from PBR to PER. The speaker was the first to set a target price of 2 million won, based on sustained demand and pricing power. Continued HBM price increases and general DRAM tightness support further earnings upgrades.

Samsung Electronics is undergoing a revaluation as it catches up in HBM and benefits from the same structural tailwinds: LTA-driven earnings stability, AI demand for memory, and a shift from PBR to PER valuation. The speaker set a target price of 400,000 won, citing the need for a double-digit PER multiple due to improved earnings visibility and the structural change in the memory market.