SK hynix should trade closer to Micron's valuation multiple (12x earnings vs SK hynix ~6x). If the valuation gap narrows to be similar to Micron, the target price is around 3 million won, supported by strong earnings momentum and the likely ADR listing.
The KOSPI index is deeply undervalued relative to earnings, especially driven by semiconductor profits which account for over 50% of market cap. With earnings rising fast and valuation multiple still low, KOSPI can reach 9,000 points, which is only a fair level (P/E ~10x) and not excessive.