Son In-jun

SK hynix (000660.KS) target price 370,000 won, 12-month forward P/E 8x. Memory supply shortage severe, HBM price doubling next year, operating profit seen reaching ~46 trillion won (2026). Earnings estimates still have considerable upward room; valuation undemanding with potential to re-rate toward 9x P/E like Micron, further boosted by ADR listing removing Korea discount.

Samsung Electronics (005930.KS) target price 560,000 won based on 12-month forward EPS and 8x P/E. DRAM memory shortage intensifying, HBM prices expected to double in 2026, driving substantial earnings estimate upgrades above current consensus. The stock trades at under 6x his 2026 EPS estimate, leaving significant upside as earnings revisions roll in.

Micron Technology (MU) will deliver a positive earnings surprise and strong guidance next week. CY2027 EPS estimates are already being revised sharply higher (Deutsche Bank sees $160), supporting a P/E re-rating above 9x and a target around $150–160. The ongoing memory shortage and HBM boom benefit Micron alongside Korean peers.