Oh! SK Hynix is cheaper than Micron! The real deal starts in July

Summary

Hana Securities manager Kwon Taek-jung lays out a bullish view on Korean memory stocks, arguing that the memory super cycle remains intact amid severe AI-driven shortages and that SK Hynix is substantially cheaper than Micron. He highlights the upcoming July ADR listing as a catalyst to close the valuation gap and advises watching expensive but promising semiconductor equipment names.

• Memory shortage is severe, with big tech CEOs publicly complaining about high prices but unable to add supply quickly.
• New memory fabs face high barriers and long lead times, keeping supply tight and supporting a prolonged super cycle.
• Samsung Electronics and SK Hynix are the only Korean stocks with deep earnings quality and cheap valuations, drawing strong inflows.
• SK Hynix trades at about half Micron's forward PER despite leading HBM technology, implying significant upside.
• SK Hynix's ADR listing in July, together with Q2 results, should bring US demand and narrow the discount to Micron.
• Korean semiconductor equipment stocks like Wonik IPS, HPSP, and NST will benefit from capex but are currently expensive and volatile.
• The speaker suggests adding equipment names only after price stabilization, keeping them on a watchlist for now.