Micron Surges, Why SK Hynix Is Stronger; The Rebellion of This Undervalued Stock

Summary

CEO Lee Kwon-hee discusses the US market surge led by Micron and the structural growth re-rating for memory, arguing SK Hynix could follow Micron to a 10x P/E and gain 80%. He also presents a list of Korean stock ideas: Doosan Corp as deeply undervalued on its BG business, SK Inc. as a cheap holding company with full-stack AI exposure, NCsoft as a recovery play on new game momentum, an AVOID call on Nepes Ark after its rally, and HPSP as a momentum pick in semiconductor equipment.

• US market rallies on peace hopes; Micron +11% on target upgrades fueled by structural growth narrative; Philadelphia Semiconductor Index +5.4%.
• SK Hynix seen as the biggest beneficiary, expected to re-rate to 10x forward P/E, implying ~80% upside, mirroring Micron's de-cyclicalization.
• CPU importance rising in the AI agent era drives memory demand; AMD, ARM, Qualcomm, Intel all rallied, supporting the memory bull case.
• Doosan Corp. (000150.KS) undervalued: BG business (CCL) accounts for half of NAV but trades at a steep discount to global peers; target 200k-220k won.
• SK Inc. (034730.KS) trades at 5.4x P/E with NAV upside from SK Hynix, SK Square, and a turnaround at SK Innovation; target 880k won.
• NCsoft (036570.KS) recovery: new game momentum and a rising share of 20s-30s users are positive; KB target 440k won.
• Nepes Ark AVOID: rally pushed the multiple to 29x, now expensive; stock is too volatile and difficult to trade.
• HPSP (403870.KQ) strong on institutional buying and personal position; up 18-19% in a session, positive momentum.