Name: What's Happening to Hynix? | Son Sooyeon, Hana Securities Yongsan WM Center PB [Double Crew]
Uploaded: 2026-07-13T01:39:17+00:00
Duration: 1200 s

Speakers

Son Soo-hyun — Private Banker, Hana Securities Yongsan WM Center

Summary

Son Sooyeon, a PB at Hana Securities Yongsan WM Center, explains why she remains bullish on SK Hynix and its newly listed ADR, arguing that AI-driven memory demand has become structural and supply shortages are a durable price driver. She also covers Korean cosmetics, naming APR as her top pick and Kolmar as a safer alternative, while flagging accounting risk at Dalba.

SK Hynix’s memory cycle is transitioning from cyclical to structural, powered by AI demand and chronic supply tightness.
The new ADR listing lets investors split positions between Korean shares and the ADR, capturing a potential premium and easier access.
APR is the top K‑beauty pick, benefiting from record exports, US/Europe growth, and expanding Amazon presence with only 8% market share.
Kolmar is recommended as a diversified, lower‑volatility proxy for the cosmetics boom, akin to a K‑beauty ETF.
Dalba (NeoPharm) is now an avoid due to a marketing‑expense timing mismatch that could depress Q2 earnings.
TSMC earnings on the 16th are highlighted as the key near‑term catalyst for semiconductor and big tech stocks.

Ideas

Son Soo-hyun Private Banker, Hana Securities Yongsan WM Center 2:04

AI‑driven supply shortage lifts SK Hynix structurally

SK Hynix is in a structural upcycle driven by AI demand. The old PC/smartphone replacement cycle has been replaced by exponential token and AI model usage, permanently lifting demand. Management states customer supply concerns and the company continues to receive 6x demand, signaling a supply shortage that is nearly an identity for price increases. The memory cycle is shifting from cyclical to infrastructure-like, with long-term supply agreements supporting a higher multiple. SK Hynix has no cap on its upside. Earnings and guidance are expected to be strong. Additionally, the new ADR listing provides easier dollar access, options, and structural products, and historically similar ADRs (e.g., TSMC) traded at a 15–20% premium, making it attractive to split a position 50/50 between Korean shares and the ADR for diversification and future upside. Short-term swing trading the ADR premium is discouraged.

Son Soo-hyun Private Banker, Hana Securities Yongsan WM Center 12:52

APR leads K‑beauty exports with US/Europe expansion

APR is the top pick in Korean cosmetics. The sector is buoyed by record June exports of ~$1.1B (up 42% YoY) led by the US and Europe, not China. K‑beauty’s Amazon market share is only 8% with room to expand to 20%, as Amazon Prime Day rankings improved and SKU count is rapidly growing. APR is gaining shelf space and launching spin‑off products (cream, treatment, balm) from its best‑selling items, driving further demand. Multiple brokerages have target prices above 500,000 KRW, implying substantial upside from the current 400,000 KRW level. The fundamentals are intact, and recent weakness was merely sector rotation into AI, not a deterioration in business.

Son Soo-hyun Private Banker, Hana Securities Yongsan WM Center 17:30

Kolmar is a stable K‑beauty ETF‑like pick

Kolmar serves as a diversified K‑beauty proxy, functioning like a cosmetics ETF because it develops products for many indie brands. It benefits from the same strong export trends and channel expansion, and specifically from strong sunscreen sales in Q2. For investors who want a less aggressive way to participate in the cosmetics boom, Kolmar is a comfortable pick.

Son Soo-hyun Private Banker, Hana Securities Yongsan WM Center 17:35

Dalba earnings risk from marketing‑revenue timing gap

Dalba (NeoPharm) faces an accounting-related earnings risk. Amazon Prime Day was pulled earlier, so marketing costs were likely spent in Q2 while revenue may be recognized in Q3, creating a possible Q2 earnings miss. Although the brand is strong and SKU expansion continues, this uncertainty makes the stock risky near‑term. The speaker previously liked it but now recommends avoiding it in favor of APR.

What's Happening to Hynix? | Son Sooyeon, Hana Securities Yongsan WM Center PB [Double Crew]

Summary

Ideas

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