Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>3Q results inline at Revenue and Operating levels. Net Income 13% above Consensus. SK Hynix doesn’t provide guidance but “indications”, pointing to KRW 20bn revenues in 4Q, close to consensus.</li>
<li>HBM capacity for 2025 is already sold out. Accelerating launch cadence: HBM3e 12Hi in 4Q24, HBM4 in 2H25. This should create a wider gap with competitors Micron and Samsung.</li>
<li>The stock is very cheap and very compelling, trading at 5.3x 2025 EPS and 1.6x book value for 30% ROE. Very cheap considering HBM visibility and leadership. </li>
</ul>


3Q results inline at Revenue and Operating levels. Net Income 13% above Consensus. SK Hynix doesn’t provide guidance but “indications”, pointing to KRW 20bn revenues in 4Q, close to consensus.
HBM capacity for 2025 is already sold out. Accelerating launch cadence: HBM3e 12Hi in 4Q24, HBM4 in 2H25. This should create a wider gap with competitors Micron and Samsung.
The stock is very cheap and very compelling, trading at 5.3x 2025 EPS and 1.6x book value for 30% ROE. Very cheap considering HBM visibility and leadership. 


SK Hynix 3Q24 Inline, 4Q Close to Consensus, HBM Visibility Is Very High, the Stock Is Very Cheap

Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
<ol>
<li><a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" rel="noopener">SK Hynix</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-transmission-ltd" target="_blank" rel="noopener">Adani Transmission</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" rel="noopener">Adani Green Energy</a></li>
<li><a href="https://www.smartkarma.com/entities/cifi-holdings-group-co-ltd" target="_blank" rel="noopener">CIFI Holdings</a></li>
<li><a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" rel="noopener">Rakuten</a></li>
</ol>
and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:

SK Hynix
Adani Transmission
Adani Green Energy
CIFI Holdings
Rakuten

and more...

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd-cec874fc-ef78-403b-8658-7a7298f0a28d" target="_blank" data-smartkarma-citation="entities:25241:1" rel="noopener">Samsung Electronics (SMSN LI)</a> Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.</li>
<li>A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US).</a>
</li>
</ul>



Samsung Electronics (SMSN LI) Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.

SK Hynix (000660 KS) is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.
A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at NVIDIA Corp (NVDA US).



SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

<ul>
<li>3Q25 (Oct-25) 5% above Consensus, Hopper growing incl H200, no Blackwell revenue. 4Q25 (Jan-25) guidance inline with Consensus but Nvidia has beat guidance for 8 quarters.</li>
<li>Jan-25: Blackwell revenue “several billion dollars”. Supply keeps to increase but supply constraints. GM will moderate to low-70% during Blackwell ramp due  but will stabilize at mid-70%.</li>
<li>The stock is not expensive, trading at its average multiples since 2019: 51x trailing EPS, 34x forward EPS. These multiples are high in an absolute sense, but average for NVDA.</li>
</ul>


3Q25 (Oct-25) 5% above Consensus, Hopper growing incl H200, no Blackwell revenue. 4Q25 (Jan-25) guidance inline with Consensus but Nvidia has beat guidance for 8 quarters.
Jan-25: Blackwell revenue “several billion dollars”. Supply keeps to increase but supply constraints. GM will moderate to low-70% during Blackwell ramp due  but will stabilize at mid-70%.
The stock is not expensive, trading at its average multiples since 2019: 51x trailing EPS, 34x forward EPS. These multiples are high in an absolute sense, but average for NVDA.


Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-26076'>China Vanke </a></li><li><a href='#lucror-entity-4153'>Shui On Land</a></li><li><a href='#lucror-entity-16955'>SK Hynix</a></li><li><a href='#lucror-entity-384'>Yankuang Energy Group</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China Vanke Shui On LandSK HynixYankuang Energy Group

Morning Views Asia: China Vanke  , Shui On Land, SK Hynix, Yankuang Energy Group

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

SK Hynix 3Q24 Inline, 4Q Close to Consensus, HBM Visibility Is Very High, the Stock Is Very Cheap

SK Hynix reports inline 3Q results. HBM capacity is sold out for 2025 and the launching schedule should outpace competitors and widen SK Hynix...

Nicolas Baratte

Weekly Wrap - 25 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Samsung issues rare apology for Q3 profit miss. Admits to being behind in leading technologies. SK Hynix is ahead in HBM memory and set to win....

Neil Campling

Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...

Nicolas Baratte

Morning Views Asia: China Vanke , Shui On Land, SK Hynix, Yankuang Energy Group

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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SK Hynix 3Q24 Inline, 4Q Close to Consensus, HBM Visibility Is Very High, the Stock Is Very Cheap

​SK Hynix reports inline 3Q results. HBM capacity is sold out for 2025 and the launching schedule should outpace competitors and widen SK Hynix...

Nicolas Baratte

Weekly Wrap - 25 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Samsung issues rare apology for Q3 profit miss. Admits to being behind in leading technologies. SK Hynix is ahead in HBM memory and set to win....

Neil Campling

Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

​Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...

Nicolas Baratte

Morning Views Asia: China Vanke , Shui On Land, SK Hynix, Yankuang Energy Group

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

SK Hynix reports inline 3Q results. HBM capacity is sold out for 2025 and the launching schedule should outpace competitors and widen SK Hynix...

Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...