SK hynix: Believe In The HBM Leader

SK hynix Inc. offers compelling valuation, trading at a forward P/E of 5.7 and a 13% free cash flow yield, despite recent volatility. SKHY maintains HBM leadership with 50% market share and robust gross margins but faces intensifying competition from Samsung and Micron. The current ADR premium is excessive at 38%, driven by structural constraints and forced selling; I expect this premium to narrow over time.