[Click eStock] "SK Hynix, HBM Demand May Be Lower Than Expected... Target Price Down"

On the 27th, BNK Investment & Securities forecasted that the demand for high-bandwidth memory (HBM) in SK Hynix could decrease more than expected. While maintaining a 'Buy' investment rating, the target price was lowered from 250,000 KRW to 230,000 KRW.

Lee Min-hee, a researcher at BNK Investment & Securities, stated, "Most of the B100 and B200 models, which are equipped with two graphics processing units (GPUs) and 192 gigabytes (GB) of HBM, are expected to be canceled due to excessive power consumption concerns and replaced with the B200A model, which features one GPU and 144GB of HBM." She explained, "This effectively means that next year's HBM demand from Nvidia will be reduced compared to previous expectations, which poses a burden on the highly anticipated artificial intelligence (AI) investment sentiment."

However, the researcher analyzed that this fact would have a limited impact on SK Hynix's sales. She noted, "Even if competitors receive Nvidia certification in November, they will not be able to supply Blackwell due to performance issues," and added, "Micron's capacity expansion next year is also not significant, so SK Hynix's dominance in the HBM market could further increase."

She continued, "There is no short-term momentum for the stock price due to concerns about slowing memory demand," but forecasted, "However, next year, the sales proportion of HBM and high-capacity servers is expected to account for more than 60% of DRAM sales, leading to differentiated performance. If interest rates in developed countries decrease and soft landing expectations grow, the stock price could rebound."

This content was produced with the assistance of AI translation services.