SK Securities lifts Korea chip targets as HBM gains extend upcycle - CHOSUNBIZ - Chosunbiz

SK Securities raised its semiconductor sector outlook in June 2026, citing sustained demand and increased profitability in memory chips. The firm upgraded targets for Samsung Electronics and SK Hynix,... Read original →

SK Securities’ target price hikes reflect a strategic bet that HBM-driven structural scarcity will redefine memory economics. Technically, the heavy reliance on TSV and CoWoS packaging is diverting Samsung and SK hynix’s advanced-node capacity from commodity DRAM/NAND toward AI-optimized HBM, tightening supply elsewhere. Export controls from the U.S., Netherlands, and Japan have raised capex barriers, granting Korean firms a temporary edge in HBM3E/HBM4—but also heightening geopolitical supply risks. In response, Micron may deepen ties with Intel and Taiwan, China’s OSATs to bypass advanced packaging bottlenecks. Over the next 12–24 months, surging HBM prices will polarize profitability: leaders with long-term agreements will boost shareholder returns, while smaller DRAM players lacking AI exposure face exit pressure, accelerating industry consolidation.