Seeking Alpha
28 Oct 2026, 15:45 UTC · 1h ago
SK hynix: Sold Out Through 2029, 5x P/E YE27 Doesn't Make Sense
Impact · against what's priced in
The article provides a bullish case for SK hynix based on HBM capacity visibility through 2029, but these claims largely support the structural shortage thesis that the market is currently rejecting. Because the price already assumes a cyclical bust and rejects sustained high margins, these updates are not catalysts but rather arguments for a re-rating that the market has not yet accepted.
- SKHY+0.20
Challenges what's priced in
- The price assumes
Sustained HBM operating margins near 72-76% instead of reverting to the mean
The claim that SK hynix is sold out through 2029 with locked-in 2027 pricing supports the possibility of sustained margins, which the market currently declines to price in, favoring a cyclical reversion instead.
What SKHY's price assumes · Aug 26
