LS Securities cut its SK Hynix target price by 27% from ₩3.3 million to ₩2.4 million. The firm maintained its buy rating while noting that overall HBM demand remains robust. The adjustment reflects a shifting competitive landscape for next-generation High Bandwidth Memory (HBM4).
Samsung Electronics achieved unexpectedly rapid progress in HBM4 mass production and manufacturing yields. Samsung significantly increased its HBM4 shipment share during the second quarter. Major customers are expected to diversify suppliers, eroding the dominant premium previously held by SK Hynix.
LS Securities lowered SK Hynix’s projected 2025 HBM operating margin from 80% to 60%. The firm simultaneously raised its target price for Samsung Electronics by 12.5%.