SK hynix (HYNIX)
Recap: Q1 2026
A 72% Operating Margin Is a Blow-Off, Not a Baseline: SK hynix's Best Quarter Ever Meets a Flat Tape. Downgrading to Hold After Three Outperforms and a 4.5x
Recap: Q4 2025
Earnings Outran the Stock: A 58% Operating Margin, a Record ₩47 Trillion Year, and a ₩14 Trillion Capital Return. Maintaining Outperform Into a Late-Cycle Peak
Recap: Q3 2025
The First ₩10 Trillion Operating-Profit Quarter, and 2026 Is Already Sold Out: A 47% Margin, HBM4 Shipping, NAND Pricing Recovered. Maintaining Outperform After a +207% Year
Recap: Q2 2025
Record Quarter, Clean Print, Borrowed Demand: An All-Time-High ₩22.2tn at a 41% Operating Margin with HBM on Track to Double, and the Only Asterisk Is Tariff Pull-Forward — Initiating at Outperform