美银重申SK海力士买入评级及250美元目标价，虚拟存储调研确认供给长期紧张

BofA highlighted several takeaways related to SK hynix (SKHY) from its virtual memory tour, including memory shortage, more long-term agreements, and high margin.
The firm kept its Buy rating and $250 price objective on the shares of the South Korean memory chip giant.
Analysts led by Simon Woo said, "1) de-spec [ which means memory content cut per box or GPU/CPU] is mainly occurring in PCs/smartphones and low-end GPU/ASIC, but this should reflect memory chip shortages rather than demand cuts; 2) high-end applications (including next-gen GPUs) will continue to use high memory content (no de-spec); 3) limited wafer capacity expansion (for both DRAM/NAND) even with new shell fab construction (as new cleanroom space remains tight); 4) memory supply likely to remain tight even over the long term."
The other takeaways, according to the analysts, were: average selling prices, or ASPs, likely more stable (no longer highly volatile) with growing long-term agreements, or LTAs; no comment on China NAND fab expansion or Solidigm stake sales, given nothing has been decided; and reiteration of a more than 50% payout ratio, including a recently announced 40T won share buyback.
The analysts expect about 30T won in dividend payments for 2026 results besides the 40T won buyback, implying a roughly 40:60 dividend-to-buyback mix.
"Remaining payable FCF (W15tn = 50% x W170tn FCF, less W30tn dividend and W40tn buyback) can be paid (via a mix of dividend/buyback) in April 2027 after AGM (March 2027), in our view. We believe 2027 FCF has the potential to exceed W200tn as the memory super-cycle drives both ASP and volume growth. This would support total shareholder returns of more than W100tn in 2027," said Woo and his team.