SEOUL, August 5, 2026, 02:06 KST –
- Receipts traded on Nasdaq were up 6.39% at $151.84 as of 13:05 EDT. Shares in Seoul ended the session 0.64% higher at ₩1.577 million.
- After accounting for the depositary ratio and exchange rate, the U.S. receipt suggested a common-share value of ₩2.168 million, 37.5% higher than the price in Seoul.
- SK hynix saw its DRAM market share drop by 13 percentage points to 26% in the second quarter, leaving Micron trailing by just one percentage point.
Shares of SK hynix Inc. NASDAQ:SKHY traded in the U.S. rose 6.4% on Tuesday after six brokerages initiated buy-equivalent coverage of the AI-memory company. The firm’s main Seoul-listed stock ended the session up 0.6%.
Seoul was closed for the session, while Nasdaq stayed open.
The split is more significant than the headline gain. This indicates that Wall Street is adjusting the value of access to SK hynix at a quicker pace than the underlying Korean shares.
One U.S. depositary share is equivalent to one-tenth of a Korean common share. Based on an exchange rate of ₩1,428.03 to the dollar, the U.S. listing suggested a value of ₩2.168 million per Korean common share. This resulted in a premium of 37.5%.
| Cross-listing measure | Seoul ordinary share | Nasdaq depositary share |
|---|---|---|
| Ticker | KRX:000660 | NASDAQ:SKHY |
| Latest price | ₩1,577,000 | $151.84 |
| Session change | +0.64% | +6.39% |
| Implied common-share value | ₩1,577,000 | ₩2,168,313 |
| Premium to Seoul | — | 37.5% |
| Market status at dateline | Closed | Open |
| Change from $149 U.S. offer | — | +1.9% |
Ten depositary shares are equal to one common share. The figures are based on the most recent currency and market data available.
The premium exists due to both structural and sentimental factors. Korean regulations restrict the issuance of new depositary shares from domestic stock, preventing the standard arbitrage method.
The setup mostly operates in a single direction. American investors are allowed to cancel their receipts in exchange for the Korean shares underneath. However, local investors do not have the same freedom to issue new U.S. receipts and take advantage of the premium.
Trading activity locally has been turbulent. Across the last five sessions, daily absolute movements reached a combined 54.6 percentage points. Despite this volatility, SK hynix ended just 1.7% higher than its July 28 close.
Initiations on Tuesday reflected broad bullish sentiment. Rosenblatt assigned the top price target at $320. William Blair established a $260 target, and Stifel Financial Corp. NYSE:SF placed its target at $240.
| Research firm | Rating | U.S. target | Derived upside |
|---|---|---|---|
| Rosenblatt Securities | Buy-equivalent | $320 | 110.7% |
| William Blair | Outperform | $260 | 71.2% |
| Stifel Financial NYSE:SF | Buy | $240 | 58.1% |
Upside is based on the intraday price of $151.84. This figure will fluctuate as the market moves.
William Blair stated that a U.S. listing may allow SK hynix to “re-rate closer” to Micron Technology Inc. NASDAQ:MU. However, the valuation case faces a hurdle, as U.S. investors are currently subject to a 37.5% access premium. Reuters
The positive coverage came after a tough reaction to the earnings report. While second-quarter revenue and operating profit reached all-time highs, both fell short of LSEG forecasts. Some revenue was deferred to future periods due to postponed HBM4 deliveries.
| Q2 2026 measure | Reported | Comparison | Investor read-through |
|---|---|---|---|
| Revenue | ₩79.3 trillion | ₩84 trillion LSEG estimate | 5.6% below consensus; up 257% from previous year |
| Operating profit | ₩60.5 trillion | ₩64 trillion LSEG estimate | 5.5% under forecast; surged by over six times |
| Net profit | ₩93.9 trillion | No cited consensus | Grew by over 13 times |
| Investment gains | ₩63.3 trillion | — | Drove net profit strength |
| 2026 capital spending | High-₩40 trillion range | ₩30.2 trillion in 2025 | Significant expansion in capacity and equipment |
Indicators of demand continued to be robust. President Song Hyun-jong stated, “Major customers are still requesting more memory supply.” SK hynix has finalized negotiations for about 10 long-term supply contracts, most of which span five years. Reuters
Wider DRAM market figures are more concerning. Samsung Electronics Co. KRX:005930 moved back into the top spot in the second quarter. SK hynix’s market share dropped to 26%, with Micron rising to 25%. China’s CXMT Corp. SHA:688825 increased its share to 7%.
| DRAM supplier | Q2 2026 revenue share | Year-earlier comparison |
|---|---|---|
| Samsung Electronics KRX:005930 | 39% | Back in lead position |
| SK hynix | 26% | 39%, decrease of 13 points |
| Micron Technology NASDAQ:MU | 25% | 22%, an increase of 3 points |
| CXMT Corp. SHA:688825 | 7% | Under 1%, rose by at least 6 points |
This raises the bar for investors. The premium reflects HBM leadership rather than overall DRAM supremacy. Its sustainability relies on successful HBM4 rollout and ongoing limited supply.
Credit and employment updates signal differing outlooks. Moody’s Corp. NYSE:MCO upgraded SK hynix to A3 from Baa1, highlighting robust cash flow. Meanwhile, management and union representatives entered a fifth session of discussions over bonuses. According to the latest Reuters coverage, no agreement has been reached.
The week begins with a catch-up test in Seoul. Investors will observe if domestic equities mirror Tuesday’s rally in the U.S. Focus will also be on the ADR premium, the timing of HBM4 shipments, and any developments in bonus negotiations.
Risks: Reduced pace in AI infrastructure investment, additional HBM4 postponements, expansion of Chinese production or labor disruptions may pressure prices and narrow the ADR premium. Alternatively, restricted supply or increased long-term customer agreements would likely have a positive effect.
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