Record stock rally pushed SK hynix shares to an all-time high on Tuesday. The stock jumped 7.98 percent to 1.123 million won as of 10:27 a.m. This surpassed its previous intraday high of 1.099 million won set on February 26. The rally came as the benchmark Kospi index reclaimed the 6,000 level during intraday trading for the first time in over a month.
The Kospi last crossed the 6,000 threshold during trading on March 3. That was the first session after the US-Iran war broke out. The index reached an intraday high of 6,180.45 before plunging 7.24 percent to close at 5,791.91. On a closing basis, the Kospi last finished above 6,000 on February 27, just before the conflict escalated, when it ended at 6,244.13.
Investor sentiment has strengthened ahead of SK hynix’s preliminary earnings release scheduled for April 23. According to Yonhap Infomax, market consensus estimates the company’s first-quarter operating profit at 3.85 trillion won, a 418 percent increase from a year earlier. Some brokerages forecast earnings above 4 trillion won.
Brokerages have been raising target prices ahead of the earnings release. Kim Dong-won, head of research at KB Securities, raised his target price to 1.9 million won from 1.7 million won. He also lifted his operating profit forecasts for this year and next by 42 percent and 55 percent respectively. Chae Min-sook, an analyst at Korea Investment & Securities, said rising memory prices are expected to drive profitability. She projected the company’s operating margin could reach a record 73.2 percent this year.
Lee Soo-rim, an analyst at DS Investment & Securities, said long-term supply contracts are helping stabilize pricing. Contract prices rather than spot prices determine the industry’s real profitability, Lee said. The price upcycle is expected to continue through the fourth quarter of 2026.
