SK hynix Inc.

分析の要約

2026年11月6日の韓国普通株を起点に、HBM・汎用DRAM・NANDの需給、設備投資と株式報酬を5ケースで予測します。2026年第3四半期決算は監査前の速報で、キオクシア関連の一時利益と特別配当を継続利益と区別しています。7月のADS発行は発行費用を差し引いた推定純手取を基準日資本に反映し、第2四半期配当は11月の新規購入者の受取に含めません。10月28日決議の買戻しのうち、基準日までの取得数は未確認のため100万株と仮定し、未取得・300万株取得とした感応度では、分析基準日の期待年率の差は約0.01ポイント未満です。非売却の普通株1株を基準に現金配当と残存価値を評価し、会社の買戻しによる株数変化と従業員向け株式交付を区別します。韓国でETFが実際に負担する配当源泉税は未確定で、この試算には反映していません。将来の配当・株価・利益・買戻しとシナリオ確率は予測であり、会社の確約ではありません。

要点

1

FY2025 company-reported sales 97.1467T KRW vs provisional Q3 2026 quarterly sales 104.6155T KRW: extremely elevated price/cycle environment is unsuitable for perpetual 80% EBIT margin extrapolation.

2

Q3 consolidated NI 39.775593T differs from parent NI 39.534392T; 2026 H1 63.178974T financial-mark valuation gains and 13.979567T financial dividend income are non-operating/partly Kioxia-related and excluded from future sustainable earnings.

3

Jul 2026 new ADS issuance proceeds 39.89053479T add real cash/equity and dilute existing shares (already incorporated into baseline), not a future 2027 event.

4

Completed 40.0043390635T Aug-Oct 2026 buybacks occur BEFORE this initial purchase date and contribute ZERO to new holder future CF. New employee share repurchases do not count as old shareholder cash returns.

5

One actual old ordinary share never tenders; company purchases affect shares outstanding. Its own dividend and terminal claim are multiplied by the 705,173,324-share basis proxy purely for aiv import normalization; this is NOT a real aggregate cohort.

6

Annual plus stub-year 2026 / 2036 yields eleven disclosed rows per scenario. All unannounced ex dates are guesses with zero-cash recheck gates.

7

Company earnings estimates and all capital market issuance, future trading prices, quantity/ASP and 2037 perpetual forecasts are assumptions rather than issuer guidance.

結論の補足

company_description

AIサーバー向けHBMと汎用DRAM/NANDを持つ半導体メモリー企業

horizon_years_calendar

10

終価の基準日

2036-11-06

probability_weighted_gross_korea_withholding_before_irr

0.1971423561

tax_after_actual_EWY_IRR

未確認

probability_weighted_old_holder_payout_oku

3419632.531809

probability_weighted_old_holder_terminal_mcap_oku

39001819.546546

old_holder_initial_market_cap_oku

7982562.02768

ewy_2026_11_05_holding_weight_reference

0.2247

ewy_2026_11_09_reconstitution_weight

未確認

ewy_weight_note

22.47% is the user-supplied 2026-11-05 reference, NOT a verified or estimated Nov9 post-index-change exposure

事業

AI向けHBM、一般DRAM、NAND/eSSDを製造販売。K-IFRSの報告対象事業セグメントは半導体1本。HBMはDRAMの内数であり別売上と足し合わせない。Kioxia投資損益と特別配当は恒常営業利益から除外。

競争力・事業の質

HBM4量産・長期契約は強みだが受注先集中と価格変動に脆い。2026Q3の80%営業利益率と、Kioxiaを含む金融評価益は恒久的と扱わない。将来の大型設備投資、SBC及び資本調達が必要。

業界と環境

DRAM/HBM寡占とNAND激しい競争。HBM実装・歩留まり、設備投資、DDR5/NAND価格とビット出荷量、AIアクセラレータ投資、サイクル、為替、輸出規制を独立要因として5ケースで変化。

財務・資本配分

6/30 reviewed parent equity 262.38061T KRW; Q3 parent NI preliminary 39.534392T; July17.79m ADS issuance estimated NET 39.47365449T (gross39.89053479T less prospectus fees); Q2 375KRW dividend Aug7 declared AFTER June30 (Sep payment total not verified, 0.27186230175T model proxy), old program completed 40.004339T August20-October21, Q3 20kKRW dividend Oct28 declared and counted once; Oct29-Nov6 new buyback unknown scenarios 0/1m/3m. Q3 end liquidity embeds ADS and Q2 payment. Equity and liquidity are MODEL proxies, not K-IFRS November6 observed.

評価の前提と確認

株価PERを終価に使用しない。2037年のSBC控除済NOPAT＋非現金償却＋SBC加算－維持成長投資－増分運転資本－時価株式補充をWACC−gで資本化し、留保資金・有利子負債・NCIから普通株帰属価値へ接続。予測の割高/割安は時点別旧株主CFで再計算。

資本コストの前提

資本コスト

12.00%

k_unit

per year, nominal KRW

main_case

base

方法

analyst judgment nominal equity cost with country, memory cyclicality, HBM concentration and earnings volatility; not back-solved market PER

case_specific_k

内容を開く

stress

0.155

bear

0.14

base

0.12

bull

0.11

upside

0.105

case_specific_terminal_wacc

内容を開く

stress

0.14

bear

0.122

base

0.106

bull

0.098

upside

0.095

事業別データ

事業別の内訳と、収録されている年度別データを確認できます。

事業別データを開く →

10年のシナリオ

シナリオごとの確率、期間内の株主還元・追加負担、終価です。金額は億KRW。株主の範囲や受取時点は各分析の前提を確認してください。

金額の単位

億KRW

事業の詳細

segments_accounting

K-IFRS reports one semiconductor operating segment. Revenue disaggregation HBM/commodity DRAM/NAND in 2027-36 is an analyst forecast, not a verified financial reportable-segment split.

products

内容を開く

1

HBM high-bandwidth DRAM for AI GPU accelerators, subset of total DRAM

2

Conventional DRAM: DDR5/server/mobile/PC

3

NAND flash: eSSD / enterprise SSD (including Solidigm)

4

Other memory packaging and services

2026_q3_market_context

2026Q3 provisional revenue and price-driven margin unusually elevated. Company LTA cover more than 50% of planned 2027-28 capacity with price adjustment mechanisms; not guaranteed ASP or margin.

kioxia

Gains, derivative movements and related 2026 special shareholder distributions are non-recurring. In model: 2026 special 10k KRW in confirmed quarterly dividend + a separate hypothetical FY26 residual cash distribution in 2027. Neither gains nor special dividends are added to future sustainable EBIT or an independently valued terminal Kioxia asset.

競争力の詳細

HBM_technology_strength

issuer reports HBM4 production ramp and demand under long-term agreements; HBM volumes/market shares not uncritically equated to entire consolidated reportable-segment share

weaknesses

内容を開く

1

customer concentration in AI accelerators

2

memory supply/price cyclicality

3

large fabs/cleanrooms, EUV/packaging and capex commitments

4

technology yield, competition and export controls

5

financial-asset valuation gains distorting group NI

6

rapid equity issuance / employee stock incentives and capital-market funding

strengths

内容を開く

1

advanced HBM supply position

2

strong 2026 spot market pricing and operating cash generation

3

Solidigm enterprise SSD exposure

4

long-term contract coverage

5

debt partly offset by large liquid financial assets

scoring

内容を開く

technology

8

balance_sheet

7

recurring_earnings_visibility

4

capital_discipline

5

cycle_stability

2

scores_subjective

はい

業界の詳細

structure

oligopolistic DRAM/HBM and competitive NAND, high fixed costs, inventory cycles, fab lags

analysis_aspects

内容を開く

1

AI accelerator HBM demand volume

2

HBM4 yield and premium ASP

3

DDR5 and conventional DRAM bit shipments and ASP

4

NAND/eSSD bit volumes and ASP

5

capex vs depreciation and wafer throughput

6

tax and working capital requirements

7

incremental equity issuance

8

export control, FX and semiconductor cycle

2026_q3_proxy_revenue_basket_oku

内容を開く

hbm

1100000

conventional_dram

2050000

nand

950000

other

84619.32

disclosure_status

HBM share within DRAM not separately confirmed at 2026 Q3; synthetic baskets allocate Q3 total only for scenario construction and MUST NOT appear as actual segment financials

volume_asp_mechanics

Each forecast segment annual revenue = Q3 2026 synthetic annualized base × cumulative volume index × cumulative relative ASP index. HBM excludes any overlap with conventional DRAM. Annual margin derived from total revenue and scenario profitability assumptions.

財務・資本配分の詳細

reviewed_balance_sheet_2026_06

内容を開く

日付

2026-06-30

状態

K-IFRS interim consolidated financial statements with auditors review, unaudited

h1_revenue_oku

1318950.33

h1_operating_profit_oku

981528.91

h1_parent_profit_oku

1341504.12

h1_consolidated_profit_oku

1342685.02

親会社持分（億）

2623806.1

非支配持分資本（億）

3126.18

strict_cash_equivalents_oku

268359.86

short_term_financial_instruments_oku

223975.59

short_term_investment_assets_oku

387243.78

broad_liquidity_three_components_oku

879579.23

interest_bearing_borrowings_oku

185866.34

current_tax_liability_oku

319580.25

h1_ppe_acquisitions_oku

183288.36

h1_intangible_acquisitions_oku

6651.8

h1_depreciation_oku

73408.67

h1_amortization_oku

4184.22

h1_share_based_payment_cashflow_addback_oku

746.39

h1_stock_comp_note_recognized_expense_oku

1486.63

h1_financial_instruments_valuation_gain_oku

631789.74

h1_dividend_income_oku

139795.67

発行済株式数

712702365

自己株式数

1626865

effective_outstanding_shares

711075500

source_id

h1_6k_reviewed

latest_preliminary_and_events

内容を開く

2025_year_end

内容を開く

日付

2025-12-31

状態

company reported K-IFRS FY2025, not used as 2026 future cashflow

売上高

971467

営業利益（億）

472063

consolidated_net_income_oku

429479

parent_net_income_oku

未確認

source_id

2025_company

2026_07_nasdaq_ads

内容を開く

日付

2026-07-29

asof_date_status

July 10 ADS listing; July 29 newly issued ordinary shares listed on KRX

new_common_shares

17790000

ads_new

177900000

common_shares_per_ads

0.1

gross_issuance_proceeds_oku

398905.3479

issue_price_per_common_krw

2242301

source_id

h1_6k_reviewed

underwriting_discount_oku

3875.807196

other_issuance_expenses_estimated_oku

292.995843

net_issuance_proceeds_estimated_oku

394736.544861

actual_net_cash_proceeds_oku

未確認

new_source_ids

1

ads_prospectus_424b4

2

ads_krx_issuance_report

2026_10_28_q3_prelim

内容を開く

日付

2026-10-28

期間末

2026-09-30

状態

reported provisional Q3 results (NOT confirmed reviewed financials)

q3_revenue_oku

1046154.83

q3_operating_profit_oku

833338.18

q3_pre_tax_profit_oku

507085

q3_parent_profit_oku

395343.92

q3_nci_profit_oku

2412.01

q3_consolidated_profit_oku

397755.93

ytd_parent_profit_oku

1736848.04

broad_liquidity_oku

1145000

borrowings_oku

158000

source_id

q3_6k_preliminary

2026_10_26_buyback_terminated

内容を開く

日付

2026-10-21

reported

2026-10-26

状態

cash paid, buys completed before 2026-11-06; cashflow on this investment horizon = 0

株数

23693272

cash_outflow_oku

400043.390635

estimated_cancel_date

2026-11-05

cancel_confirmed_asof

いいえ

source_id

buyback_execution_6k

2026_10_28_dividend_declared

内容を開く

日付

2026-10-28

payment_date_confirmed

未確認

record_date_confirmed

2026-11-30

ex_date_confirmed

未確認

ex_date_assumed

2026-11-27

per_share_krw

20000

ordinary_component_krw

10000

kioxia_special_component_krw

10000

total_declared_oku

141034.6648

implied_eligible_shares

705173324

eligible_shares_can_change_before_record_date

はい

source_id

dividend_q3_6k

2026_10_28_buyback_new_plan

内容を開く

日付

2026-10-28

状態

board planned; execution conditional, October 29 start is before purchase baseline

planned_ordinary_buyback_shares

14920000

estimated_cash_oku_not_spending_cap

200077.2

estimated_price_krw

1341000

planned_start

2026-10-29

planned_end

2027-01-28

approx_cancellation_budget_oku

100000

approx_employee_budget_oku

100000

actual_share_count_can_change_with_price

はい

planned_model_target_shares_without_new_filing

14920000

assumed_purchased_2026_10_29_to_11_06_shares

1000000

assumed_purchased_2026_10_29_to_11_06_cash_oku

11320

model_unexecuted_share_balance_after_cutoff

13920000

source_id

buyback_policy_6k

2026_08_07_q2_dividend

内容を開く

board_decision_date

2026-08-07

状態

issued decision, aggregate at decision; FINAL TOTAL NOT VERIFIED

record_date_confirmed

2026-08-31

per_common_krw

375

board_estimate_oku

2733.248018

implied_eligible_on_resolution

728866138

estimated_settled_old_program_treasury_by_record

3900000

estimated_eligible_shares_at_record

724966138

model_actual_payment_proxy_oku

2718.623018

actual_paid_oku

未確認

payment_date_declared

未確認

payment_date_assumed

2026-09-30

payment_pre_asof

はい

cash_embedded_in_2026_09_30_ir_liquidity

はい

accounting_recognition

Not a June30 liability; recognized in equity and dividend payable when declared Aug7, paid by September30 assumption; payable was extinguished, cash already inside Sep30 balance

excluded_from_holder_timed_cashflows

はい

出典番号

内容を開く

1

q2_div_6k

2

h1_6k_reviewed

3

buyback_execution_6k

4

krx_t2_settlement

asof_parent_equity_proxy_oku

2858769.886408

sbc_policy

All SBC is expensed in operating costs, lowering ordinary parent NI. Equity-settled compensation is added back once to operating cash, matched to a real cost of treasury acquisition or new shareholder dilution; 2037 cash-neutral continuation explicitly adds back noncash expense and subtracts market share replenishment once. The stock trust transfer itself is 0 holder cash. Employee-purpose Oct28-plan treasury stock is reserved (not cancelled) and grants first consume reserved treasury stock; the entire 2036 employee reserve is used up in all five scenario projections. Market repurchase matching 2037 grants affects terminal FCFF once.

excluded_pre_asof_investor_cashflows_oku

内容を開く

2026_aug_oct_stock_repurchase_oku

400043.390635

2026_H1_dividends_oku

15943.65

2026_Q2_dividend_estimate_oku

2718.623018

2026_Q2_dividend_actual_paid_oku

未確認

future_announced_but_partial_unknown

内容を開く

assumed_whole_unspent_asof_Nov6

いいえ

plan_execution_from_Oct29_to_Nov6_unknown

はい

preasof_assumed_count_shares

1000000

preasof_assumed_cash_oku

11320

approved_target_not_actual_binding_share_cap

14920000

postasof_plan_purchase_shares

13920000

other_2027_new_program_from_this_approval_oku_assumed

0

compensation_repurchase_and_cancellation_not_dividends

はい

board_estimated_cash_NOT_fixed_oku

200077.2

announced_quarterly_dividend_cash_paid_after_asof

Board approved 20,000 KRW on Oct28, Nov30 record; future payment day not yet announced. Company liabilities/proxy equity deduct the declaration at asof; Dec24 assumed cash settlement no second equity debit.

option_exercise_forecasts

Synthetic 75,000 shares per full year in 2028-2032 at 65% assumed market reference. It is separately financed (paid issuance), not an assumed cash payment by old holders; no exercise after 2032 / 2037 terminal.

legacy_tax_payable_untouched_profit

Proxy 31T KRW historical accrued tax liability estimated from K-IFRS June tax payable 31.958T; payments 20T in 2027 and remainder in 2028 reduce liquid assets but not current profit/equity again; uncertainty high.

oct28_plan_one_resolution_bridge

内容を開く

source_id

buyback_policy_6k

source_url

https://www.sec.gov/Archives/edgar/data/2120882/000119312526435019/d165312d6k.htm

状態

BOARD DECISION PLANNED only, NOT concluded purchases

date_of_resolution

2026-10-28

planned_start

2026-10-29

planned_end

2027-01-28

planned_shares

14920000

board_estimated_purchase_cash_oku_NOT_implementation_cost

200077.2

formula_for_board_estimate

14,920,000 shares * KRW1,341,000 per share / 100,000,000 KRW per oku

board_price_assumption_krw

1341000

actual_share_count_can_change_with_market_price

はい

maximum_daily_share_purchase_order

1492000

before_2026_11_06_executions_actual_shares_verified

未確認

assumed_preasof_execution_shares

1000000

assumed_preasof_average_execution_price_krw

1132000

assumed_preasof_purchase_cash_oku

11320

assumed_preasof_shareholder_cancel_purpose_shares

500000

assumed_preasof_employee_compensation_purpose_shares

500000

forecast_after_asof_number_shares

13920000

planned_after_asof_2026_shares

6960000

planned_after_asof_2027_shares

6960000

assumed_2026_dates

内容を開く

1

2026-12-10

2

2026-12-11

3

2026-12-14

4

2026-12-15

5

2026-12-16

assumed_2027_dates

内容を開く

1

2027-01-20

2

2027-01-21

3

2027-01-22

4

2027-01-25

5

2027-01-26

shares_daily_postasof

1392000

fraction_shares_for_shareholder_cancellation_ASSUMED

0.5

fraction_shares_for_employee_equity_awards_ASSUMED

0.5

issuer_announced_approx_cash_allocation_shareholder_oku

100000

issuer_announced_approx_cash_allocation_employee_oku

100000

actual_allocation_final_confirmed

いいえ

future_cancellation_date_assumed

2027-05-14

future_cancellation_legal_approval_confirmed

いいえ

cancellation_after_treasury_purchase_causes_additional_cash_out_oku

0

assumed_full_plan_by_2027_01_26_shares

14920000

model_share_limit_is_analytical_not_legally_fixed

はい

all_values_scenario_forecasts_subject_to_future_disclosure

はい

scenario_costs_by_assumed_execution_price_oku

内容を開く

upside

内容を開く

2027

share_count

6960000

company_cash_oku

85968.703198

implied_averaged_purchase_price_krw

1235182.52

2028

share_count

6960000

company_cash_oku

84240.588184

implied_averaged_purchase_price_krw

1210353.28

future_from_asof_cash_oku

170209.29138

whole_10_28_program_cash_including_assumed_prelude_oku

181529.29138

board_estimate_less_hypothetical_execution_oku

18547.90862

future_from_asof_purpose_breakdown

cancellation

株数

6960000

現金（億）

85104.64569

employee

株数

6960000

現金（億）

85104.64569

preasof_cash_already_in_opening_capital_oku

11320

number_of_subsequent_acquisition_business_days

10

bull

内容を開く

2027

share_count

6960000

company_cash_oku

82767.645848

implied_averaged_purchase_price_krw

1189190.31

2028

share_count

6960000

company_cash_oku

76824.175004

implied_averaged_purchase_price_krw

1103795.62

future_from_asof_cash_oku

159591.82085

whole_10_28_program_cash_including_assumed_prelude_oku

170911.82085

board_estimate_less_hypothetical_execution_oku

29165.37915

future_from_asof_purpose_breakdown

cancellation

株数

6960000

現金（億）

79795.910425

employee

株数

6960000

現金（億）

79795.910425

preasof_cash_already_in_opening_capital_oku

11320

number_of_subsequent_acquisition_business_days

10

base

内容を開く

2027

share_count

6960000

company_cash_oku

78787.2

implied_averaged_purchase_price_krw

1132000

2028

share_count

6960000

company_cash_oku

62710.030787

implied_averaged_purchase_price_krw

901006.19

future_from_asof_cash_oku

141497.23079

whole_10_28_program_cash_including_assumed_prelude_oku

152817.23079

board_estimate_less_hypothetical_execution_oku

47259.96921

future_from_asof_purpose_breakdown

cancellation

株数

6960000

現金（億）

70748.615395

employee

株数

6960000

現金（億）

70748.615395

preasof_cash_already_in_opening_capital_oku

11320

number_of_subsequent_acquisition_business_days

10

bear

内容を開く

2027

share_count

6960000

company_cash_oku

72486.338031

implied_averaged_purchase_price_krw

1041470.37

2028

share_count

6960000

company_cash_oku

52580.471767

implied_averaged_purchase_price_krw

755466.55

future_from_asof_cash_oku

125066.8098

whole_10_28_program_cash_including_assumed_prelude_oku

136386.8098

board_estimate_less_hypothetical_execution_oku

63690.3902

future_from_asof_purpose_breakdown

cancellation

株数

6960000

現金（億）

62533.4049

employee

株数

6960000

現金（億）

62533.4049

preasof_cash_already_in_opening_capital_oku

11320

number_of_subsequent_acquisition_business_days

10

stress

内容を開く

2027

share_count

6960000

company_cash_oku

64911.786711

implied_averaged_purchase_price_krw

932640.61

2028

share_count

6960000

company_cash_oku

37017.058782

implied_averaged_purchase_price_krw

531854.29

future_from_asof_cash_oku

101928.84549

whole_10_28_program_cash_including_assumed_prelude_oku

113248.84549

board_estimate_less_hypothetical_execution_oku

86828.35451

future_from_asof_purpose_breakdown

cancellation

株数

6960000

現金（億）

50964.422745

employee

株数

6960000

現金（億）

50964.422745

preasof_cash_already_in_opening_capital_oku

11320

number_of_subsequent_acquisition_business_days

10

modelled_preasof_zero_three_m_sensitivity_available_in_package

はい

unresolved_confirmations_v3

内容を開く

1

2026-08-31 real Q2 dividend paid eligible-share count, cash total and primary payment confirmation

2

2026 Q3 finalized K-IFRS equity, other comprehensive income, equity-settled SBC capital credit

3

2026 July ADS true net proceeds versus July9 prospectus estimated other offering expenses

4

Actual executed Oct29-Nov6 buyback shares and prices versus assumed 0/1m/3m

5

Nov05 old treasury cancellation actual registration and Oct-Nov unrelated share movements

6

Oct1-Nov6 operating cashflows, paid taxes, investments, debt changes and OCI

7

EWY actual Korea dividend WHT effective rate/refunds and tax residence qualification

8

Forecast ex-dates, payment dates, employee deliveries, board approval for conditional future buyback

評価根拠の詳細

valuation_uses_share_price_as_terminal_multiple

いいえ

terminal_market_per

未確認

growth_from_actual_q3_not_used_as_perpetual_80pct_margin

はい

perpetuity_discount_formula

FCFF_2037/(WACC-g) + cash_2036 - required_operating_cash - debt - NCI; correct initial holders fractional claim

monetary_unit

all monetary figures 億KRW except KRW/share and unit-labeled raw amounts

not_real_data_fields

内容を開く

1

2036 price

2

future share buyback execution market price

3

all forecast HBM volume/ASP indices

4

2026 Nov6 total equity and cash

5

fund tax rate

6

all unannounced dividends and corporate dates

分析基準とデータ

価格・単価

1132000

株数

705173324

price_times_effective_market_cap_oku

7982562.02768

old_holder_block_shares

1

synthetic_display_multiplier_from_basis_shares

705173324

initial_old_holder_block_mcap_oku

7982562.02768

old_holder_block_fraction_at_baseline

1.4201E-9

ADS

内容を開く

ticker

SKHY

nasdaq_listing_2026_07_10

はい

ads_per_ordinary

10

ordinary_per_ads

0.1

ads_isin

US78392B2060

gdr_exchange

Luxembourg

gdr_isin

US78392B1070

new_ads_issued_at_ipo

177900000

underlying_new_common_shares

17790000

出典番号

1

issuer_isin_adr

2

h1_6k_reviewed

liquidity

内容を開く

broad_cash_liquidity_q3_2026_company_IR_oku

1145000

Q3_label_warning

Company IR cash and cash equivalents apparently includes short-term financial investments; NOT directly comparable to strict June K-IFRS cash-equivalents

verified_June_30_strict_cash_oku

268359.86

verified_June_30_cash_plus_short_term_oku

879579.23

verified_June_30_total_borrowings_oku

185866.34

Q3_borrowings_oku

158000

completed_Oct_1_to_21_buybacks_oku

90309.961925

base_liquidity_2026_11_06_proxy_oku

1043370.038075

conditional_preasof_oct28_buyback_deduction_oku

11320

base_liquidity_proxy_provenance

2026-09-30 issuer IR 114.5T broad liquidity (embeds Q2 dividend and July ADS cash, no further deduction of either) - issuer verified October 1-21 old-program buys - analyst assumed Oct29-Nov6 newly approved buys + zero proxy for October operations; not an observed K-IFRS Nov6 balance.

estimated_residual_legacy_tax_payable_oku

310000

Q2_verified_current_income_tax_payable_oku

319580.25

q3_reconciliation_bridge_subtracts_q2_again

いいえ

q3_reconciliation_bridge_subtracts_ipo_fees_again

いいえ

legacy_old_plan_buybacks_aug20_sep30_oku

309733.42871

legacy_old_plan_buybacks_oct01_oct21_oku

90309.961925

q3_unobserved_operating_investing_valuation_fx_bridge_residual_oku

183136.276867

parent_equity

内容を開く

reviewed_2026_06_30_oku

2623806.1

Q3_parent_NI_prelim_oku

395343.92

July_ADS_issuance_oku

394736.544861

aug_oct_completed_buyback_oku

400043.390635

already_declared_2026_Q3_dividend_payable_oku

141034.6648

asof_parent_equity_proxy_oku

2858769.886408

assumed_oct29_nov6_buyback_equity_deduction_oku

11320

計算式

Reviewed 2026-06-30 parent equity + provisional Q3 parent NI + July ADS estimated net proceeds (gross less underwriting and estimated fees) + unconfirmed Q3 parent OCI (ZERO proxy) + unconfirmed Q3 equity-settled SBC capital credit (ZERO proxy) - Aug31 Q2 dividend assumed final amount (NOT included at Jun30) - Aug20..Oct21 executed old buybacks - Oct28 Q3 dividend declaration - Oct29..Nov6 new-plan pre-asof shares PRICE*QUANTITY assumption + unobserved Oct-Nov profit (ZERO proxy) + other book changes (ZERO proxy). Cash at Q3 Sep30 already includes Q2 dividend and ADS.

date_asof_proxy_only

はい

actual_2026_11_06_kifrs_equity_oku

未確認

July_ADS_gross_issuance_oku

398905.3479

July_ADS_underwriting_commissions_oku

3875.807196

July_ADS_other_estimated_fees_oku

292.995843

July_ADS_net_estimated_oku

394736.544861

q2_2026_dividend_declared_estimate_oku

2733.248018

q2_2026_dividend_proxy_record_date_oku

2718.623018

q2_2026_actual_cash_dividend_oku

未確認

q2_2026_dividend_deducted_from_june30_equity_once

はい

q2_dividend_excluded_from_new_investor_CF

はい

Q3_parent_OCI_actual_oku

未確認

Q3_parent_OCI_zero_proxy_oku

0

Q3_equity_SBC_credit_actual_oku

未確認

Q3_equity_SBC_credit_zero_proxy_oku

0

Oct_01_Nov_06_parent_profit_actual_oku

未確認

Oct_01_Nov_06_parent_profit_zero_proxy_oku

0

estimate_not_actual_asof

はい

price_detail

内容を開く

値

1132000

単位

KRW per ordinary

as_of

2026-11-06

session

KRX closing price

状態

market observed via independent secondary source, KRX official quote not confirmed

source_id

krx_price_secondary

shares_detail

内容を開く

effective_common

705173324

issued_after_scheduled_2026_11_05_cancellation

706799093

treasury_held_pre_new_program

1625769

assumed_new_program_preasof_repurchase_shares

1000000

assumed_2026_11_06_issued_shares_after_scheduled_cancellation

706799093

assumed_2026_11_06_treasury_shares

2625769

assumed_2026_11_06_effective_shares_for_cashflows

704173324

last_directly_reconcilable_eligibility_date

2026-10-28

effective_date_exactly_2026_11_06_confirmed

いいえ

derivation

basis.shares=705,173,324 represents Oct28 board Q3 dividend eligible-share proxy, NOT November6 outstanding. Issuer 706,799,093 common issued minus old 1,625,769 treasury after scheduled old-program Nov5 cancellation (unverified execution) equals 705,173,324 before the new program. Oct29-Nov6 actual purchases unknown; THIS variant assumes 1,000,000 at KRW 1,132,000, producing 704,173,324 issuer effective shares. Invariant basis.shares remains only a SYNTHETIC conversion scale for a non-tendering old one-share investor.

出典番号

内容を開く

1

h1_6k_reviewed

2

buyback_execution_6k

3

buyback_cancel_6ka

4

dividend_q3_6k

effective_common_label

proxy inferred from Oct28 declared dividends, NOT actual Nov6 verified outstanding

actual_2026_11_06_effective_common_shares

未確認

model_opening_effective_common_shares_assumed

704173324

株価の出所

2026-11-06 KRX close 1,132,000 KRW; independent market source: https://stockanalysis.com/quote/krx/000660/history/; KRX official API quote not verified

株数の出所

2026-10-28 BOD dividend eligible 705,173,324 proxy; Nov6 count not confirmed; 1,000,000 pre-asof assumption => 704,173,324 company-ledger effective shares. https://www.sec.gov/Archives/edgar/data/2120882/000119312526435015/d236994d6k.htm

share_count_contract

705,173,324 is 2026-10-28 declared-dividend share proxy, NOT actual Nov6; assumed new-plan shares acquired by Nov6 are 1,000,000; synthetic 1 old share x 705,173,324 is used for payout_oku and mcap_oku, not a real group.

asof_model_effective_common_shares_unverified

704173324

検証上の留意点

初期1株×代理株数の合成の非売却持分に対し55の期間台帳と各権利日の分母を再接続。実績値と未確認・予測を厳格区別し、韓国源泉税後は実効率未確認のためnull。basis.price / sharesは数値、case key順は標準仕様に準拠。

追加データ・検証記録

historical_reports

内容を開く

2025_year_end

内容を開く

日付

2025-12-31

状態

company reported K-IFRS FY2025, not used as 2026 future cashflow

売上高

971467

営業利益（億）

472063

consolidated_net_income_oku

429479

parent_net_income_oku

未確認

source_id

2025_company

2026_06_30

内容を開く

日付

2026-06-30

状態

K-IFRS interim consolidated financial statements with auditors review, unaudited

h1_revenue_oku

1318950.33

h1_operating_profit_oku

981528.91

h1_parent_profit_oku

1341504.12

h1_consolidated_profit_oku

1342685.02

親会社持分（億）

2623806.1

非支配持分資本（億）

3126.18

strict_cash_equivalents_oku

268359.86

short_term_financial_instruments_oku

223975.59

short_term_investment_assets_oku

387243.78

broad_liquidity_three_components_oku

879579.23

interest_bearing_borrowings_oku

185866.34

current_tax_liability_oku

319580.25

h1_ppe_acquisitions_oku

183288.36

h1_intangible_acquisitions_oku

6651.8

h1_depreciation_oku

73408.67

h1_amortization_oku

4184.22

h1_share_based_payment_cashflow_addback_oku

746.39

h1_stock_comp_note_recognized_expense_oku

1486.63

h1_financial_instruments_valuation_gain_oku

631789.74

h1_dividend_income_oku

139795.67

発行済株式数

712702365

自己株式数

1626865

effective_outstanding_shares

711075500

source_id

h1_6k_reviewed

2026_07_nasdaq_ads

内容を開く

日付

2026-07-29

asof_date_status

July 10 ADS listing; July 29 newly issued ordinary shares listed on KRX

new_common_shares

17790000

ads_new

177900000

common_shares_per_ads

0.1

gross_issuance_proceeds_oku

398905.3479

issue_price_per_common_krw

2242301

source_id

h1_6k_reviewed

underwriting_discount_oku

3875.807196

other_issuance_expenses_estimated_oku

292.995843

net_issuance_proceeds_estimated_oku

394736.544861

actual_net_cash_proceeds_oku

未確認

new_source_ids

1

ads_prospectus_424b4

2

ads_krx_issuance_report

2026_10_28_q3_prelim

内容を開く

日付

2026-10-28

期間末

2026-09-30

状態

reported provisional Q3 results (NOT confirmed reviewed financials)

q3_revenue_oku

1046154.83

q3_operating_profit_oku

833338.18

q3_pre_tax_profit_oku

507085

q3_parent_profit_oku

395343.92

q3_nci_profit_oku

2412.01

q3_consolidated_profit_oku

397755.93

ytd_parent_profit_oku

1736848.04

broad_liquidity_oku

1145000

borrowings_oku

158000

source_id

q3_6k_preliminary

2026_10_26_buyback_terminated

内容を開く

日付

2026-10-21

reported

2026-10-26

状態

cash paid, buys completed before 2026-11-06; cashflow on this investment horizon = 0

株数

23693272

cash_outflow_oku

400043.390635

estimated_cancel_date

2026-11-05

cancel_confirmed_asof

いいえ

source_id

buyback_execution_6k

2026_10_28_dividend_declared

内容を開く

日付

2026-10-28

payment_date_confirmed

未確認

record_date_confirmed

2026-11-30

ex_date_confirmed

未確認

ex_date_assumed

2026-11-27

per_share_krw

20000

ordinary_component_krw

10000

kioxia_special_component_krw

10000

total_declared_oku

141034.6648

implied_eligible_shares

705173324

eligible_shares_can_change_before_record_date

はい

source_id

dividend_q3_6k

2026_10_28_buyback_new_plan

内容を開く

日付

2026-10-28

状態

board planned; execution conditional, October 29 start is before purchase baseline

planned_ordinary_buyback_shares

14920000

estimated_cash_oku_not_spending_cap

200077.2

estimated_price_krw

1341000

planned_start

2026-10-29

planned_end

2027-01-28

approx_cancellation_budget_oku

100000

approx_employee_budget_oku

100000

actual_share_count_can_change_with_price

はい

planned_model_target_shares_without_new_filing

14920000

assumed_purchased_2026_10_29_to_11_06_shares

1000000

assumed_purchased_2026_10_29_to_11_06_cash_oku

11320

model_unexecuted_share_balance_after_cutoff

13920000

source_id

buyback_policy_6k

validation

内容を開く

all_scenarios_passed

はい

scenario_results

内容を開く

1

内容を開く

scenario

stress

rows

11

events

131

期間内株主受取

440149.919345

terminal_old_mcap_oku

2034095.76525

irr

-0.1211592715

book_equity_and_liquidity_reconciliation

PASS

old_holder_and_issuer_split

PASS

no_prelude_cf

PASS

SBC_terminal_cash_or_dilution_once

PASS

2

内容を開く

scenario

bear

rows

11

events

131

期間内株主受取

1090932.484241

terminal_old_mcap_oku

9124847.664698

irr

0.0270073715

book_equity_and_liquidity_reconciliation

PASS

old_holder_and_issuer_split

PASS

no_prelude_cf

PASS

SBC_terminal_cash_or_dilution_once

PASS

3

内容を開く

scenario

base

rows

11

events

131

期間内株主受取

2701963.609812

terminal_old_mcap_oku

22835912.688418

irr

0.1357838135

book_equity_and_liquidity_reconciliation

PASS

old_holder_and_issuer_split

PASS

no_prelude_cf

PASS

SBC_terminal_cash_or_dilution_once

PASS

4

内容を開く

scenario

bull

rows

11

events

131

期間内株主受取

6633702.729925

terminal_old_mcap_oku

75147612.891272

irr

0.2899409001

book_equity_and_liquidity_reconciliation

PASS

old_holder_and_issuer_split

PASS

no_prelude_cf

PASS

SBC_terminal_cash_or_dilution_once

PASS

5

内容を開く

scenario

upside

rows

11

events

131

期間内株主受取

13907168.578086

terminal_old_mcap_oku

247066208.0045

irr

0.4566676197

book_equity_and_liquidity_reconciliation

PASS

old_holder_and_issuer_split

PASS

no_prelude_cf

PASS

SBC_terminal_cash_or_dilution_once

PASS

total_scenario_ledgers

55

total_scenario_timed_events

655

sum_probabilities

1

expected_npv_at_expected_irr_oku

-3.7E-9

source_date_cutoff_check

All actual firm fact disclosures available no later than Nov6; no post-asof Q3 final financials used; later-dated projected events are clearly labeled assumed.

no_perpetual_PE_applied

はい

注記

Source-document content manually transcribed / normalized; forward output mechanistically checked, not issuer forecasts or independent audit. Book equity and liquidity exclude unspecified balance-sheet positions and are proxies.

schema_compatibility

内容を開く

basis.price

number

basis.shares

number

narratives

strings

case_keys_order

内容を開く

1

bull

2

mild_bull

3

base

4

mild_bear

5

bear

required_fields

内容を開く

1

key

2

title

3

prob

4

story

5

prob_why

6

segments

7

adjust_oku

8

revenue_oku

9

op_oku

10

net_oku

11

equity_oku

12

net_sum_oku

13

multiple

14

mcap_oku

15

payout_oku

case_segmentation_2036

year2036 annualized run-rate, whereas annual ledger 2036 is only Jan1-Nov6 partial, separately marked

five_case_probabilities_sum

1

buyback_planned_share_count_check

PASS: 1,000,000 pre-cutoff assumed + 13,920,000 forecast Oct28-program shares = 14,920,000 planned; each daily purchase <=1,492,000, end 2027-01-28.

daily_share_order_limit_check

PASS: 1.392m per projected purchase day versus 1.492m per day disclosed max orders; Korean exchange holidays not checked for future dates.

stock_and_treasury_bridge_recomputed

PASS all 55 rows, including cash acquisition and zero-cash legal treasury cancellation separately.

date_ex_rights_no_unannounced_ex_date_field

PASS all positive cash events use ex_date_assumed with prior zero event; ex_date field absent.

synthetic_cashflow_normalization_check

PASS one share cashflow and terminal claim multiplied by basis.shares, NEVER issuer aggregate; p-distribution and 10y terminal on same unit.

company_balances_not_scaled_by_synthetic_share_multiple

はい

old_holder_cashflows_exclude_buyback_purchases_and_option_exercises

はい

cost_sensitivity_unconfirmed_preasof_execution

UNVERIFIED sensitivity 1,000,000 pre-cutoff purchases cost 11,320.000000 億KRW. Other variants 0, 1m, 3m recomputed independently; not evidence of issuer actual buyback execution, November6 cash or equity.

v3_q2_dividend_bridge_check

PASS: Q2 dividend 375 per share declared after June30 is deducted ONCE from June30 proxy parent capital; no new investor postasof cashflow or Q3 liquidity second deduction. Paid amount inferred, actual null.

v3_ads_net_capital_bridge_check

PASS: July issued shares and gross from issuer SEC/KRX; underwriting and estimated other issuer prospectus expenses deducted ONCE in book-equity bridge; gross/net distinct; not deducted again from Sep30 liquidity.

v3_OCI_and_october_profit_not_fabricated

Q3 OCI, quarterly equity SBC credit and Oct-Nov profit actual are null, corresponding 0-ASSUMPTION residuals are labeled. Company Nov6 balance is proxy, not actual.

v3_scenario_execution_shares

1000000

分析に使用した資料

• SK hynix
• SK hynix / US SEC
• SK hynix / US SEC
• SK hynix / US SEC
• SK hynix / US SEC
• SK hynix / US SEC
• SK hynix / US SEC
• SK hynix / US SEC
• SK hynix
• SK hynix
• StockAnalysis
• Korean National Tax Service
• Korean National Tax Service
• Korean National Tax Service
• US Internal Revenue Service
• KT Corporation / US SEC
• SK hynix / SEC EDGAR
• SK hynix / SEC EDGAR
• SK hynix / Korea Exchange
• Korea Exchange