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[사진 출처 = 연합뉴스]The stock prices of Samsung Electronics and SK Hynix, the two largest domestic semiconductor leaders, are at odds. Compared to the beginning of the year, Samsung Electronics is showing only 1% of profits, while SK Hynix has recorded a double-digit share price increase, showing a marked difference. In the stock market, Samsung Electronics is relatively weak compared to SK Hynix due to sluggish system semiconductor-related performance, and it is analyzed that changes in the non-memory semiconductor sector will affect the share price for the time being.
In the securities market on the 8th, Samsung Electronics finished trading at 82,000 won, down 100 won (0.12%) from the previous trading day. It has been declining for three consecutive days since the last four days. SK Hynix also closed the deal at 135,000 won, down 3% on the same day.
On this day, SK Hynix’s share price was somewhat sluggish, but if the period is extended, SK Hynix is showing a very different trend from Samsung Electronics. Samsung Electronics ended at 81,000 won at the end of last year and only rose 1.4% until this day, while SK Hynix rose nearly 20% from 118,500. In particular, SK Hynix also surpassed 150,000 won during the week earlier this month, recording the highest price in 20 years (applied in terms of stock price).
As SK Hynix’s share price showed relative strength, the stock price is also raising SK Hynix’s target price at the same time. Shinhan Investment Corp. recently raised SK Hynix’s target price to KRW200,000, and KB Securities and Kiwoom Securities also suggested KRW190,000, predicting the continued rise of the stock price.
On the other hand, Samsung Electronics’ target price is on the move. In mid-January, when Samsung Electronics’ share price exceeded 90,000 won per share, a report predicting ‘100,000 electrons’ was released for the first time. have.
Shinhan Financial Investment Researcher Choi Do-yeon said, “SK Hynix’s annual operating profit in 2022 is expected to exceed its peak in 2018.”
The reason that the temperature difference is felt between them is due to the non-memory semiconductor. The recent rise in memory semiconductor prices has been a boon for both companies, but in the case of Samsung Electronics, the fact that non-memory semiconductor-related issues have not been finalized is acting as an obstacle to the stock price. On the other hand, SK Hynix has almost no proportion of non-memory semiconductors and is benefiting from recent price hikes as it focuses on memory semiconductors.
Kim Kyung-min, a researcher at Hana Financial Investment, said, “Among the large-scale semiconductor stocks in Korea, as the daily fluctuations of SK Hynix’s stock price increased, the improvement of the DRAM industry was reflected in the stock price. Therefore, there were many questions last week about how to reduce the proportion of SK Hynix and increase Samsung Electronics.” In the case of Samsung Electronics, the fact that issues related to system semiconductors, such as the Texas cold wave, have not been finalized, is a burden on the share price, while SK Hynix is weak, but it is positive that signs of improvement in the NAND flash market are detected little by little.”
In particular, the improvement trend of the NAND flash market is expected to be more positive in terms of PER revaluation than the effect of EPS increase among earnings per share (EPS) and share price-earnings ratio (PER), which affect SK Hynix’s share price. This is because it can escape the trade dispute and the loss of NAND flash that continued after the outbreak of Corona 19.
On the other hand, Samsung Electronics suffered more than 100 billion won in damage last month alone as the system semiconductor foundry plant in Austin, Texas, was recently shut down due to the worst cold wave in history. The Austin plant has been shut down until now after the electricity supply was cut off due to a power outage on the 16th of last month (local time). Stock prices predict that it will take another 2-3 months for the factory to operate normally.
Researcher Kim Kyung-min said, “We will lower our estimate of Samsung Electronics’ system semiconductor operating profit from 190 billion won to 161 billion won.” It will have a big impact,” he explained.
Kim Dong-won, a researcher at KB Securities, predicted that “Samsung Electronics’ earnings in the first quarter will decrease compared to the previous quarter due to an increase in the initial cost of a new foundry fab in the semiconductor division and sluggish system LSI performance due to the shutdown of the Austin plant in the US.”
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