QS Research · Michael Burry's Scion Capital analyst template · 2006
SK hynix Inc. (SKHY)
As of 2026-11-06 · 5/15 boxes filled from SEC filings and market data
Conclusion: LONG
Conviction medium · base case +31% · downside 0% · upside +93%
At $126.07 (N1) the stock is priced at 4.5x forward earnings (S25, S26), while the memory peer band is 5.9x-8.7x P/E (S1); on the same forward earnings base, 5.9x is +31.1% and 8.7x is +93.3%, and even no re-rating is 0%. The market is treating SK hynix as a spot memory cyclical facing CXMT and AI-bubble risk, but Q3 2026 shows 104.62 trillion won revenue (+327.9% YoY) and 83.33 trillion won operating profit at an 80% margin, with HBM/DRAM sold out through 2029 and over 50% of 2027-28 capacity contracted. This is not a normalized-cycle call: it uses the current forward earnings base, not an average. The missing TTM cash flow and balance sheet keep conviction at medium, but the rule is met for a long.
Key numbers
- Share price: $126.07
- Market cap: $873.71B
The 15 boxes
- ○ 1. Long-form business notes
- ○ 2. Competitive advantage
- ○ 3. 10-Q takeaways
- ○ 4. Corporate governance
- ○ 5. Overview of the prior 3 years of 8-K filings
- ✓ 6. Other significant filings
Filled; members read this box.
- ○ 7. Chronology of significant news and events
- ✓ 8. Comparables valuation interpretation
Filled; members read this box.
- ○ 9. Insider trading interpretation
- ○ 10. Earnings-call notes
- ○ 11. Impression of the shareholder letter
- ○ 12. Scuttlebutt overview
- ✓ 13. Valuation and risk/reward summary
Filled; members read this box.
- ✓ 14. Current price suppression and potential catalysts
Filled; members read this box.
- ✓ 15. Conclusions
The call above.
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