KOREAN SEMICONDUCTOR / MEMORY
Korean memory semiconductors: valuation and flows
A daily view of Samsung Electronics, SK hynix, and Hanmi Semiconductor: trailing PER, forward PER, foreign and institutional flows, consensus target prices, and the overnight global memory & HBM benchmark. Target prices and ratings are analyst consensus figures, not this site's view.
Data through 08-14
A wider difference between trailing and consensus forward PER shows how current consensus earnings estimates compare with reported earnings. It is a description of the figures, not a forecast.
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Read a past letter →This page organizes reference data; it is not a buy or sell signal. Target prices and ratings are averages of analysts' estimates and can change materially with earnings and industry conditions. Forward PER uses consensus earnings estimates, so it can rise if actual earnings fall below those estimates.
Valuation: trailing vs forward PER
Forward PER is based on consensus earnings estimates. Stocks without an estimate are shown as N/A.
| Company | Price (KRW) | PER | Fwd PER | PBR | Mkt cap (₩tn) | Div yield |
|---|---|---|---|---|---|---|
| Samsung ElectronicsMemory & integrated semiconductors | ₩274,500+2.4% | 21.7x | 5.6x | 3.7x | 1569.7 tn | 0.62% |
| SK hynixMemory & HBM | ₩1,645,000+3.3% | 16.1x | 4.8x | 7.2x | 1214.1 tn | 0.18% |
| Hanmi SemiconductorHBM bonding equipment | ₩229,000+1.3% | 122.7x | N/A | 34.2x | 21.8 tn | 0.35% |
| HPSPHBM high-pressure hydrogen annealing equipment | ₩40,400-1.9% | 43.3x | 29.6x | 11.8x | 3.5 tn | 1.17% |
| EO TechnicsLaser application equipment | ₩404,000+6.7% | 68.9x | N/A | 7.2x | 5.1 tn | 0.29% |
| WONIK IPSThin-film deposition equipment | ₩116,600-2.8% | 49.8x | 25.3x | 5.6x | 5.5 tn | 0.18% |
| Hana MaterialsSilicon materials for etch equipment | ₩58,300-2.8% | 22.4x | 14.4x | 2.3x | 1.1 tn | 0.53% |
Foreign / institutional / retail flows (last 5 trading days)
Totals are net shares bought. Positive (+) indicates net buying; negative (−) indicates net selling. Bars show daily foreign net buying.
| Company | Foreign net buying (shares) | Institutional | Retail | Foreign ownership | Daily foreign flow |
|---|---|---|---|---|---|
| Samsung Electronics | +838.3 ×10k sh | +543.5 ×10k sh | -1319.9 ×10k sh | 46.8% | |
| SK hynix | +146.0 ×10k sh | +15.4 ×10k sh | -158.2 ×10k sh | 51.07% | |
| Hanmi Semiconductor | +18.3 ×10k sh | +22.8 ×10k sh | -41.9 ×10k sh | 7.76% | |
| HPSP | -4.0 ×10k sh | +25.9 ×10k sh | -20.9 ×10k sh | 31.87% | |
| EO Technics | -15.2 ×10k sh | +11.2 ×10k sh | +3.7 ×10k sh | 28.18% | |
| WONIK IPS | +22.9 ×10k sh | +21.0 ×10k sh | -46.6 ×10k sh | 15.59% | |
| Hana Materials | -20.5 ×10k sh | +6.6 ×10k sh | +13.7 ×10k sh | 19.98% |
Analyst consensus target price
The average target price across analysts is the anchor; the gap shows how far the current price sits below or above it. The rating is the mean on a 1 (strong sell) to 5 (strong buy) scale.
| Company | Consensus target (KRW) | Price (KRW) | Gap to target | Rating (1–5) | 52-week position |
|---|---|---|---|---|---|
| Samsung Electronics | ₩491,875 | ₩274,500 | -44.2% | 4.04 | 66% |
| SK hynix | ₩3,317,917 | ₩1,645,000 | -50.4% | 4.00 | 51% |
| Hanmi Semiconductor | ₩380,000 | ₩229,000 | -39.7% | 4.00 | 43% |
| HPSP | ₩68,000 | ₩40,400 | -40.6% | 4.00 | 23% |
| EO Technics | ₩532,500 | ₩404,000 | -24.1% | 4.00 | 49% |
| WONIK IPS | ₩154,714 | ₩116,600 | -24.6% | 3.86 | 53% |
| Hana Materials | ₩88,000 | ₩58,300 | -33.8% | 4.00 | 53% |
Gap = current price ÷ consensus target − 1; a negative value means the price is below the consensus target (not a view on direction or upside). The 52-week bar places the current price between the 52-week low (left) and high (right); hover the bar for the actual low and high.
Global memory & HBM benchmark
Global leaders that move alongside Korean memory names. US-listed names (Micron, SanDisk, Nvidia) trade and report overnight, giving context for the next Korean session; Kioxia reflects NAND conditions in the same Asian session. This is a reference line, not a forecast.
| Company | Close | Vs previous | 52-week position | As of |
|---|---|---|---|---|
| MicronMU · US-listed · DRAM & HBM leader | $1,011.75 | +6.5% | 79% | 2026-08-17 |
| SanDiskSNDK · US-listed · NAND pure-play (ex-Western Digital) | $1,786.85 | +16.9% | 75% | 2026-08-17 |
| NvidiaNVDA · US-listed · HBM demand leader (not a memory maker) | $225.01 | -0.1% | 84% | 2026-08-17 |
| Kioxia285A.T · Tokyo-listed · NAND leader · SK hynix among key holders | ¥57,150 | -7.6% | 50% | 2026-08-18 |
US closing prices are from a different time zone; Kioxia is a Tokyo close. The change is between the latest and previous trading-day closes, and prices are in each listing's currency (US $, Japan ¥).
Relative strength vs Micron (3 months)
These series compare Korean semiconductor stocks with Micron over the same period, rebased to 100 at the start. Returns are in local currencies and do not include exchange-rate effects. The comparison describes past movement; it does not indicate what comes next.
| Company | 3-month return | Vs Micron | Trend (stock vs Micron) |
|---|---|---|---|
| EO Technics | +17.4% | -25.2%p | |
| WONIK IPS | +0.4% | -42.2%p | |
| Samsung Electronics | -4.4% | -47%p | |
| SK hynix | -9.7% | -52.3%p | |
| Hana Materials | -20.7% | -63.3%p | |
| HPSP | -22.6% | -65.2%p | |
| Hanmi Semiconductor | -27.8% | -70.4%p |
Stock Micron · A negative relative result means the stock rose less, or fell more, than Micron over this period.
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How to read these figures
Why compare trailing and forward PER?
PER divides a share price by earnings per share. Trailing PER uses recently reported earnings, while forward PER uses analysts' estimated earnings. The difference can be particularly large in memory semiconductors, where earnings can vary substantially. If forward PER is lower than trailing PER, the consensus estimates imply higher earnings than the most recently reported period. If earnings miss those estimates, forward PER rises after the fact.
Why show foreign flows separately?
Large Korean companies such as Samsung Electronics and SK hynix have meaningful foreign ownership, so foreign net buying and selling are useful context alongside other investor flows. A single day's flow can be volatile; this page shows both the recent total and the daily pattern.
A consensus target price is an average, not a promise
A consensus target is the average of analysts' targets. It can be revised quickly as operating conditions change and has often differed materially from the eventual market price. The gap to the current price is best treated as a reference point for prevailing analyst expectations.
Nothing on this page recommends buying or selling a particular security. Readers remain responsible for their own decisions and should check official disclosures and current market data before acting.