[Edaily Reporter kyoungeun kim ] NH INVESTMENT & SECURITIES has maintained its “Buy” rating on SKSQUARE(402340)and raised its target price from 1.1 million won to 2.7 million won.

Ahn Jae-min, an analyst at NH INVESTMENT & SECURITIES, explained in a report published on the 22nd, “Amid the continued rise in the stock price of SK hynix(000660)—which accounts for an absolute majority of the company’s net asset value (NAV)— SKSQUARE(402340)’s enterprise value is also rising in tandem with the needs of investors seeking high returns by maximizing the proportion of semiconductors in their investment portfolios.” He added, “Taking this into account, we have recalculated the target price for SK hynix(000660).”
SKSQUARE’s enterprise value was calculated by combining the value of its stakes in listed companies—such as SK hynix and Dreamus Company—totaling 467조5350억원, with the value of its stakes in unlisted companies—including Tmap Mobility, FSK L&S, and CS CORPORATION—totaling 4조350억원. When net debt (on a standalone basis) of 7940억 won is factored in, the total enterprise value reaches 474조 3630억 won, with a net asset value (NAV) per share of 357만 9635 won. Analyst Ahn applied a 25% holding company discount rate to calculate a per-share value of 268만 4727 won and, based on this, set the target price at 270만 won.
Analyst Ahn stated, “SKSQUARE’s business direction is aligned with the SK Group’s semiconductor-focused growth strategy,” adding, “We are continuously reviewing opportunities to expand into businesses that can generate synergy with ‘ SK hynix(000660)’ within the semiconductor value chain.” He continued, “We expect shareholder return policies to be strengthened following the issuance of SK hynix’s American Depositary Receipts (ADRs). If SK hynix’s dividend per share (DPS) increases to 13,000 won, SKSQUARE will receive 1.9 trillion won in dividend income, which is expected to enable the company to engage in active mergers and acquisitions (M&A) activities.”
In terms of shareholder returns, he noted that the company is simultaneously proceeding with share buybacks and cancellations as well as cash dividends. SKSQUARE paid a dividend of 1,500 won per share (total dividend payout of 204.3 billion won) in June and plans to repurchase 40 billion won worth of shares in 2026 and 70 billion won worth in 2027.
Finally, Analyst Ahn predicted that the semiconductor supercycle would not end in the short term. He said, “In the era of Agent AI, the importance of tokens and central processing units (CPUs) is coming to the fore, and the significance of cloud and edge devices is expected to grow,” adding, “Demand is increasing across all sectors, including not only high-bandwidth memory (HBM) but also server-grade DRAM, SRAM, eSSD, and LPDDR (SOCAMM).” He continued, “The amount of DRAM required for a single AI inference server continues to increase, and HBM prices are also rising steadily.” He emphasized, “As a result, SK hynix(000660)’s stock price is expected to rise, and SKSQUARE’s enterprise value is also projected to increase accordingly.”