[Edaily Reporter kyoungeun kim ] All eyes are on whether SamsungElectronics’ loss of its top spot in KOSPI market capitalization to SK hynix—for the first time in 25 years and 7 months—will become a lasting trend.

According to MP Doctor on the 22nd, SK hynix(000660)closed at 2,919,000 won, up 5.61% from the previous trading day, securing the top spot in market capitalization based on common stock. SK hynix’s market cap stood at 2,080.3782 trillion won, slightly surpassing Samsung Electronics’ market cap of 2,066.6595 trillion won SamsungElectronics(005930), which fell 0.14% that day. SamsungElectronics closed at 353,500 won on that day.
This marks the first time SamsungElectronics has relinquished its position as the top-ranked company by market capitalization on the KOSPI since November 21, 2000. SamsungElectronics first claimed the top spot on July 29, 1999. At that time, state-owned enterprises such as KoreaElectricPower and Korea Telecom (now KTCorporation) dominated the top ranks by market capitalization, but SamsungElectronics broke through to take the top spot for the first time.
SK hynix first entered the No. 2 spot by market capitalization on November 4, 2014, but the full-fledged “two-horse race in the semiconductor sector” began to take shape around November 2016 during the DRAM supercycle. However, at that time, SamsungElectronics’ market cap stood at 230 trillion won, while SK hynix’s was 30 trillion won—a gap of more than seven times—making it closer to a “dominant monopoly.” Subsequently, during the 2023 rally in secondary battery stocks, SK hynix briefly ceded the No. 2 spot to LG Energy Solution, but the “two-horse race” in the semiconductor sector solidified again starting in 2024.
Starting in the second half of last year, the market began to reorganize into a full-fledged “two-horse race.” The gap in market capitalization between the two companies had been hovering between 55% and 78%, but cracks began to appear when it fell below 50% for the first time in June of last year. By May of this year, the gap had narrowed to the 10% range, plummeting by 18.6 percentage points compared to the end of the previous month.
The structural realignment of the AI memory market is cited as the reason behind this catch-up. As SK hynix secured a leading position in HBM, the “memory leader” premium is assessed to have shifted significantly from SamsungElectronics to SK hynix. While SamsungElectronics remains overwhelmingly dominant in terms of absolute earnings, the limitations of its diversified business structure—spanning general-purpose DRAM, NAND, and consumer electronics—are becoming increasingly apparent.
Above all, the resolution of structural undervaluation factors in the stock market is cited as the reason behind this reversal. The key catalyst is SK hynix’s listing of American Depositary Receipts (ADRs). Market observers anticipate that the ADR listing could take place as early as August.
Kim Seon-woo, an analyst at Meritz Securities, stated, “Following the ADR issuance, funds holding Micron shares will immediately add SK Hynix to their portfolios, leading to a sharp revaluation of the stock price.” He added, “The significant undervaluation relative to competitors could be immediately reduced, and the stock could be revalued further as it receives buying pressure from passive funds upon inclusion in the Nasdaq and Philadelphia Semiconductor Indexes.”
Park Jun-young, an analyst at HANWHA INVESTMENT & SECURITIES, significantly raised his target price for SK hynix to 4.3 million won that day, noting, “Among global semiconductor stocks, not a single one is currently trading at a multiple of 10x or less based on the 2026 forward price-to-earnings ratio (P/E) and the 12-month forward P/E.” “Even Micron Technology, which operates in exactly the same business as SK Hynix, is now trading at a forward P/E ratio of over 10 times,” he added.