{"id":21596,"date":"2026-05-19T00:34:13","date_gmt":"2026-05-19T00:34:13","guid":{"rendered":"https:\/\/www.europesays.com\/korea\/21596\/"},"modified":"2026-05-19T00:34:13","modified_gmt":"2026-05-19T00:34:13","slug":"hana-securities-warns-sk-hynix-overtaking-samsung-could-signal-bubble-2","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/korea\/21596\/","title":{"rendered":"Hana Securities Warns SK hynix Overtaking Samsung Could Signal Bubble"},"content":{"rendered":"

\"SamsungSamsung Electronics, SK Hynix. Yonhap News<\/p>\n

Hana Securities said the moment SK hynix’s (000660.KS) market capitalization surpasses that of Samsung Electronics (005930.KS) could serve as a warning signal of a market bubble, in connection with the recent strength in South Korean equities. While the current semiconductor-led rally is grounded in earnings improvements, an excessive concentration in specific stocks could be interpreted as a sign of market overheating, the brokerage said.<\/p>\n

According to a Hana Securities report released Wednesday, analyst Lee Jae-man said, “The end signal of the current bull market, which is based on corporate earnings growth, will be the moment SK hynix’s market cap overtakes Samsung Electronics.”<\/p>\n

Lee cited the U.S. stock market during the 2000 dot-com bubble as a reference. At the time, network equipment maker Cisco Systems surpassed Microsoft (MS) and General Electric (GE) to become the largest company by market capitalization in the S&P 500. However, Cisco’s net profit was only about 20% of GE’s and 28% of Microsoft’s. Expectations drove share prices ahead of actual earnings, eventually leading to the bubble’s collapse, he explained.<\/p>\n

Hana Securities, however, assessed that the current situation in the Korean stock market differs from that period, citing Samsung Electronics’ earnings, which still significantly exceed those of SK hynix.<\/p>\n

According to Hana Securities, projected net profit for 2026 is estimated at 280 trillion won for Samsung Electronics and 208 trillion won for SK hynix. For 2027 as well, Samsung Electronics is expected to maintain its lead with 349 trillion won versus SK hynix’s 272 trillion won.<\/p>\n

In the market, SK hynix’s presence is rapidly expanding. SK hynix currently accounts for approximately 22% of the KOSPI’s total market capitalization, an all-time high. This figure significantly exceeds the previous record of 13% set by SK Telecom in May 2000. SK hynix’s market cap has also climbed to about 85% of Samsung Electronics’ market cap.<\/p>\n

Still, Hana Securities said the current semiconductor-led rally is difficult to view as an excessive distortion. While Samsung Electronics and SK hynix together account for about 48% of the KOSPI’s total market cap, the two companies’ combined share of projected net profit reaches 72%. This means earnings contributions are backing up the market cap concentration.<\/p>\n

Meanwhile, Hana Securities also significantly raised its upper target for the KOSPI on the same day, lifting it from the previous 8,470 points to 10,380 points.<\/p>\n

Applying the average price-to-earnings ratio (PER) of 9.96 times for the KOSPI since 2010 and projected 2027 net profit of 853 trillion won, the KOSPI’s total market capitalization could expand to approximately 8,499 trillion won, and the index could also surpass 10,380 points, according to the analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"Samsung Electronics, SK Hynix. Yonhap News Hana Securities said the moment SK hynix’s (000660.KS) market capitalization surpasses that…\n","protected":false},"author":2,"featured_media":21597,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[15122,12484,3165,15123,15121,276,246,241,275],"class_list":["post-21596","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sk-hynix","tag-dot-com-bubble","tag-hana-securities","tag-kospi-target","tag-lee-jae-man","tag-market-bubble-warning","tag-samsung-electronics","tag-semiconductor-rally","tag-sk","tag-sk-hynix"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/21596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=21596"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/21596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/21597"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=21596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=21596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=21596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}