Daishin Securities Raises SK Square Target Price to 2.1M Won on Hynix ADR Premium

According to Daishin Securities on July 13, SK Square received an upgraded target price of 2.1 million won, up from 1.87 million won, reflecting expectations for SK Hynix American Depositary Receipt (ADR) premium and enhanced corporate value. The brokerage lowered the NAV discount rate applied to its valuation from 50% to 30%, citing Hynix's expanded market cap and ADR premium.

Daishin Securities noted that Hynix's recent U.S. listing has generated a 15-18% ADR premium over its won-denominated shares. The brokerage estimates SK Square has approximately 46% upside potential from current levels, with dividend expansion and potential buybacks from Hynix also supporting the holding's value.