(Yonhap)
Shares of SK hynix Inc. surged more than 3 percent on Tuesday morning, surpassing the 2 million won ($1,326) mark for the first time in its history.
SK hynix shares were trading at 2.01 million won as of 9:11 a.m., up 3.55 percent from the previous session. The stock opened at 2.008 million won, up 3.45 percent, and at one point climbed to 2.04 million won, breaking its previous intraday all-time high of 1.995 million won set on May 15.
Samsung Electronics shares were trading 1.88 percent higher at 298,000 won. It briefly moved above the 300,000 won level during the intraday trading.
The rally appears to have been driven by improving investor sentiment toward growth stocks amid expectations for an end to the Iran war.
The United States and Iran are reportedly close to signing a memorandum of understanding aimed at reaching a final agreement while extending the ceasefire period by 60 days. International oil prices plunged overnight, with July West Texas Intermediate crude futures falling 6.51 percent on the New York Mercantile Exchange.
Expectations are also rising that additional liquidity could flow into the market, as leveraged exchange-traded products tied solely to Samsung Electronics and SK hynix are set to launch on Wednesday.
Shares of Samsung Electro-Mechanics Co. also soared on Tuesday morning, reaching an all-time intraday high.
The stock was trading at 1.508 million won, up 12.54 percent, as of 9:34 a.m. The stock opened 9.4 percent higher and at one point soared 12.61 percent to 1.509 million won.
Brokerages raised their target prices across the board, expecting continued price increases for the company’s multi-layer ceramic capacitors (MLCCs) and semiconductor substrates.
Shinhan Securities Co. analysts noted that the MLCC and substrate businesses are expected to emerge as key value-chain segments where demand outpaces supply.
Citing expectations for expanded sales of high-value-added products and higher selling prices, analysts doubled their target price from 1 million won, set on May 4, to 2 million won, while maintaining a buy recommendation.
Researcher Park Hyung-woo of SK Securities Co. also raised his target price from 1.5 million won to 2 million won, saying earnings improvements are likely as MLCC prices continue to rise.
“The biggest upside for future earnings lies in MLCCs,” Park said. “While DRAM contract prices surged by triple-digit percentages over the past year, MLCC prices rose only about 5 percent, meaning the MLCC price hike cycle is still in its early stages.”
(Yonhap)
Separately, Korean stocks linked to SpaceX also continued their upward momentum as the company’s potentially record-breaking IPO approaches next month.
Shares of Mirae Asset Securities Co. were trading at 68,400 won as of 9:49 a.m., up 1.3 percent from the previous session. Mirae Asset Venture Investment Co. was up 11.25 percent at 62,300 won.
Mirae Asset Group previously made large-scale investments in SpaceX and industry observers expect that around $5 billion worth of SpaceX IPO shares could be allocated to Mirae Asset.
On the Kosdaq market, specialized SpaceX suppliers Sphere Corp. and Kencoa Aerospace Corp. surged 14.84 percent and 19.3 percent, respectively.
Sphere has been regarded as a SpaceX-related stock since announcing in July last year that it had signed a 10-year long-term contract to supply special alloys to SpaceX.
SpaceX is reportedly set to begin an investor roadshow on June 4, with a listing potentially taking place as early as June 12.
The company plans to raise a record-breaking $75 billion through the IPO. If successful, its corporate valuation is expected to reach $1.75 trillion.
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