Hynix(000660): A modest stock rally is expected
- 3Q06 comment
- Maintain BUY and TP of KRW48,000
> Despite hike in DRAM price and increase in shipment volume, 3Q06 results came in below our expectation due to start up cost for the Chinese factory.
> The parent based results came in weak, but the consolidated results remain robust.
> Focusing on shipment growth.
> 4Q06 OP expected to increase 64.4% q/q to KRW479.7bn.
> Substantial improvement is expected for 4Q06, but only a modest stock rally is expected due to concerns over possible slowdown of the NAND market in 1Q07. |
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