[UBS: Raises SK Hynix Target Price to 3.2 Million KRW, Adjusts Sales Average Price and Operating Profit Forecast] Golden Finance reported on July 7 that UBS released a report, expressing confidence that SK Hynix is continuously advancing the signing of more revised long-term agreements (LTA), focusing on DDR5 and NAND Flash for hyperscale data center clients. These contracts have durations exceeding five years, with approximately 60% to 70% of expected volume and pricing locked in, providing greater visibility for future profitability. Based on a forecasted price-to-book ratio of 3.65x over the next 12 months, the firm raised its target price from 3 million KRW to 3.2 million KRW, maintaining a "Buy" rating. Additionally, SK Hynix has ramped up shipments of HBM4 for the Rubin platform starting in the second quarter, indicating that it has completed final design adjustments to meet specifications. Although Samsung Electronics may slightly lead SK Hynix in HBM bit market share by 2027 (41% vs. 39%), in the long term, HBM's share within SK Hynix's DRAM business is expected to surpass that of its peers. The firm forecasts that HBM's revenue contribution to DRAM will rise from 15% in 2026 to 58% in 2030. If the average selling price of HBM further increases, it will provide additional support for profitability in 2027. Furthermore, the firm noted that shareholder return policies are expected to continue strengthening, with share buybacks anticipated to commence following ADR listing and gradually accelerate. The firm also stated that DDR and NAND Flash contract pricing in the second half of 2026 still has room for further increases. Considering revised long-term agreements and HBM, it predicts that DRAM average selling prices will rise quarter-on-quarter by 43% in Q2 2026, 21% in Q3, and 13% in Q4. For NAND, it expects blended average selling prices to increase quarter-on-quarter by 43% in Q2, 25% in Q3, and 10% in Q4. Taking into account the upward adjustment in sales average price forecasts, UBS raised its operating profit forecast for this year by 7% to 327 trillion KRW, and by 12% for the next two years to 623 trillion KRW and 667 trillion KRW, respectively.