JPMorgan Chase believes that the AI-driven memory upcycle will last for more than 5 years, and SK Hynix, with its HBM technology leadership and long-term supply agreements (LTAs) locking in earnings visibility, possesses significant valuation re-rating potential. The bank noted that SK Hynix ADR is currently trading at approximately a 20% discount to its US peer Micron, making its current valuation very attractive. It expects this valuation discount to gradually narrow as the ADR listing improves global investor access and liquidity. Furthermore, SK Hynix raised its shareholder return policy to "over 50% of cumulative free cash flow (FCF)" in August 2026 and announced a 40 trillion Korean won share buyback and cancellation plan. The cumulative total shareholder return (TSR) yield is projected to be approximately 41.8% from 2026 to 2028, which will strongly support its valuation.