SK Hynix's Q2 Profit Could Hit ₩100 Trillion, but Analysts Say Much of It Isn't From Chips

Korea's Meritz Securities estimates SK Hynix's Q2 (April-June 2026) pretax profit at around ₩100 trillion, with ₩41.6 trillion of that coming from non-operating gains rather than chip sales. Chip analyst Jukan relayed the estimate on July 27.

Where does this much money come from

In 2018, SK Hynix invested a combined ₩3.9 trillion through a special purpose company (SPC) alongside Bain Capital's acquisition of Toshiba Memory, now Kioxia. Now that Bain Capital has sold out its entire Kioxia stake, Meritz estimates SK Hynix's SPC1 holding was liquidated along with it, cashing out an eight-year-old investment in one shot.

How much has it actually grown

SK Hynix already booked over ₩4.1 trillion in cash from disposing long-term investment assets in Q1, plus separate valuation gains on the convertible bonds it still holds, convertible into a 14% Kioxia stake. Meritz's model has the final Bain consortium wind-down pushing Q2's non-operating income up to ₩41.6 trillion.

Why the headline number needs a second look

When Bain Capital acquired Toshiba Memory in 2018, the company was up for sale cheap amid an accounting scandal. The money SK Hynix put in back then has multiplied dozens of times over, riding the DRAM supercycle. But none of that came from making or selling more memory. A single investment decision from eight years ago has simply grown large enough to reshape one quarter's earnings. To see whether the chip business itself actually improved, operating profit is the line to check separately.

Why it matters · A clean example of the headline earnings number diverging from the core chip business, previewing how to read the next quarterly report.

Worth asking · A record profit built on a one-off stake sale: proof the chip cycle is booming, or something else?