募资265亿美元！SK海力士(SKHY.US)今晚登陆纳斯达克能否摆脱“韩国折价”？

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智通财经APP获悉，韩国芯片巨头SK海力士将于周五登陆纳斯达克，本次上市将检验该股能否摆脱长期存在的 “韩国折价” 困境。“韩国折价” 指的是，受公司治理缺陷、财阀架构透明度不足等因素拖累，韩国企业估值普遍低于全球同业的现象。此次SK海力士通过发行美国存托凭证(ADR)，将直接对接全球规模最庞大的资本市场，业内专家认为此举可能收窄 “韩国折价” 。LSEG数据显示，尽管SK海力士在快速增长的...

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Can SK Hynix (SKHY.US) Get Out of 'Korea Discount' by Landing on Nasdaq Tonight?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/fa5a3ab36ff787c241900296f5f4ccb7","symbols_score_info":{"159632":1.5,"SKHYV":0.6,"TQQQ":0.6,"07261":0.6,"NQmain":1.5,"EEMO":1.5,"QQQ":0.6,"QDTE":0.6,"03086":1.5,"FIVY":1.5,"07568":0.6,"09086":0.6,"QQQY":0.6,"02834":0.6,"ARTL":1.5,"TECS":0.6,"EDZ":1.5,"IYW":0.6,"QQQE":0.6,"IWLG":1.5,"FTEC":0.6,"QQQJ":0.6,"GPIQ":0.6,"JEPQ":0.6,"SKHY":1.5,"TQQY":0.6,"09834":0.6,"QID":0.6,"NDX":1.5,"07266":0.6,"QDEC":0.6,"QYLG":0.6,".IXIC":1.5,"NJUL":0.6,"RAM":1.5,"NJAN":0.6,"LCLG":1.5,"NVIW.SI":0.6,"03034":0.6,"PSQ":0.6,"QQQA":0.6,"GROZ":1.5,"QQQM":0.6,"NOCT":0.6,"QLD":0.6,"ONEQ":0.6,"QQQX":0.6,"SQQQ":0.6,"MNQmain":0.6,"DRAL":0.6},"content_text":"智通财经APP获悉，韩国芯片巨头SK海力士将于周五登陆纳斯达克，本次上市将检验该股能否摆脱长期存在的 “韩国折价” 困境。“韩国折价” 指的是，受公司治理缺陷、财阀架构透明度不足等因素拖累，韩国企业估值普遍低于全球同业的现象。此次SK海力士通过发行美国存托凭证(ADR)，将直接对接全球规模最庞大的资本市场，业内专家认为此举可能收窄 “韩国折价” 。LSEG数据显示，尽管SK海力士在快速增长的高带宽内存(HBM)市场中处于领先地位，但其12个月远期市盈率仅4.8倍，而行业平均水平为29.84倍，美国竞争对手美光科技(MU.US)市盈率则为6.6倍。Futurum Group半导体与基础设施负责人Rolf Bulk表示：“ADR上市有望收窄估值差值，但我们并不认为韩国折价会完全消除。”多资产交易平台eToro的市场分析师Zavier Wong表示，美光与 SK海力士市盈率差距主要源于投资渠道与认知熟悉度两大问题。多年来美国机构资金配置SK海力士渠道受限，即便其在AI存储领域占据更强地位，估值也长期估偏低。他表示：“海力士股价上涨并不等于折扣收窄。即便其股价走高，和美光之间的估值鸿沟依旧没有变化。”LSEG数据显示，美光今年股价飙升近250%，SK海力士则上涨了240%。KB金融集团全球投资策略师Peter Kim表示，韩国股票历来存在外资买入壁垒，本次上市有望大幅改善海外投资者的交易准入条件。“交易渠道拓宽将方便全球投资者买卖海力士股票，目前该股相对韩国综合股价指数、美光、三星仍存在估值折价。公司在纳斯达克上市需要满足一定的标准，这能够打消美国投资者的部分顾虑，有助于缩小折价。”据悉，纳斯达克上市规则对企业财务指标与流通性设置硬性门槛，包含最低市值、公众流通股规模、股东数量、发行股价等要求;同时上市公司必须遵守一套完善的公司治理规范，覆盖审计委员会、董事独立性、股东投票权等维度。募资265亿美元，更大价值是接轨美资市场SK海力士本次ADR发行定价149美元，募资规模约265亿美元，有望刷新美股外资企业IPO纪录。据报道，SK海力士本次发行的1.779亿份ADR已获超七倍超额认购，其中，Baillie Gifford等机构合计意向认购最高70亿美元。值得注意的是，此次发行正值全球芯片板块剧烈震荡之际。尽管近期股价波动较大，SK海力士仍将其ADR发行价定为每份149美元，较其韩股周四收盘价溢价约3.1%。每份SK海力士ADR相当于十分之一股该公司普通股。分析师认为，打通美国投资者渠道带来的长期价值，或将远超本次融资资金本身。标普全球评级副总监Ji Cheong表示，未来两年公司年度资本开支预计达50万亿至70万亿韩元，本次IPO资金仅能覆盖部分扩产投入，绝大部分资本支出仍将依靠内部现金流支撑。他补充道：“未来两年内，该公司每年有望产生超过200万亿韩元的经营现金流。“eToro的Wong认为，此次上市将强化海力士扩张融资能力，也为其在美国开展更多资本运作铺平道路，包括股票回购、增强投资者参与度以及更广泛地拓展美国市场。HBM从一家独大走向群雄争霸，产能缺口仍是长期桎梏SK海力士发行ADR之际，市场也在评估该公司能否持续领跑支撑AI加速器的高增长HBM市场。Rayliant首席投资组合经理Philip Wool表示，SK海力士陷入“成功带来的困境”，因为对HBM的强劲需求远远超过了其供应市场的能力。这一供给缺口给了三星电子、美光可乘之机：两家企业加速布局同类竞品，同时与各大云巨头签订供货协议，助力云厂商实现AI芯片供应链多元化。Futurum Group的Bulk预判，SK海力士仍将是全球第一大HBM供应商，但其市场份额可能从去年的约57%下降至今年的约50%;随着三星逐渐获得份额、美光稳固第三大厂商地位，SK海力士的份额将逐渐降至40%出头。行业真正的核心挑战不在于市场份额，而在于产能。Bulk表示：“市场争论的核心不是份额高低，而是谁能提供足够的产能来满足需求。”他还表示，即便各大厂已公布晶圆厂扩建计划，产能依旧不足以支撑到2030年底的预期需求。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"CCBot/2.0 (https://commoncrawl.org/faq/)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2650185418","isCrawlerRequest":true}

募资265亿美元！SK海力士(SKHY.US)今晚登陆纳斯达克 能否摆脱“韩国折价”？

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募资265亿美元！SK海力士(SKHY.US)今晚登陆纳斯达克能否摆脱“韩国折价”？