SK hynix approves record 40T won buyback and lifts shareholder return target above 50% of cumulative FCF

SK hynix approved a record 40T won buyback and raised its shareholder return target to above 50% of cumulative free cash flow, reinforcing capital return visibility. With a low forward P/E (7x) and elevated forward FCF yield (10.7%) versus peers, the news supports a valuation re-rating narrative. Key offsets are competitive pressure from rising Chinese DRAM supply, a structural profit-sharing charge, and possible higher US manufacturing capex.