INDEPENDENT EQUITY RESEARCH · SKHY
SKHY — Investment dashboard
Scenario valuation, operating assumptions, funding and investment risk.
Model scope: Scenario-based independent research. Interactive controls are diagnostics; headline values reflect the published baseline.
Core modeling rule: HBM is included within DRAM. Volume, price, manufacturing costs and reinvestment determine cash returns. MU cycle-normalization conventions are shared; operating forecasts remain company-specific. Investment gains are excluded from operating earnings. Buyback cash and shares move together; KRW equity converts to USD per ADS.
Reported information, management guidance and Dilikoglu Research estimates are distinguished in Catalysts & Sources. Priors are shown in Failure / Bear / Base / Bull order.
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Memory operating context
Cash-flow valuation
Five operating years plus five normalization years, discounted to estimated opening 2027. Primary valuation uses FCFF with terminal reinvestment; normalized earnings provide a separate cross-check. All per-security values are USD per ADS.
Operating & funding model
Scenario assumptions — DR estimates
Explore assumptions
Risk & Monte Carlo
Simulation probabilities are DR judgment. They do not establish a recommendation or predict financing availability.