Samsung at 300,000, SK Hynix at 1.6 Million... Heading for KOSPI 8,000 [KOSPI Breaks 6,000]

Samsung Electronics at 300,000 won, SK Hynix at 1.6 million won as target prices
Investor deposits and ETF net assets surge...ample liquidity
KOSPI upper band seen above 7,000, with 8,000 in view
"Beware excessive optimism"...short-selling dry po

As the KOSPI index surpassed the 6,000-point level for the first time, expectations for further gains have grown. With earnings and share-price forecasts for Samsung Electronics and SK Hynix continuing to rise, some reports are now suggesting the index could break through 7,000 and even reach 8,000. However, there are also warnings that, given the steep short-term rally and the increase in short-selling dry powder, the market is approaching a timing for a correction.

Target prices of 300,000 won for Samsung Electronics and 1.6 million won for SK Hynix

Employees are at work in the Woori Bank dealing room in Jung-gu, Seoul on the 25th as the KOSPI index surpassed the 6,000 mark intraday for the first time in history. 2026.02.25 Photo by Yun Dongju

Securities firms continue to raise their target prices for Samsung Electronics and SK Hynix. On the 24th, SK Securities raised its target price for Samsung Electronics to 300,000 won and for SK Hynix to 1.6 million won. The firm analyzed that this implies an upside potential of around 50% from current levels.

Han Donghee, a researcher at SK Securities, said, "This is the first time that a memory boom has coincided with a liquidity expansion," adding, "The re-rating has not even begun, and among global artificial intelligence (AI)-related stocks, Korean memory names are the cheapest," signaling further upside for Samsung Electronics. Regarding SK Hynix, he assessed that "if the plan to list its shares on the U.S. stock market in the form of American Depositary Receipts (ADRs) becomes more concrete, its undervaluation will stand out even more."

Park Junyoung, a researcher at Hanwha Investment & Securities, also said of Samsung Electronics the previous day, "We expect explosive earnings growth driven by a recovery in competitiveness in high-bandwidth memory (HBM) 4 and the resulting multiple re-rating, as well as its overwhelming memory production capacity," setting a target price of 260,000 won.

As share-price forecasts for Samsung Electronics and SK Hynix are revised upward, the upper band of KOSPI targets is also being raised. On the 23rd, Nomura Financial Investment lifted the upper end of its KOSPI target for the first half of this year to 8,000. Nomura researcher Cindy Park stated, "Thanks to the super cycle in commodity memory and HBM, and solid earnings across the AI capital-expenditure value chain, further upside in the KOSPI is possible."

Hana Securities had already raised the upper end of its KOSPI forecast to the 7,900 level on the 19th. At the end of last year, Hana Securities projected 2026 net profit for KOSPI-listed companies at 330 trillion won, but this month it sharply revised that up to 457 trillion won. Researcher Lee Jaeman at Hana Securities analyzed, "If we consider the 12-month forward net profit for the semiconductor sector, there is theoretically 74.8% upside potential for share prices compared with current levels."

JP Morgan (7,500), NH Investment & Securities (7,300), Kiwoom Securities (7,300), and Korea Investment & Securities (7,250) have also successively raised their KOSPI targets into the 7,000-point range.

Investor deposits as stock-market dry powder surge

Investor deposits, which serve as stock-market dry powder, have also increased sharply, boosting the possibility of further gains.

According to the Korea Financial Investment Association, investor deposits reached 100.283 trillion won on the 27th of last month, surpassing 100 trillion won for the first time. They then continued to rise, hitting an all-time high of 111.297 trillion won on the 2nd of this month.

The total net assets of domestic exchange-traded funds (ETFs) also stood at 374.3611 trillion won as of the 24th, up 77.2211 trillion won so far this year, helping to lift the stock market.

Lee Kyungmin, a researcher at Daishin Securities, explained, "The more AI efficiency is maximized, the more demand will inevitably increase for the infrastructure needed to run it," adding, "Semiconductor stocks such as Samsung Electronics and SK Hynix are being identified as beneficiaries of AI-driven industrial disruption, rising further and pulling the index higher."

Government measures to invigorate the capital market are also continuing. On this day, Financial Supervisory Service Governor Lee Chanjin met with chief executive officers (CEOs) of foreign financial companies and requested, "Please actively share your views on what is needed to improve Korea's financial markets and participate proactively in efforts to advance our capital markets." Regarding the recent boom in the domestic stock market, he assessed it as "a result that reflects both the potential of Korea's capital markets and the market's verification of, and trust in, the financial authorities' efforts to revitalize the capital market."

Governor Lee held a meeting with CEOs of foreign financial firms at the Conrad Hotel in Yeouido, Seoul, on this day and said, "The domestic stock market is showing a historic boom, with the KOSPI recently breaking through 6,000," explaining that, through ongoing communication with foreign financial companies, the authorities have achieved institutional improvements that enhance market accessibility, such as abolishing the foreign investor registration system and expanding English-language disclosures.

He added, "The authorities view the capital market as a core platform for economic growth and are pursuing capital-market innovation policies," and asked, "Based on your experience in global financial markets and understanding of regulatory environments, please actively offer your opinions on what is needed to improve Korea's financial markets."

Some warn against excessive optimism

However, some are warning against excessive optimism about the stock market, and bets on a decline in the index are increasing. According to the Korea Financial Investment Association, the balance of securities lending transactions stood at 153.0131 trillion won as of the previous day. This is more than 14 trillion won higher in just 13 trading days, compared with 138.6285 trillion won at the end of last month. Securities lending, in which an investor lends shares to another investor for a fee, is generally regarded as a leading indicator of short selling.

The net short-selling balance also totaled 21.872 trillion won across the KOSPI and KOSDAQ markets as of the 19th, up 704.6 billion won from 21.1674 trillion won at the end of last month. A large net short-selling balance, which represents short positions that have not yet been covered, means that many investors are betting on further declines in share prices. The increase in funds betting on a downturn is being interpreted as a reflection of growing concerns about short-term overheating, as domestic stock indices, particularly the KOSPI, have risen steeply since the beginning of this month.

DB Financial Investment on the 19th set its KOSPI forecast in the 4,300 to 5,700 range, the lowest among securities firms. Given the recent mood surrounding the KOSPI, this is effectively close to a sell recommendation. Kang Hyunki, a researcher at DB Financial Investment, warned, "As AI facility investment increases, employment may deteriorate and consumption may fall, heightening economic instability," adding, "In that case, corporate bond issuance could contract and AI investment could also slow."