KIS Semicon analyst Minsook Chae forecasts SK Hynix's Q2 2026 operating profit at W60.4 trillion, 8% below the W65 trillion consensus, attributing the miss to a higher HBM sales mix, lower commodity DRAM price hikes, and the impact of long-term agreements (LTAs). The analyst lowered the Q2 2026 DRAM blended ASP growth rate estimate to +28.9% QoQ from +50.0%, and commodity DRAM ASP growth to 34.2% from 60.6%. Despite the near-term revision, the analyst expects company-wide operating profit margin to continue rising from a record 74.6% in Q2 2026, with HBM4 mass production driving blended ASP growth back to market average in Q3 2026.