SK Hynix announces 40 trillion won buyback shares jump 13%
SK Hynix, one of South Korea's top chipmakers, saw its shares shoot up 13% on Thursday after announcing a massive buyback: a 40 trillion won ($29 billion) share repurchase plan to buy back and retire as many as 24 million shares.
This is the largest stock cancelation ever by a public South Korean company and is meant to boost shareholder value as the market faces some turbulence.
JPMorgan forecasts SK Hynix $130B payouts
Analyst Jay Kwon of JPMorgan Chase & Co. says SK Hynix could hand out at least $130 billion more to shareholders through 2027.
The company also raised its future payout target: now promising over half its free cash flow from 2025 to 2027 will go back to investors.
Meanwhile, Samsung Electronics shares climbed to 10% after rumors it might launch its own huge return program soon.
All this has tech investors pretty upbeat about South Korea's chip giants right now.