Bottom Line
SK Square is a holding company whose NAV is 98% SK Hynix — the HBM share leader running a 71.5% operating margin — with a narrowing discount (66% toward 46%, Daishin's target 34%), a cash-recycling shareholder-return loop, and alternative demand created by fund ownership limits stacked on top, making it an investable name. But its multiplicative structure exposes it to both SK Hynix's share price and the NAV discount at once, so a memory cycle slowdown plus a re-widening discount amplifies the downside too.