Hynix cuts capex

DRAM capex cut by 43% yoy for 2008E — Compared to its previous guidance
of a disappointing capex cut of W4trn for 2008, Hynix has further lowered its
guidance by 10% to W3.6trn (US$3.87bn, down 25% yoy). More importantly,
DRAM capex is estimated to fall 40% yoy to W2.3trn (US$2.48bn) from 2007’s
W3.84trn (US$4.13bn).