Market: KOSPI (017670)
Brokerage : Mirae Asset Securities
Analyst : Yoo-jin Choi
Investment Rating : BUY (Maintained)
Target Price : KRW 120,000 (Maintained)
Core Momentum : While 2Q26 operational efficiencies and SK Broadband data center scaling drove a consensus earnings beat, SK Telecom’s group-backed data center business establishes a robust medium-to-long term growth engine, enhancing overall enterprise value.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY (Maintained), Sector Top Pick Maintained, Target Price KRW 120,000 (Maintained, Upside Potential 29.0%).
- Valuation Methodology: Derived by combining SK Telecom’s core operating business value of KRW 22.5 Trillion and Anthropic equity value of KRW 3.4 Trillion to establish a target price of KRW 120,000.
- Valuation Multiples: 2026F P/E 14.7x, P/B 1.4x, Dividend Yield 3.9%, EPS Growth 233.8% / 2027F P/E 12.9x, P/B 1.3x, Dividend Yield 4.2%.
- Financial Estimates:
- 2024A: Revenue KRW 17.94 Trillion, Operating Profit KRW 1.82 Trillion, Net Profit KRW 1.25 Trillion, EPS KRW 5,810, ROE 10.8%, P/E 9.5x, P/B 1.0x, Dividend Yield 6.4%.
- 2025A: Revenue KRW 17.10 Trillion, Operating Profit KRW 1.07 Trillion, Net Profit KRW 408.0 Billion, EPS KRW 1,901, ROE 3.3%, P/E 28.1x, P/B 0.9x, Dividend Yield 0.0%.
- 2026F: Revenue KRW 17.77 Trillion (+3.9% YoY), Operating Profit KRW 2.02 Trillion (+88.4% YoY, beating consensus KRW 1.95 Trillion, OPM 11.4%), Net Profit KRW 1.36 Trillion (+234.1% YoY), EPS KRW 6,347, ROE 10.2%, P/E 14.7x, P/B 1.4x, Dividend Yield 3.9%.
- 2027F: Revenue KRW 18.16 Trillion (+2.2% YoY), Operating Profit KRW 2.24 Trillion (+10.8% YoY, OPM 12.3%), Net Profit KRW 1.55 Trillion (+13.6% YoY), EPS KRW 7,205, ROE 10.7%, P/E 12.9x, P/B 1.3x, Dividend Yield 4.2%.
- 2028F: Revenue KRW 18.53 Trillion (+2.1% YoY), Operating Profit KRW 2.52 Trillion (+12.5% YoY, OPM 13.6%), Net Profit KRW 1.88 Trillion (+21.1% YoY), EPS KRW 8,729, ROE 11.8%, P/E 10.7x, P/B 1.2x, Dividend Yield 4.4%.
🚀 2. [Market Opportunities & Business Outlook]
- 2Q26 Earnings Review:
- Consolidated Revenue reached approximately KRW 4.4 Trillion (+0.5% YoY, KRW 4.36 Trillion) and Operating Profit recorded KRW 566.0 Billion (+67.3% YoY, OPM 13.0%), beating market consensus by approximately 3.7%.
- SK Broadband: Posted Revenue of KRW 1.2 Trillion (+3.6% YoY) and Operating Profit of KRW 132.5 Billion (+44.3% YoY), driven by higher utilization at Gasan and Pangyo data centers alongside dedicated line contract wins and traffic growth.
- AI Division Expansion: AI DC revenue surged to KRW 136.2 Billion (+92.5% YoY) on data center utilization gains and subsea cable infrastructure scaling. AI B2B/B2C revenue reached KRW 61.3 Billion (+24.5% YoY) backed by enterprise cloud contracts.
- SK Group’s Next Engine: SKT Data Centers:
- SK Telecom-led data center infrastructure is recognized as SK Group’s next core growth pillar, harmonizing resilient telecom cash flows with AI data center expansion.
- Strong competitive moats supported by AI data center operating track records, network infrastructure leadership, and SK Group-level backing.
- Secures visible medium-to-long term growth momentum through full-scale AI infrastructure development.
- SK Hyper Capital Commitment & Shareholder Returns:
- Of the planned KRW 750.0 Billion capital commitment for SK Hyper, approximately KRW 330.0 Billion is scheduled for deployment within 2026, which remains well within free cash flow (FCF) capacity.
- Post-initial investments, subsequent funding requirements are expected to be sourced via Financial Investors (FIs).
- Expanded shareholder returns are set to continue, highlighted by valid expectations for 4Q special dividends.
📝 Editor’s Comment (Perspective)
The analyst characterizes SK Telecom as a premier telecommunications provider staging a definitive earnings rebound toward KRW 2.02 Trillion in 2026 operating profit, powered by core operational cost efficiencies and accelerating data center utilization at SK Broadband. The core perspective emphasizes that establishing data center infrastructure as SK Group’s next core growth engine provides visible multi-year catalysts, while a well-managed KRW 330.0 Billion initial commitment into SK Hyper and valid 4Q special dividend expectations reinforce both growth and capital return profiles.
To evaluate whether this investment thesis unfolds as anticipated, key tracking points include achieving full-year 2026 consolidated operating profit of KRW 2.02 Trillion, the smooth execution of the initial KRW 330.0 Billion capital injection into SK Hyper alongside external FI funding progress, the formal board approval of 4Q special dividends, and ongoing utilization gains across existing and expanding AI data center facilities. These developments can be monitored through SK Telecom’s quarterly earnings disclosures, official IR releases, periodic regulatory filings, and corporate notices regarding SK Hyper.
📢 Disclaimer & Source
Source: This content has been structured and newly written based on officially disclosed financial facts and data from brokerage reports.
Investment Risk Notice: This content is provided for informational and linguistic reference purposes only. Under no circumstances does it constitute financial advice or a recommendation to buy or sell any specific securities. All investment decisions and financial responsibilities rest entirely with the investor.
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