Market: KOSPI (017670)
Brokerage : Hana Securities
Analyst : Hong-sik Kim (RA: Sang-hoon Lee)
Investment Rating : BUY (Maintain)
Target Price : KRW 140,000 (Maintain)
Core Momentum : Rapid normalization toward KRW 2 Trillion annual operating profit backed by strong 2Q results and cost discipline, alongside emerging growth catalysts in Physical AI driven by AI RAN achievements.
📊 1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: BUY maintained, 12-Month Target Price maintained at KRW 140,000 (Based on the closing price of KRW 86,700 on July 9, 2026), selected as Industry Top Pick
- 2Q26 Earnings Forecast:
- Consolidated Operating Profit: KRW 567.8 Billion (+68% YoY, +6% QoQ)
- Sequential and annual profit improvement driven by recovery from last year’s base
- FY2026 Full-Year Forecast:
- Annual Revenue: KRW 17.927 Trillion
- Annual Operating Profit: KRW 1.989 Trillion (Potential to reach KRW 2.0 Trillion under optimistic scenarios)
- Annual Net Profit (Controlling Interests): KRW 1.172 Trillion
- 2026E EPS: KRW 5,458 / BPS: KRW 63,747 / ROE: 8.86% / PER: 15.89x / PBR: 1.32x
- 2026E Expected DPS: KRW 3,600 (~4% dividend yield)
🚀 2. [Market Opportunities & Business Outlook]
- Core Operational Turnaround:
- Rebound in wireless service revenue supported by 5G subscriber net adds and new smartphone promotional momentum
- Labor cost and SG&A stabilization following workforce adjustments
- Subdued marketing expenses due to the flatlining of customer acquisition cost amortization assets
- Revenue growth in enterprise business messaging and higher operating profit contribution from SK Broadband
- Physical AI Positioning & Differentiation:
- Delivering tangible AI results differentiated from peers, including AI RAN infrastructure, positioning the company as a key beneficiary in Physical AI
- Strategic re-rating potential transitioning from a defensive high-yield proxy to an active AI-related play
- Shareholder Return Visibility: Enhanced visibility on normalized dividend payouts (2026E DPS KRW 3,600; 2027F DPS KRW 3,800) supported by steady ~KRW 2 Trillion operating profit generation
📝 Editor’s Comment (Perspective)
The analyst views SK Telecom not merely as a conventional defensive dividend play, but as a dual-engine telecom and technology entity recovering its core KRW 2 Trillion annual operating profit base through rigorous cost optimization, while establishing tangible positioning in ‘Physical AI’ supported by AI RAN and ongoing AI achievements. This perspective emphasizes that recent price pullbacks heighten both valuation support (a ~4% dividend yield) and upside rebound potential tied to broader AI momentum.
To evaluate whether this investment thesis materializes, key verification points include confirming that 5G subscriber gains and disciplined SG&A expenses sustain consolidated operating profit near KRW 2 Trillion alongside the projected KRW 3,600 DPS, while monitoring tangible business milestones and execution progress in the company’s AI RAN and AI-related initiatives. These developments can be tracked via upcoming quarterly earnings announcements, official IR materials, and periodic DART statutory filings.
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Source: This content has been structured and newly written based on officially disclosed financial facts and data from brokerage reports.
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