Market: KOSPI (017670)
Brokerage : Daishin Securities
Analyst : Hoi-jae Kim
Investment Rating : BUY (Maintain)
Target Price : KRW 110,000 (Maintain)
Core Momentum : Normalization of standalone earnings and shareholder returns back to historical levels driven by cost efficiencies, paired with high-growth data center momentum from SK Broadband.
📊 1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: BUY maintained, 6-Month Target Price maintained at KRW 110,000 (Based on the closing price of KRW 90,200 on June 29, 2026)
- Valuation Methodology: Derived by applying a Target PER of 13x to 2026E EPS of KRW 6,666 and incorporating the equity stake value of Anthropic of approximately KRW 4.0 Trillion (reflecting an estimated ~0.25% stake based on Anthropic’s Series H valuation of $965 Billion)
- FY2026 Full-Year Forecast:
- Consolidated Revenue: KRW 17.637 Trillion (+2% YoY)
- Consolidated Operating Profit: KRW 1.956 Trillion (+82% YoY, referenced as ~KRW 2 Trillion in report body)
- Net Profit (Controlling Interests): KRW 1.432 Trillion
- 2026E EPS: KRW 6,666 / BPS: KRW 64,907 / ROE: 10.7% / PER: 13.5x / PBR: 1.4x
- Dividend & Shareholder Return Outlook:
- 1Q26 DPS restored to KRW 830, matching 2023–2024 run-rates
- Projected FY2026 DPS of KRW 3,320 and FY2027 DPS of KRW 3,000
- Tax-exempt dividend treatment taking effect in 4Q26 delivers an effective net payout equivalent to the historical KRW 3,540 level
🚀 2. [Market Opportunities & Business Outlook]
- Wireless Operations & Cost Optimization:
- Supported by 5G net additions (+560k subscribers), wireless revenue is projected to rebound to KRW 10.5 Trillion (+5% YoY), nearing FY2024 levels (KRW 10.7 Trillion).
- Workforce streamlining and structural cost control are expected to lift standalone operating profit to KRW 1.54 Trillion, slightly exceeding FY2024 performance (KRW 1.52 Trillion).
- SK Broadband Record Earnings & Data Center Expansion:
- SK Broadband is forecast to deliver record results with Revenue of KRW 4.62 Trillion (+2% YoY) and Operating Profit of KRW 420.0 Billion (+45% YoY).
- Data Center (DC) revenue is targeted to expand from KRW 340.0 Billion (+42% YoY) in 2025 at a 5-year CAGR of +25% to reach KRW 1.1 Trillion by 2030.
📝 Editor’s Comment (Perspective)
The analyst views SK Telecom as an operator that has successfully restored its core standalone profitability and effective dividend yield to baseline levels via workforce and cost optimization, while establishing SK Broadband’s expanding data center business as a primary growth driver for consolidated earnings. This perspective treats normalized core operational cash flows and tax-advantaged dividends as strong downside support, while positioning high-margin data center expansion as the primary catalyst for earnings growth.
To evaluate whether this investment thesis materializes, key verification points include confirming that cost controls maintain standalone operating profit above KRW 1.54 Trillion to secure consolidated operating profit near KRW 1.95–2.0 Trillion, verifying the effective distribution of targeted dividends alongside the 4Q26 tax-exempt transition, and tracking SK Broadband’s quarterly DC revenue trajectory against its targeted 25% CAGR toward KRW 1.1 Trillion by 2030. These developments can be monitored through upcoming quarterly earnings releases, official IR presentations, 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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