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 : Earnings rebound from a low base and early dividend normalization, paired with valuation multiple expansion driven by global 5G SA transition and AI/Physical AI achievements.
📊 1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: BUY maintained, 12-Month Target Price maintained at KRW 140,000 (Based on the May 27, 2026 stock price of KRW 100,400), named Sector Top Pick for June and the next 12 months
- FY2026 Full-Year Forecast:
- Annual Revenue: KRW 17.927 Trillion
- Annual Operating Profit: KRW 1.909 Trillion (OPM 10.7%)
- Annual Net Profit (Controlling Interests): KRW 1.149 Trillion
- 2026E EPS: KRW 5,350 / BPS: KRW 63,639 / ROE: 8.69% / PER: 19.08x / PBR: 1.60x / EV/EBITDA: 4.62x
- Dividend & Shareholder Return Metrics:
- 2026E Expected DPS: KRW 3,600 (~3.5% dividend yield), 2027F DPS: KRW 3,800
- Effective dividend yield improvement expected via early dividend normalization and tax-exempt dividend application post-4Q
🚀 2. [Market Opportunities & Business Outlook]
- Global 5G SA Transition & AI-Driven Tariff Evolution:
- Structural shift from data-centric to AI-centric revenue models supported by global 5G SA deployment, AI tariff plans, and the US 5G spectrum auction (starting June 2)
- Upcoming domestic policy announcements on hyper-AI networks and the expansion of global AI-centric 5G SA expected to broaden long-term earnings growth expectations
- AI & Physical AI Positioning:
- Leading execution and tangible results in Physical AI among domestic telecom operators
- As the sole domestic telco with distinct 2026 growth momentum, relative share price outperformance and multiple expansion are expected to continue
- Operational Normalization & Differentiated Returns:
- High YoY operating profit growth projected for 2Q26 driven by low year-ago base effects
- Positioned as the only domestic operator delivering substantial positive shifts in total shareholder return volume and annual DPS for the year
📝 Editor’s Comment (Perspective)
The analyst views SK Telecom as an operator demonstrating robust 2Q earnings expansion and early dividend normalization from a low baseline, while simultaneously driving valuation multiple expansion on the back of global 5G SA evolution and differentiated execution in AI and Physical AI. This perspective justifies the company’s premium multiple and lower dividend yield relative to peers through superior long-term DPS growth expectations and AI leadership.
To evaluate whether this investment thesis materializes, key verification points include confirming that 2Q operating profit achieves substantial YoY expansion to sustain the ~KRW 1.9 Trillion full-year run-rate alongside the targeted KRW 3,600 DPS, while tracking domestic and global 5G SA and AI tariff policy progress alongside tangible commercial execution in AI and Physical AI initiatives. These factors can be monitored through 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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