Market: KOSPI (017670)
Brokerage : Daishin Securities
Analyst : Hoi-jae Kim
Investment Rating : BUY (Maintain)
Target Price : KRW 110,000 (Maintain)
Core Momentum : Earnings normalization driven by record quarterly operating profit and data center expansion at SK Broadband, paired with tax-exempt shareholder return restoration.
📊 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 93,200 on May 7, 2026)
- Valuation Methodology: Derived by applying a Target PER of 13x (30% premium to the 5-year peer average of 10x) to 2026E EPS of KRW 6,666, plus an estimated KRW 3.9 Trillion equity value for Anthropic (assuming a post-IPO valuation of $1.0 Trillion and a ~0.3% stake)
- 1Q26 Final Results:
- Consolidated Revenue: KRW 4.384 Trillion (-1.6% YoY, +1.5% QoQ)
- Consolidated Operating Profit: KRW 538.0 Billion (-5.2% YoY, +351.3% QoQ, beating consensus of KRW 513.0 Billion)
- Net Profit (Controlling Interests): KRW 323.0 Billion (-11.5% YoY, +186.7% QoQ)
- Standalone (SKT) Operating Profit: KRW 409.4 Billion (-15% YoY); SK Broadband Operating Profit: KRW 116.5 Billion (+21% YoY, record quarterly high)
- FY2026 Full-Year Forecast:
- Annual Revenue: KRW 17.637 Trillion
- Annual Operating Profit: KRW 1.956 Trillion (OPM 11.1%)
- Annual Net Profit (Controlling Interests): KRW 1.432 Trillion
- 2026E EPS: KRW 6,666 / BPS: KRW 64,907 / ROE: 10.7% / PER: 14.0x / PBR: 1.4x
- Dividends & Shareholder Returns:
- 1Q26 DPS declared at KRW 830, returning to FY2023–2024 run-rates
- Projected FY2026 DPS of KRW 3,320 and FY2027 DPS of KRW 3,000
- The transition to tax-exempt dividend distributions starting 4Q26 delivers an effective net payout equivalent to the historical KRW 3,540 per share
🚀 2. [Market Opportunities & Business Outlook]
- SK Broadband Earnings & Data Center Growth:
- Strong B2B enterprise performance (Internet, IPTV, and DC) coupled with cost discipline drove record quarterly operating profit of KRW 116.5 Billion.
- SKB’s Data Center (DC) revenue reached KRW 340.0 Billion (+42% YoY) in 2025 and is projected to expand at a 25% CAGR to KRW 1.1 Trillion by 2030, reflecting the Ulsan DC expansion.
- Wireless Turnaround & Subdued Cost Overheads:
- Following the temporary market turbulence post-incident, wireless revenue is expected to rebound to KRW 10.4 Trillion (+5% YoY) in 2026, nearing FY2024 levels (KRW 10.7 Trillion).
- Marketing expenses (KRW 740.0 Billion, 23.2% of sales) and depreciation (KRW 560.0 Billion, 18.0% of sales) both trended below post-5G historical averages, confirming easing cost pressures.
📝 Editor’s Comment (Perspective)
The analyst views SK Telecom as an operator successfully navigating past wireless subscriber disruptions through structural cost controls and strong earnings execution at subsidiary SK Broadband (driven by its expanding data center segment). With Anthropic’s equity valuation largely reflected in current share price levels, the perspective indicates that subsequent share price momentum will be primarily anchored by fundamental earnings recovery and the stability of tax-exempt shareholder return payouts.
To evaluate whether this investment thesis materializes, key verification points include confirming that cost discipline in marketing and depreciation sustains full-year consolidated operating profit near KRW 1.95 Trillion, verifying the formal implementation of tax-exempt dividend treatment in 4Q26 alongside the KRW 3,320 annual DPS target, and tracking SK Broadband’s quarterly DC revenue growth against its targeted 25% CAGR toward KRW 1.1 Trillion by 2030. These developments can be monitored through upcoming quarterly earnings announcements, official IR materials, and periodic DART statutory filings.
📢 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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