Market: KOSPI (017670)
Brokerage : Daishin Securities
Analyst : Hoi-jae Kim
Investment Rating : BUY (Maintain)
Target Price : KRW 110,000 (Maintain)
Core Momentum : Fast earnings normalization driven by cost stabilization post-incident overhangs, complemented by a structural long-term expansion roadmap into 5GW+ AI Data Centers starting in 2029.
📊 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 88,700 on July 10, 2026)
- Valuation Methodology: Derived by applying a Target PER of 13x (a 30% premium over the 5-year telecom peer average of 10x) to 2026E EPS of KRW 7,103, and adding the estimated equity value of Anthropic (~0.25% stake valued at KRW 360 Billion based on a Series H valuation of $96.5 Billion)
- 2Q26 Earnings Forecast:
- Consolidated Revenue: KRW 4.370 Trillion (+0.7% YoY, -0.5% QoQ)
- Consolidated Operating Profit: KRW 548.0 Billion (+62.0% YoY, +2.0% QoQ, OPM 12.5%)
- Net Profit (Controlling Interests): KRW 425.0 Billion (+374.8% YoY, +32.0% QoQ)
- Standalone Operating Profit: KRW 419.6 Billion (+67% YoY); SK Broadband Operating Profit: KRW 128.2 Billion (+40% YoY, record quarterly high)
- FY2026 Annual Forecast:
- Annual Revenue: KRW 17.602 Trillion
- Annual Operating Profit: KRW 2.073 Trillion (OPM 11.8%)
- Annual Net Profit (Controlling Interests): KRW 1.528 Trillion
- 2026E EPS: KRW 7,103 / BPS: KRW 65,344 / ROE: 11.3% / PER: 12.2x / PBR: 1.4x
🚀 2. [Market Opportunities & Business Outlook]
- Wireless Business Stabilization & Cost Relief: Subscriber churn driven by last year’s incident has subsided, and temporary competition concluded in early 2026, putting wireless revenue on track to KRW 10.4 Trillion. Marketing expenses (23.4% of sales) and depreciation (17.8% of sales) remain below their post-5G historical averages, alleviating operational cost burdens.
- SK Broadband Data Center Growth: SKB data center revenue is projected to surge to KRW 480.0 Billion (+41% YoY) in 2026 following KRW 340.0 Billion (+42% YoY) in 2025. Incorporating the Ulsan DC expansion, DC revenue is targeted to reach KRW 1.1 Trillion by 2030 (CAGR +25%).
- Hyperscale AIDC Long-Term Roadmap:
- Phase 1 (2029~): Phased rollout of a 5GW AIDC facility (Phase 1 estimated capex of KRW 350 Trillion, requiring approximately 3 million GPUs).
- Phase 2 (2035~): Planned expansion of an additional 10GW capacity.
- Business Model & Financing: Moving beyond traditional colocation (revenue of ~KRW 360 Billion per 100MW) toward higher-margin GPUaaS, with 1GW potentially generating well over KRW 3.6 Trillion. Plans to attract external financing are expected to protect existing shareholder return policies.
📝 Editor’s Comment (Perspective)
The analyst views SK Telecom as a telecom incumbent successfully executing a sharp recovery in core operating margins and cost discipline following prior operational disruptions, while actively positioning itself for long-term re-rating through a 5GW+ hyperscale AIDC roadmap. This perspective balances near-term operational normalization with the transformational potential of expanding into high-margin AI infrastructure services.
To evaluate whether this investment thesis materializes, key verification points include confirming the sustained rebound in wireless service revenues alongside disciplined SG&A costs to secure FY2026 operating profit above KRW 2 Trillion, as well as tracking execution milestones in SK Broadband’s DC growth targets and the concrete progress of external funding and commercial GPUaaS contract structures for the 2029 AIDC project. These factors can be verified via upcoming quarterly earnings announcements, official IR roadshows, and periodic statutory disclosures on DART.
📢 Disclaimer & Source
Source: This content has been structured and newly written based on officially disclosed financial facts and data from brokerage reports.
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