Market: KOSPI (017670)
Brokerage : Hana Securities
Analyst : Hong-sik Kim (RA: Sang-ho Lee)
Investment Rating : BUY (Maintained)
Target Price : KRW 140,000 (Maintained)
Core Momentum : Supported by solid 2Q earnings expectations, dividend inflows from AIDC project SPCs under SK Hyper and policy-backed AI RAN/5G SA tariff launches drive combined ARPU and DPS growth visibility.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY (Maintained), Sector Top Pick for 12M/August, Target Price KRW 140,000 (Maintained, Upside Potential 70.3%).
- Valuation Multiples: 2026F P/E 17.94x (Consensus 15.3x), P/B 1.54x, EV/EBITDA 4.64x, Expected Dividend Yield ~3.5%, DPS KRW 3,600 / 2027F P/E 16.72x, P/B 1.48x, EV/EBITDA 4.22x, DPS KRW 3,800.
- Financial Estimates:
- 2024A: Revenue KRW 17.94 Trillion, Operating Profit KRW 1.82 Trillion, Pre-tax Profit KRW 1.76 Trillion, Net Profit KRW 1.25 Trillion, EPS KRW 5,810, ROE 10.83%, DPS KRW 3,540.
- 2025A: Revenue KRW 17.10 Trillion, Operating Profit KRW 1.07 Trillion (-41.1% YoY), Pre-tax Profit KRW 722.3 Billion, Net Profit KRW 408.4 Billion (-67.3% YoY), EPS KRW 1,901, ROE 3.33%, DPS KRW 1,660.
- 2026F: Revenue KRW 17.93 Trillion (+4.8% YoY), Operating Profit KRW 1.94 Trillion (+80.7% YoY), Pre-tax Profit KRW 1.62 Trillion, Net Profit KRW 1.17 Trillion (+187.1% YoY), EPS KRW 5,458, ROE 8.86%, DPS KRW 3,600.
- 2027F: Revenue KRW 18.38 Trillion (+2.5% YoY), Operating Profit KRW 1.99 Trillion (+2.8% YoY), Pre-tax Profit KRW 1.71 Trillion, Net Profit KRW 1.26 Trillion (+7.3% YoY), EPS KRW 5,856, ROE 9.09%, DPS KRW 3,800.
🚀 2. [Market Opportunities & Business Outlook]
- 2Q26 Earnings Preview:
- Consolidated Operating Profit is projected at KRW 567.8 Billion (+68% YoY, +6% QoQ), beating market consensus.
- Solid performance supported by QoQ mobile service revenue growth alongside stabilized labor and overhead expenses following workforce optimization.
- High likelihood of selection as a national AI initiative partner strengthens positioning across AI DC and AI RAN sectors.
- Establishment of SK Hyper & AIDC SPC Dividend Model:
- Incorporated dedicated subsidiary ‘SK Hyper’ with a planned capital commitment of KRW 750.0 Billion through 2030.
- Operating each AIDC project via dedicated Special Purpose Companies (SPCs) to ensure financial and revenue transparency.
- Expanding profits from SPCs are expected to flow into SKT through dividend income, supporting long-term DPS growth.
- AI RAN & 5G SA Tariff Catalysts:
- Accelerated 5G SA rollout led by SKT aligned with national physical AI leadership initiatives.
- Potential launch of new 5G rate plans for the first time in 7 years supports wireless ARPU expansion expectations in 2027.
- Evolving from a defensive play to an AI base station infrastructure leader, offering beta upside during tech market rebounds.
📝 Editor’s Comment (Perspective)
The analyst views SK Telecom as an industry Top Pick positioned for operational earnings recovery backed by mobile revenue growth and cost control, while entering a multiple expansion phase where AI achievements translate directly into higher dividend payouts. The overarching thesis highlights that project-specific SPC structures under SK Hyper ensure transparent profit capture and dividend pass-through to SKT, while AI RAN commercialization and potential 5G SA tariff launches reinforce long-term ARPU and DPS growth trajectories.
To verify whether this investment thesis unfolds as anticipated, key tracking points include 2Q operating profit beating consensus, the deployment of SK Hyper’s planned KRW 750.0 Billion capital commitment through 2030 alongside dividend distributions from project SPCs, selection outcomes for national AI initiative partners, and 2027 wireless ARPU inflection driven by 5G SA expansion and new tariff introductions. These developments can be monitored through SK Telecom’s quarterly financial disclosures, IR presentations, periodic regulatory filings, and corporate notices regarding SK Hyper.
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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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