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 : Sustained quarterly earnings resilience backed by labor and overhead cost stabilization, reinforced by sector-leading AI RAN achievements and potential selection for government-backed national AI projects.
📊 1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: BUY maintained, 12-Month Target Price maintained at KRW 140,000 (Based on the closing price of KRW 94,200 on June 22, 2026), named Sector Top Pick for July and the next 12 months
- 2Q26 Earnings Forecast:
- Consolidated Operating Profit: KRW 537.8 Billion (+59% YoY, +0% QoQ, conservatively expected to match or exceed 1Q levels)
- Supported by wireless service revenue growth from expanding subscriber net additions alongside stabilization in labor and overhead expenses
- FY2026 Full-Year Forecast:
- Annual Revenue: KRW 17.927 Trillion
- Annual Operating Profit: KRW 1.909 Trillion
- Annual Net Profit (Controlling Interests): KRW 1.149 Trillion
- 2026E EPS: KRW 5,350 / BPS: KRW 63,639 / ROE: 8.69% / PER: 17.74x / PBR: 1.49x / EV/EBITDA: 4.56x
- 2026E Expected DPS: KRW 3,600 (~3% dividend yield level), 2027F DPS: KRW 3,800
🚀 2. [Market Opportunities & Business Outlook]
- Operational Growth & Cost Stabilization:
- Continued sequential growth in wireless service revenue driven by expanded subscriber net additions.
- Workforce streamlining leads to stabilized labor and administrative expenses, manifesting in tangible profit growth from cost reduction.
- Marketing expense increases remain limited due to the high base of amortized customer acquisition assets built up since 2H25.
- Data Center & AI RAN Momentum:
- Data center revenue is projected to grow from KRW 500.0 Billion in 2026 to KRW 1.0 Trillion by 2030.
- Positioned to deliver the most visible progress in AI RAN deployment among domestic telecom operators.
- National AI Initiatives & New 5G Tariff Plans:
- High likelihood of being selected for national AI enterprise projects this summer, reinforcing the company’s positioning within the Physical AI space.
- AI RAN investments provide a basis for exploring the launch of new 5G tariff plans with regulatory authorities, expected to act as a key catalyst for share price upside.
📝 Editor’s Comment (Perspective)
The analyst views SK Telecom as an operator demonstrating steady quarterly earnings execution and reliable dividend yield via labor and overhead cost discipline, while simultaneously positioning itself as a primary beneficiary in Physical AI through sector-leading AI RAN initiatives and national AI project candidacy. This perspective treats robust core cash flows and a ~3% dividend yield as solid downside support, while highlighting AI RAN deployment and the potential introduction of new 5G tariff plans as the primary catalysts for stock upside.
To evaluate whether this investment thesis materializes, key verification points include confirming that 2Q operating profit reaches or exceeds KRW 537.8 Billion to maintain the ~KRW 1.9 Trillion annual run-rate, tracking the outcomes of the government’s national AI project selection alongside tangible AI RAN achievements, and monitoring the top-line trajectory of data center revenue toward KRW 1.0 Trillion by 2030 together with progress on new 5G tariff discussions. These developments can be verified via upcoming quarterly earnings announcements, official IR materials, and regular 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.
Contact: Compliance and Copyright Inquiries (ksb220805@gmail.com)
