Market: KOSPI (017670)
Brokerage : IBK Securities
Analyst : Tae-hyun Kim
Investment Rating : BUY (Maintain)
Target Price : KRW 107,000 (Maintain)
Core Momentum : Comprehensive earnings normalization driven by the dissipation of heavy one-off expenses related to past security incidents, backed by the expected restoration of DPS to KRW 3,540.
📊 1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: BUY maintained, Target Price maintained at KRW 107,000 (Based on the closing price of KRW 91,400 on June 25, 2026)
- 2Q26 Earnings Forecast:
- Consolidated Revenue: KRW 4.343 Trillion (+0.1% YoY)
- Consolidated Operating Profit: KRW 532.8 Billion (+57.5% YoY, aligning with consensus of KRW 527.4 Billion)
- Standalone (SKT) Revenue: KRW 3.104 Trillion (-1.0% YoY), Standalone Operating Profit: KRW 425.2 Billion (+69.5% YoY)
- FY2026 Full-Year Forecast:
- Annual Revenue: KRW 17.622 Trillion
- Annual Operating Profit: KRW 1.870 Trillion (OPM 10.6%)
- Annual Net Profit (Controlling Interests): KRW 1.216 Trillion
- 2026E EPS: KRW 5,662 / BPS: KRW 64,286 / ROE: 9.2% / PER: 16.1x / PBR: 1.4x / EV/EBITDA: 4.6x
- Shareholder Returns: Annual DPS projected to recover to the FY2024 baseline of KRW 3,540 (Estimated dividend yield of ~3.9%)
🚀 2. [Market Opportunities & Business Outlook]
- Removal of One-off Costs & Base Effect:
- Favorable base effect from the removal of approximately KRW 200 Billion in SIM card replacement expenses incurred in 2Q25.
- Standalone operating profit rebounds significantly as dealer compensation/commissions (+KRW 52.6 Billion) and other SIM-related operating expenses (+KRW 153.5 Billion) drop out of the cost base.
- Second-Half Margin Continuity: Normalization momentum expected to persist into 2H26 as roughly KRW 500 Billion in customer appreciation package expenses (fee discounts, expanded membership benefits) from 2H25 dissipate.
- SK Broadband Growth & Data Center Contribution:
- SK Broadband 2Q26 Revenue forecast at KRW 1.152 Trillion (+2.9% YoY) and Operating Profit at KRW 106.0 Billion (+15.5% YoY).
- Solid fixed-line internet net adds combined with rising utilization at the Gasan data center and the consolidation of the Pangyo data center drive stable IDC segment expansion.
📝 Editor’s Comment (Perspective)
The analyst views SK Telecom as an operator transitioning away from extraordinary security incident overheads and compensation packages back into its normalized operating margin structure and historical baseline dividend of KRW 3,540 per share. Rather than relying on speculative new narratives, this perspective centers on the full restoration of baseline operating cash flows and the dependable contributions of subsidiary data center assets.
To evaluate whether this investment thesis materializes, key verification points include tracking whether the elimination of 2H customer package costs delivers the projected FY2026 consolidated operating profit of KRW 1.87 Trillion, confirming the formal declaration of a full-year KRW 3,540 DPS, and monitoring utilization ramp-ups and revenue contribution across SK Broadband’s Gasan and Pangyo data centers. These developments can be monitored through upcoming quarterly earnings releases, official IR presentations, 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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