Market: KOSPI (017670)
Brokerage : Mirae Asset Securities
Analyst : Yoo-jin Choi
Investment Rating : BUY (Maintained)
Target Price : KRW 120,000 (Maintained)
Core Momentum : Driven by rising data center utilization and core cost efficiencies, 2Q26 operating profit is set to beat consensus, while an ambitious 15GW AIDC roadmap (with planned investments of ~KRW 1,000 Trillion) supports full-scale revenue contribution growth beginning in 2028.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY (Maintained), Sector Top Pick Maintained, Target Price KRW 120,000 (Maintained, Upside Potential 43.0%).
- Valuation Methodology: Calculated by combining SK Telecom’s core operating business value of KRW 22.5 Trillion and Anthropic equity value of KRW 3.4 Trillion (totaling KRW 25.9 Trillion) to derive a target price of KRW 120,000.
- Valuation Multiples: 2026F P/E 13.2x, P/B 1.3x, Dividend Yield 4.2%, EPS Growth 233.8% / 2027F P/E 11.6x, P/B 1.2x, Dividend Yield 4.5%.
- Financial Estimates:
- 2024A: Revenue KRW 17.94 Trillion, Operating Profit KRW 1.82 Trillion, Net Profit KRW 1.25 Trillion, EPS KRW 5,810, ROE 10.8%, P/E 9.5x, P/B 1.0x, Dividend Yield 6.4%.
- 2025A: Revenue KRW 17.10 Trillion, Operating Profit KRW 1.07 Trillion, Net Profit KRW 408.0 Billion, EPS KRW 1,901, ROE 3.3%, P/E 28.1x, P/B 0.9x, Dividend Yield 0.0%.
- 2026F: Revenue KRW 17.94 Trillion (+4.9% YoY), Operating Profit KRW 1.94 Trillion (+80.3% YoY, beating consensus KRW 1.93 Trillion, OPM 10.8%), Net Profit KRW 1.36 Trillion (+234.1% YoY), EPS KRW 6,347, ROE 10.2%, P/E 13.2x, P/B 1.3x, Dividend Yield 4.2%.
- 2027F: Revenue KRW 18.34 Trillion (+2.2% YoY), Operating Profit KRW 2.15 Trillion (+11.3% YoY, OPM 11.7%), Net Profit KRW 1.55 Trillion (+13.6% YoY), EPS KRW 7,205, ROE 10.7%, P/E 11.6x, P/B 1.2x, Dividend Yield 4.5%.
- 2028F: Revenue KRW 18.71 Trillion (+2.0% YoY), Operating Profit KRW 2.44 Trillion (+13.1% YoY, OPM 13.0%), Net Profit KRW 1.81 Trillion (+16.9% YoY), EPS KRW 8,424, ROE 11.5%, P/E 10.0x, P/B 1.1x, Dividend Yield 2.0%.
🚀 2. [Market Opportunities & Business Outlook]
- 2Q26 Earnings Preview:
- Consolidated Revenue is projected at approximately KRW 4.4 Trillion (+2.5% YoY, +1.3% QoQ) and Operating Profit at KRW 557.5 Billion (+64.8% YoY, +3.7% QoQ), beating market consensus by approximately 3.5%.
- SK Broadband: Expected Revenue of KRW 1.2 Trillion (+3.4% YoY) and Operating Profit of KRW 103.0 Billion (+31.9% YoY), driven by incremental Pangyo DC revenues, broadband subscriber net adds, and a higher proportion of Giga internet subscribers.
- Profitability improvements supported by core telecom cost optimization alongside higher utilization across legacy data centers.
- 15GW AIDC Mega-Project & Medium-to-Long Term Roadmap:
- Announced a 15GW AI data center buildout plan with approximately KRW 1,000 Trillion in total investments during the June 29 national mega-project conference (representing Asia’s largest planned capacity, approximately 7x Korea’s current total data center grid capacity).
- Estimated phased operations starting in 2H27, expanding to 5GW and scaling up to 15GW by 2035.
- As financing structures, business models, and enterprise demand materialize, top-line revenue contributions are expected to increase significantly starting in 2028.
- Competitive Edge & Investment Strategy:
- Domestic leadership supported by Korea’s only full-stack AI ecosystem (infrastructure, models, services) and comprehensive SK Group backing.
- Overweight strategy remains valid as strategic AI data center positioning sustains competitive advantages amidst structural industry transitions.
📝 Editor’s Comment (Perspective)
The analyst views SK Telecom as an industry leader delivering a clear operational turnaround, supported by incremental Pangyo data center earnings and steady fixed-line subscriber expansion that drive 2Q operating profit above market consensus. Looking beyond quarterly recoveries, the core perspective highlights that announcing a massive 15GW AIDC roadmap with approximately KRW 1,000 Trillion in planned investments backed by group-level resources and full-stack AI capabilities positions the company to begin phased operations in 2H27 and accelerate consolidated top-line growth starting in 2028, reinforcing a compelling medium-to-long term valuation re-rating.
To verify whether this investment thesis unfolds as anticipated, key tracking points include achieving 2Q operating profit of KRW 557.5 Billion and sustaining SK Broadband’s quarterly operating profit above KRW 100 Billion, finalizing financing frameworks and customer demand for the KRW 1,000 Trillion 15GW AIDC project, securing grid interconnection and site permits ahead of phased commercial operations in 2H27, and realizing equity value from the Anthropic stake. These milestones can be monitored through SK Telecom’s quarterly earnings releases, official IR presentations, periodic regulatory filings, and subsequent project disclosures.
📢 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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