Market: KOSPI (017670)
Brokerage : Samsung Securities
Analyst : Minha Choi (RA: Hyerim Yu)
Investment Rating : BUY (Maintained)
Target Price : KRW 115,000 (Maintained)
Core Momentum : With 2Q26 operating profit expected to hit the upper end of consensus driven by low base effects from last year’s cyber incident, medium-to-long term valuation re-rating is supported by an ambitious AIDC roadmap (scaling from Ulsan Phase 1 in late 2027, with phased deployment of a 5GW AIDC footprint starting in 2029 and up to 15GW by 2035) and Anthropic equity upside.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY (Maintained), Target Price KRW 115,000 (Maintained, Upside Potential 37.1%).
- Valuation Multiples: 2026E P/E 13.7x, P/B 1.2x, EV/EBITDA 4.6x, Dividend Yield 4.2% / 2027E P/E 12.8x, P/B 1.1x, EV/EBITDA 4.4x, Dividend Yield 4.3%.
- Financial Estimates:
- 2025A: Revenue KRW 17.10 Trillion, Operating Profit KRW 1.07 Trillion, Net Profit KRW 375.0 Billion, EPS KRW 1,901 (-67.3% YoY), ROE 3.3%, P/E 28.1x, P/B 0.9x, EV/EBITDA 4.4x, Dividend Yield 3.1%.
- 2026E: Revenue KRW 17.81 Trillion, Operating Profit KRW 1.92 Trillion (+78.7% YoY), Net Profit KRW 1.27 Trillion (+239.7% YoY), EPS KRW 6,116 (+221.6% YoY, revised up +1.1% from KRW 6,047), ROE 9.4%, P/E 13.7x, P/B 1.2x, EV/EBITDA 4.6x, Dividend Yield 4.2%.
- 2027E: Revenue KRW 18.22 Trillion, Operating Profit KRW 2.04 Trillion (+6.5% YoY), Net Profit KRW 1.37 Trillion (+7.5% YoY), EPS KRW 6,577 (+7.5% YoY, revised up +1.1% from KRW 6,505), ROE 9.1%, P/E 12.8x, P/B 1.1x, EV/EBITDA 4.4x, Dividend Yield 4.3%.
- 2028E: Revenue KRW 18.70 Trillion, Operating Profit KRW 2.22 Trillion (+8.9% YoY), Net Profit KRW 1.50 Trillion (+9.6% YoY), EPS KRW 7,206 (+9.6% YoY), ROE 9.5%, P/E 11.6x, P/B 1.1x, EV/EBITDA 4.1x, Dividend Yield 4.6%.
🚀 2. [Market Opportunities & Business Outlook]
- 2Q26 Earnings Preview:
- Consolidated Revenue is projected at KRW 4.41 Trillion (+1.7% YoY) and Operating Profit at KRW 553.2 Billion (+63.5% YoY), meeting the upper bound of market consensus.
- Strong YoY profit growth driven by low base effects following the reflection of ~KRW 200 Billion in cyber incident expenses in 2Q25 (subscriber net losses, free USIM replacements, and agency compensation).
- SK Broadband: Expected to sustain quarterly operating profit in the KRW 100 Billion range, supported by IPTV/broadband subscriber net adds, incremental Pangyo data center earnings (reflected since 3Q25), and rising utilization across legacy data centers.
- AIDC Roadmap & Full-Stack Infrastructure Expansion:
- Disclosed medium-to-long term AIDC deployment roadmap via official future business management filings.
- Group-wide collaboration centered on SK Telecom and SK Broadband to accelerate data center construction.
- Starting with the Ulsan AI Data Center targeting Phase 1 opening in late 2027, the company plans phased commercial operations of a 5GW AIDC footprint beginning in 2029, with long-term scaling of up to 15GW by 2035.
- Enterprise Value Catalysts:
- Evolving from a traditional telco into an AI infrastructure architect and lead developer, leveraging accumulated network operation capabilities and infrastructure assets.
- Earnings turnaround beginning in 2Q combined with potential equity valuation gains from Anthropic provide strong momentum for valuation re-rating.
📝 Editor’s Comment (Perspective)
The analyst views SK Telecom as an industry leader entering an operational profit turnaround phase starting in 2Q, aided by favorable base effects from prior-year security incident expenses and solid data center expansion at SK Broadband. The core perspective highlights that beyond traditional defensive telco earnings, SK Telecom’s strategic positioning as an AI infrastructure architect—underpinned by a multi-phase AIDC roadmap spanning from Ulsan Phase 1 in late 2027 to phased 5GW deployment beginning in 2029 and up to 15GW by 2035, alongside equity upside from Anthropic—serves as the primary catalyst for structural multiple expansion.
To verify whether this investment thesis unfolds as anticipated, key tracking points include 2Q operating profit matching the upper consensus range, SK Broadband maintaining quarterly operating profit above KRW 100 Billion, construction and power procurement progress for the Ulsan Phase 1 AIDC ahead of its late-2027 opening, preparatory milestones for the phased 5GW AIDC rollout starting in 2029, and tangible valuation gains from the Anthropic equity stake. These developments can be monitored through SK Telecom’s quarterly earnings releases, IR materials, periodic regulatory filings, and official disclosures regarding future business plans.
📢 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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