Market: KOSPI (017670)
Brokerage : Samsung Securities
Analyst : Minha Choi (RA: Hyerim Yu)
Investment Rating : BUY (Maintained)
Target Price : KRW 115,000 (Maintained)
Core Momentum : Following 2Q earnings normalization post-cyber incident base effects, SK Telecom is positioned for structural valuation re-rating through full-stack AI data center (AIDC) planning, development, and nationwide infrastructure expansion.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY (Maintained), Target Price KRW 115,000 (Maintained, Upside Potential 23.7%).
- Valuation Multiples: 2026E P/E 14.8x, P/B 1.3x, EV/EBITDA 4.9x, Dividend Yield 3.8%.
- Financial Estimates:
- 2025A: P/E 28.1x, P/B 0.9x, EV/EBITDA 4.4x, Dividend Yield 3.1%, EPS KRW 1,901 (-67.3% YoY), BVPS KRW 60,395, DPS KRW 1,660, ROE 3.3%.
- 2026E: EPS KRW 6,288 (+230.7% YoY, revised up +2.8% from KRW 6,116), BVPS KRW 71,596, DPS KRW 3,540, ROE 9.6%, P/E 14.8x, P/B 1.3x, Dividend Yield 3.8%.
- 2027E: EPS KRW 6,696 (+6.5% YoY, revised up +1.8% from KRW 6,577), BVPS KRW 74,807, DPS KRW 3,590, ROE 9.2%, P/E 13.9x, P/B 1.2x, EV/EBITDA 4.7x, Dividend Yield 3.9%.
🚀 2. [Market Opportunities & Business Outlook]
- 2Q26 Earnings Review:
- Consolidated Revenue reached KRW 4.36 Trillion (+0.5% YoY) and Operating Profit recorded KRW 566.0 Billion (+67.3% YoY), meeting the upper end of market consensus.
- Rebounded strongly from the prior year’s cyber incident low base, demonstrating complete operational earnings recovery.
- Mobile service revenue declined 1.9% YoY due to fewer subscribers despite handset net additions; however, AI-related revenue maintained solid expansion.
- AI DC revenue jumped to KRW 136.2 Billion (+92.5% YoY) propelled by higher data center utilization, revenue contribution from Pangyo DC, and subsea cable growth. AI B2B/B2C revenue rose to KRW 61.3 Billion (+24.5% YoY) on cloud contract wins.
- SK Broadband posted Operating Profit of KRW 132.5 Billion (+44.3% YoY) driven by data center scaling, broadband subscriber net additions, and cost optimization.
- Controlling Net Profit surged 425% YoY to KRW 466.0 Billion aided by equity-method gains from partial investment disposals.
- AI Infrastructure Roadmap & Full-Stack Positioning:
- Evolving beyond pure data center operations into a full-stack infrastructure architect leading AIDC planning, development, and operation.
- Strategic group division of labor: SK Telecom (oversight and planning), SK Hyper (new project development), and SK Broadband (construction and facility operation).
- Step-by-step nationwide AIDC project pipeline: Ulsan AIDC (Phase 1 opening late 2027, Phase 2 in 2029), Guro AIDC in 2030, alongside regional mega AIDC projects across Yeongnam, Chungcheong, and Honam.
📝 Editor’s Comment (Perspective)
The analyst views SK Telecom as a telecom leader that has restored baseline operating profitability following prior-year security incident disruptions, and is now transitioning into an AI infrastructure developer leading full-stack AIDC planning, construction, and operation. The core perspective emphasizes that expanding high-growth AI revenue streams—backed by group-wide synergies across SK Telecom, SK Hyper, and SK Broadband—and the execution of nationwide mega AIDC projects justify a sustained valuation re-rating beyond traditional telco multiples.
To verify whether this investment thesis unfolds as anticipated, key tracking points include the ongoing revenue acceleration in AI DC and cloud B2B segments, the on-schedule milestone execution of the Ulsan Phase 1 AIDC project slated for late 2027, and the delivery of projected dividend increases (2026E DPS of KRW 3,540) aligned with normalized net earnings. These dynamics can be monitored through SK Telecom’s quarterly financial disclosures, IR presentations, periodic regulatory filings, and official group project announcements.
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