SK Telecom "Recovery underway with strong H2 expected" (Buy) Han

研报英文原文证据摘录

SK Telecom "Recovery underway with strong H2 expected" (Buy) Han

Global Research

15 May 2026ab

SK Telecom Equities

KoreaRecovery underway with strong H2 expected

Communications Technology

12-month rating Buy

Q126 results reinforces our positive view

We reiterate Buy rating as we see clearer earnings recovery and shareholder return 12m price target Won115,000

profile into 2026, together with growing value from its AI-related businesses and Prior : Won87,000

investment assets. Q1 results reinforced our positive view, with wireless subscribers

Price (14 May 2026) Won102,700

returning to growth and AIDC revenue growing 89% YoY, albeit still from a relatively

small base. Management also resumed quarterly dividends to previous levels. We expect RIC: 017670.KS BBG: 017670 KS

earnings recovery to continue throughout the year given low base from data breach

Trading data and key metrics

incident, benefits from voluntary retirement program, and lower depreciation burden.

52-wk range Won105,800-50,700

With improving earnings and cash flow, we think upside to shareholder returns could

become an additional catalyst alongside valuation optionality from its stake in Anthropic Market cap. Won21,873b/US$14.7b

(0.3% stake). Shares o/s 213m (ORD)

Free float 62%

Wireless recovery becoming clearer: Mobile subscribers returned to growth Avg. daily volume ('000) 1,042

(+208k net addition in Q1) supporting management's view that the impact from Avg. daily value (m) Won90,741.6

the cybersecurity incident is gradually stabilizing. ARPU also turned slightly positive

Common s/h equity (12/26E) Won13850b

(0.2% YoY) and we expect further normalization in H2 as temporary

P/BV (12/26E) 1.6x

compensation-related discounts provided following the data breach roll off. These