SK Telecom: AI factory build-out emerges as next catalyst; upgrade to OW

研报英文原文证据摘录

SK Telecom: AI factory build-out emerges as next catalyst; upgrade to OW

486A 1,800

SKT’s W8T YTD market-cap uplift (or W15T from the June peak), suggesting Q2 391 1,634 1,778

Q3 (783) 1,452 1,582

residual over-exuberance around the implied value of the Anthropic stake. Q4 456 1,069 1,120

That said, we expect volatility tied to the proxy trade to moderate as optimism FY 1,762 5,641 6,279

appears to be largely priced in.

Style Exposure

• SKT’s AI exposure is becoming increasingly tangible across government-

led initiatives, infrastructure and strategic stakes: 1) its consortium was

selected as one of four finalists in Korea’s Sovereign AI competition (alongside

LG AI Research, Upstage and Motif Technologies), which—while

monetization remains unclear—could open mid-to-long-term B2G AI

opportunities; 2) on infrastructure, SKT is partnering with AWS to build a

large-scale AI datacenter in Ulsan targeting 100MW by 2029 (with potential

longer-term expansion to 1GW) and has also outlined broader AI DC

ambitions of 5GW by 2035 and 15GW longer term; 3) in AI semis, SKT has

indirect exposure to domestic fabless chipmaker Rebellion via its 62.5% stake

in SAPEON INC, which holds 26% of Rebellion (preparing for an IPO in

1H27E; source: Digitimes).

• SKT appears to be pursuing an aggressive AI datacenter build-out, with

SK Broadband (SKBB; 100% owned) expected to be a key execution arm for

the group’s “AI DC factory” strategy. Following Chairman Chey’s long-term

plan that includes W1,000T earmarked for AI datacenters, SKT/SKBB

recently outlined 5GW of AI DC capacity for 2029–2035 (including the Ulsan

project) and 15GW longer term. Given the scale of funding required (e.g.,

~W75T per 1GW), we expect SKT to lean on project financing and capital from