SK Innovation: W0.9tn SK China stake sale to fund growing AI energy demand? ROE on track to reach 9yr high on lubricant/refining strength; stay OW

研报英文原文证据摘录

SK Innovation: W0.9tn SK China stake sale to fund growing AI energy demand? ROE on track to reach 9yr high on lubricant/refining strength; stay OW

J P M O R G A N Asia Pacific Equity Research

22 July 2026

SK Innovation

W0.9tn SK China stake sale to fund growing AI energy Overweight

demand? ROE on track to reach 9yr high on lubricant/ 096770.KS, 096770 KS

refining strength; stay OW Price (22 Jul 26):W119,600

Price Target (Jun-27):W170,000

We see SK Inno’s reported W0.9tn SK China stake sale as further affirmation of Head of Asia Energy & Chemicals |

the company’s commitment to continue downsizing its non-core assets and free up Asia EV Battery

cash for shareholder returns and AI-centric growth. Local media cited the potential Parsley Ong AC

for SK Innovation to participate in the power infrastructure buildout linked to the (65) 6882-8578

Honam semiconductor fab (link), though this remains unverified by the company. parsley.rh.ong@jpmorgan.com

SK Inno has underperformed Asia energy peers over the past five years (Figure 6Global J.P.J.P. MorganMorgan SecuritiesSecurities Singapore(Asia Pacific)PrivateLimited/Limited/J.P.

refiners’sharepriceperformance) due to an EV battery drag, and we see potential for the company to catch up after Morgan Broking (Hong Kong) Limited

its battery “rightsizing” and pivot to become SK group’s AI energy provider. We Michelle Wong

forecast strong 2Q OP of W1.8tn (BBGe W1tn), with SK Inno likely delivering the (852) 2800 8556

highest NP to shareholders among the K-battery trio in FY26-27. Reiterate OW. michelle.wong@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

• What’s new: According to local media reports on 21 July, SK Inno will receive Vicky Hsia