SK Telecom (017670.KS): Established SK Hyper as AIDC development vehicle

研报英文原文证据摘录

SK Telecom (017670.KS): Established SK Hyper as AIDC development vehicle

Goldman Sachs SK Telecom (017670.KS)

requirements if customer conversion is slower than expected.

n The subsidiary structure improves organizational clarity, but does not address

project economics: Establishing a centralized development company may facilitate

project execution across regions, but the announcement provides limited

incremental detail on expected utilization, pricing, returns on invested capital or the

allocation of construction and operating risks among SKT, tenants and external

investors. We therefore do not yet assign material value to the broader 5GW

pipeline.

n Limited near-term earnings contribution, with potential pressure on cash flow:

In our view, meaningful operating contribution remains dependent on anchor-tenant

contracts, FI participation, construction completion and phased openings from

2029. In the interim, SKT will incur development spending without corresponding

revenue, which could weigh on free cash flow and constrain capital-allocation

flexibility, including shareholder returns, if funding requirements increase.

n Overall, we view the announcement as neutral and largely consistent with the

existing strategy: The new structure clarifies how SKT intends to pursue its AIDC

ambitions, but does not materially de-risk execution or improve visibility on financial

returns at this stage. We believe evidence of contracted demand and acceptable

project-level returns is required before the AIDC strategy can support a higher

valuation.

n Key items to monitor include: 1) binding hyperscaler or anchor-tenant

commitments, 2) confirmed FI participation and financing terms, 3) SKT’s ultimate

equity contribution and guarantees at each SPV, 4) expected utilization and