New Street Research - SK Telecom Co. Ltd. (017670) SK Telecom (Buy, TP: KRW 116,000, +101%) New Corporate Value Up Plan

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New Street Research

Chris Hoare

EUR 9281.00 For Business Accounts Only

SK Telecom (Buy, TP: KRW 116,000, +101%) New Corporate Value Up Plan

SKT unveiled its Corporate Value Up plan, targeting to improve its ROE to over 10% by 2026 while retaining its previously announced FY24-26 shareholder return policy of at least 50% of adjusted consolidated profit.

25/10/2024 1 EN

Underlying

SK Telecom Co. Ltd.

SK Telecom is a wireless telecommunications services provider in the Republic of Korea (South Korea). Co. provides the following services: wireless Internet services, which include music portal services, game portal services, multimedia services, and wired and wireless integrated multimedia services; ubiquitous and convergence services, which include telematics, digital home, commerce, mobile radio frequency identification and mobile community; international roaming services, which include global system for mobile communication; video telephony services, which enable subscribers incorporating video conferences, as well as B2B services.

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KR7017670001 Korea Stock Exchange South Korea

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Analysts

Chris Hoare

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SK Telecom (Buy, TP: KRW 100,000, +74%) Q3 24 Quick Take: Encouraging Enterprise growth and a decent improvement in EBIT

SK Telecom saw revenue accelerate again on the back of B2B Enterprise demand. Mobile also kept steady as the environment stayed benign. Notably, capex spend remains disciplined while operating profit was up 7.1% YoY off lower depreciation and continued cost control. The recently announced Corporate Value Up plan was largely expected.

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South Korean Telcos Q2 24 review: Softer but capex moderation remains encouraging

Group service revenue and EBITDA trends were softer in Q2, beset by slower Enterprise growth and a one-off labour cost hike by KT. By contrast, mobile improved to 2.1% YoY, led by SKT and KT. Given the benign mobile landscape and the removal of Stage X’s mobile license, we expect trends to sustain at current levels. Capex spend is under control while quarterly dividends were unchanged. Separately, we have trimmed our target prices for SKT and LG Uplus; KT remains our preferred pick.

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Top line trends were in-line/slightly ahead, with only a very slight slowdown in local FX GMV. However, there was a miss at both the gross profit level (2.5%) and, to an even greater extent, at operating income (25%, 19% ex-one-off) and net income (18%).

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Frontier Post-3Q24 Model Update

This note focuses on changes to the model following 3Q24 results. Earlier today, we published a comprehensive review of results. Our view of the company remains unchanged, whether as a standalone company or as an acquisition target. Intrinsic value is $64 (but they may only get $48.50 in a deal now).

EUR 9281.00

14h / 16m 14h / 16m 1 EN

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SK Telecom (Buy, TP: KRW 116,000, +101%) New Corporate Value Up Plan

SK Telecom (Buy, TP: KRW 100,000, +74%) Q3 24 Quick Take: Encouraging Enterprise growth and a decent improvement in EBIT

South Korean Telcos Q2 24 review: Softer but capex moderation remains encouraging

Match Group (MTCH, Buy, $54 target) MTCH First Take: Positioning for a break up?

MELI US (Neutral, TP: $2,000, -5%) MercadoLibre Credit cards drive big NIMAL and group EBIT miss

Frontier Post-3Q24 Model Update

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