New Street Research - SK Telecom (17670) New Street: SK Telecom ( Buy): Restructuring high up on the agenda for 2021

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New Street Research

Alastair Jones

New Street: SK Telecom ( Buy): Restructuring high up on the agenda for 2021

Increasing visibility around the assets within SKT’s portfolio has become key to the investment case , and commentary from management more recently has indicated that this is arguably their top priority for the year ahead.

09/03/2021 1 EN

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SK Telecom

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New Street Research

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Analysts

Alastair Jones

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New Street: SK Telecom ( Buy): Restructuring high up on the agenda for 2021

SK Telecom (Buy, TP: KRW 116,000, +122%) Q2 24 Quick Take: Encouraging Mobile and Enterprise trend again; push towards AI monetisation

South Korean Telcos Q1 24 review: Better service revenue trends, but mixed EBITDA performance; capex stable

SK Telecom (Buy, TP: KRW 116,000, +126%) Q1 24 Quick Take: Decent topline, but some margin pressure as AI investments start to impact

Totalplay (HY) Q1 25: Slower trends but relatively decent

Tariffs: Autos, Industrials, and Infineon: the baseline & what's next

America Movil (Buy, TP: $22, +30%) Q1 25 – Slower but decent; FY25 capex expected at $6.7bn

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