New Street Research - SK Telecom Co. Ltd. (017670) SK Telecom (Buy, TP: KRW 112,000, +139%) Q4 22 Quick Take: Disappointing figures, guidance in line, buyback flagged

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New Street Research

Chris Hoare

EUR 9179.00 For Business Accounts Only

SK Telecom (Buy, TP: KRW 112,000, +139%) Q4 22 Quick Take: Disappointing figures, guidance in line, buyback flagged

SKT reported Q4 results today. Overall revenue growth was slightly behind expectations as it slowed to 2.2% YoY, driven by slower mobile and a decline from SK Broadband. EBITDA missed consensus by 4.9% on higher COGS, offsetting the cost efficiencies within its network and leased line costs. Dividend pay-out was as expected but on the positive side during the call the company flagged a likely buyback, while guidance for 2023 was in line with consensus.

08/02/2023 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 112,000, +139%) Q4 22 Quick Take: Disappointing figures, guidance in line, buyback flagged

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

SK Telecom (Buy, TP: KRW 116,000, +120%) New shareholder return policy, somewhat underwhelming

South Korean Telcos What could the telcos do to address the “Value-up” programme?

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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