External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>4Q24 revenue W4.5tn (-0% YoY) with OP of W250bn (-15% YoY); 2024 OP W1.8tn (+4% YoY)</li><li>Balanced growth in both wireless and wireline, with easing marketing and depreciation cost burdens; 2025E OP W2.1tn (+16%)</li><li>OP CAGR 11% for 2020–2024, 11% for 2025–2028E</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4Q24 revenue W4.5tn (-0% YoY) with OP of W250bn (-15% YoY); 2024 OP W1.8tn (+4% YoY)Balanced growth in both wireless and wireline, with easing marketing and depreciation cost burdens; 2025E OP W2.1tn (+16%)OP CAGR 11% for 2020–2024, 11% for 2025–2028EContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Telecom (017670 KS) - SKT and SKB in Sync

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Korea Exchange (KRX) plans to make special changes to the Korea Value-Up Index constituents on 20 December.</li>
<li>We believe that following five stocks are likely inclusions in the Korea Value Up index rebalance on 20 December (KB Financial, Hana Financial, SK Telecom, KT Corp, and LG Electronics).</li>
<li>The new companies that will be included in the Korea Value-Up Index include companies that provide detailed corporate value up plans by 6 December.</li>
</ul>


Korea Exchange (KRX) plans to make special changes to the Korea Value-Up Index constituents on 20 December.
We believe that following five stocks are likely inclusions in the Korea Value Up index rebalance on 20 December (KB Financial, Hana Financial, SK Telecom, KT Corp, and LG Electronics).
The new companies that will be included in the Korea Value-Up Index include companies that provide detailed corporate value up plans by 6 December.


Korea Value Up Index Rebalance on 20 December

<ul>
<li>SK Telecom (017670 KS) announced through a value-up disclosure that it will return more than 50% of its net profit to shareholders from 2024 to 2026.</li>
<li>SK Telecom also mentioned that it plans to achieve ROE of 10% or more by 2026.</li>
<li>The company is now targeting 30 trillion won in revenue by 2030 with about 35% of total revenue coming from the AI business.</li>
</ul>


SK Telecom (017670 KS) announced through a value-up disclosure that it will return more than 50% of its net profit to shareholders from 2024 to 2026.
SK Telecom also mentioned that it plans to achieve ROE of 10% or more by 2026.
The company is now targeting 30 trillion won in revenue by 2030 with about 35% of total revenue coming from the AI business.


SK Telecom: Meaningful Value Up Announcement

Event-Driven

<ul>
<li>After the market close on 13 March, it was reported that SOQRI Co will be doing a partial tender offer public offering of 171,429 common shares of Socar.</li>
<li>The tender offer period is from 14 March to 2 April. The tender offer price is 17,500 won which is a 21% premium to current price.</li>
<li>Socar's founder Lee Jae-Woong is pushing for a tender offer to solidify the control of Socar from Lotte Rental which has recently been purchased by Affinity Equity Partners.</li>
</ul>


After the market close on 13 March, it was reported that SOQRI Co will be doing a partial tender offer public offering of 171,429 common shares of Socar.
The tender offer period is from 14 March to 2 April. The tender offer price is 17,500 won which is a 21% premium to current price.
Socar's founder Lee Jae-Woong is pushing for a tender offer to solidify the control of Socar from Lotte Rental which has recently been purchased by Affinity Equity Partners.


<ul>
<li>Amid recent market turmoil, we believe that SK Telecom could be a solid blue-chip, defensive Korean stock that could outperform the market in the next 6-12 months.</li>
<li>SK Telecom reported better than expected profits in 2Q 2024. The company's sales were 0.5% higher than the consensus and its operating profit was 3.9% higher than the consensus estimates.</li>
<li>SK Telecom's shareholder return policy is to return at least 50% of adjusted profit for the year on a consolidated basis.</li>
</ul>


Amid recent market turmoil, we believe that SK Telecom could be a solid blue-chip, defensive Korean stock that could outperform the market in the next 6-12 months.
SK Telecom reported better than expected profits in 2Q 2024. The company's sales were 0.5% higher than the consensus and its operating profit was 3.9% higher than the consensus estimates.
SK Telecom's shareholder return policy is to return at least 50% of adjusted profit for the year on a consolidated basis.


SK Telecom: A Blue-Chip Defensive Stock That Could Outperform KOSPI Amid Market Turmoil

South Korea

SK Telecom Co., Ltd. is a Korean mobile and telecommunications operator. The Company provides cellular voice, wireless data, and wireless internet services. SK Telecom also offers fixed line services and platform services.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

SK Telecom (017670 KS)