KB Securities has stated that SK Telecom is establishing itself as a leading player in the K-AI project and is building an artificial intelligence (AI) model ecosystem, maintaining its target price at 130,000 won and a 'buy' rating.
In a report released on June 1, analyst Kim Jun-seop noted that interest in the AI data center operated by SK Broadband, a subsidiary of SK Telecom, is increasing.
Kim stated, "The AI data centers in Ulsan and Guro are expected to begin operations in the second half of 2027," and projected that once both data centers are fully operational by 2031, they will contribute over 1.1 trillion won to consolidated operating profit.
He further explained, "Bundling AI services with pricing plans will contribute to revenue in two ways, as AI features will help reduce subscriber churn and attract new customers."
Additionally, he mentioned that AI value-added services, such as the monetization of AIDOT Note, along with upgrades to higher pricing plans, will increase average revenue per user (ARPU). He noted, "Telecommunications is a capital-intensive industry, so a significant portion of the increase in subscribers or ARPU will directly translate into operating profit."
Kim emphasized that operating models developed during the K-AI project will create structural advantages when run in their own AI data centers. He added that applying these models to internal operations, such as AI contact centers and automation of internal tasks, would also lead to savings in labor and operational costs.
He concluded, "In the B2B AI transformation (AIX) business, AX could become a direct source of revenue. If SK Telecom is selected among the top two in the K-AI project, it will gain priority participation in public AX projects, further expanding its revenue base."
* This article has been translated by AI.
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