Daishin Securities announced on September 7 that it is maintaining its target price of 110,000 won for SK Telecom, citing the recognition of the corporate value of its subsidiary SK Horizon and the growth stemming from the expansion of its artificial intelligence data centers (AIDC). The firm also reiterated its 'buy' recommendation.
Kim Hee-jae, a researcher at Daishin Securities, stated, "SK Telecom's subsidiary Horizon operates a total of 318 MW, including the 100 MW AIDC in Ulsan and the 75 MW AIDC in Guro." He added that SK Telecom's other subsidiary, Hyper, is set to gradually open 5 GW starting in 2029 and a cumulative 15 GW from 2035, including the second phase of the Ulsan AIDC.
He further noted, "SK Horizon operates data centers and submarine cable businesses, and its overall corporate value is estimated at around 5 trillion won, which reflects a high valuation."
Additionally, he mentioned that SK Horizon plans to issue new shares worth 1.2 trillion won to global investment firms KKR and IMM Investment, projecting that SK Telecom will hold a 51% stake, KKR 29%, and IMM 20% after the issuance.
The outlook for SK Telecom's other subsidiary, SK Hyper, is also positive. Kim explained, "Considering the land and power facilities for the 2 GW AIDC project, as well as customer acquisition and business model presentation, SK Hyper's equity value could be recognized at a higher level."
He added, "While SK Telecom's AIDC business strategy seeks low risk, there remains potential for additional investment in SK Hyper. The effective stake in SK Hyper could exceed 10% by 2030-2031 when AIDC revenues begin to materialize."
Kim Hee-jae, a researcher at Daishin Securities, stated, "SK Telecom's subsidiary Horizon operates a total of 318 MW, including the 100 MW AIDC in Ulsan and the 75 MW AIDC in Guro." He added that SK Telecom's other subsidiary, Hyper, is set to gradually open 5 GW starting in 2029 and a cumulative 15 GW from 2035, including the second phase of the Ulsan AIDC.
He further noted, "SK Horizon operates data centers and submarine cable businesses, and its overall corporate value is estimated at around 5 trillion won, which reflects a high valuation."
Additionally, he mentioned that SK Horizon plans to issue new shares worth 1.2 trillion won to global investment firms KKR and IMM Investment, projecting that SK Telecom will hold a 51% stake, KKR 29%, and IMM 20% after the issuance.
The outlook for SK Telecom's other subsidiary, SK Hyper, is also positive. Kim explained, "Considering the land and power facilities for the 2 GW AIDC project, as well as customer acquisition and business model presentation, SK Hyper's equity value could be recognized at a higher level."
He added, "While SK Telecom's AIDC business strategy seeks low risk, there remains potential for additional investment in SK Hyper. The effective stake in SK Hyper could exceed 10% by 2030-2031 when AIDC revenues begin to materialize."
* This article has been translated by AI.
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