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SK Telecom Co Ltd SKM

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SK Telecom Reports Strong First Quarter With Company Split Proposed; FVE Upgraded to USD 41

Dan Baker Senior Equity Analyst

Analyst Note

| Dan Baker |

SK Telecom’s, or SKT's, first-quarter 2021 result was strong with year-on-year revenue growth of 7.4%, operating income growth of 29% and earnings per share growth of 88%. Revenue growth was ahead of full year guidance of KRW 19.5 trillion, which implies 5% growth. Consolidation of t-broad in the first quarter this year but not in the previous quarter also helped operating profit growth. The net income growth was boosted by increased contributions from SK Hynix. SK Hynix--in which SKT has a 20.6% stake, which makes up around half of our SKT valuation--reported 18% revenue growth and 53% growth in net profit year on year.

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Company Profile

Business Description

SK Telecom is Korea's largest wireless telecom operator, with 29 million mobile customers. The firm also owns 75% of SK Broadband (formerly Hanaro Telecom), which has 6.5 million broadband customers and 8.7 million broadband TV customers. The firm owns stakes in various other operators in different countries and other businesses in Korea. SK Telecom's strategy is to continue dominating the Korean wireless market and to expand its influence elsewhere in Internet-related businesses.

SK T-Tower, 65, Eulji-ro, Jung-gu
Seoul, 04539, Korea, Republic of
T +82 261002114
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 41,097