[Click eStock] "SKT, Expectations for Governance Restructuring... Target Price Maintained"

Hana Securities maintained a buy rating and a target price of 70,000 won for SK Telecom (SKT) on the 26th, stating that "expectations for corporate governance restructuring will increase." The previous day's closing price was 52,300 won.

On the same day, Kim Hong-sik, a researcher at Hana Securities, said, "Considering the scale of dividends and shareholder returns, the stock is absolutely undervalued, and with the corporate governance restructuring story emerging, the upward pressure on the stock price will increase."

If the SK Group's corporate governance restructuring takes place, it is expected to be favorable for SKT. Researcher Kim explained, "Even if there had been no divorce lawsuit issue involving the group chairman, whether the head of the group receives dividends is an important matter. From the perspective of SKT shareholders, the possibility of continuing to receive high dividends in the future has increased. Also, assuming a paid-in capital increase through stock contribution in kind to increase SK Square's shareholding ratio, SKT's stock price needs to rise for this to be advantageous."

He added, "Although the second-quarter performance this year is not good, it is likely to record the best performance among the three major telecommunications companies. Considering the expected shareholder return yield, it is an absolutely undervalued situation."

Researcher Kim said, "SKT's stock price is holding at 50,000 won and continues to attempt to rise, but the stock price movement is still frustrating. It seems highly likely that the stock price will gradually start to rise next month. Investors' perception that the group's corporate governance restructuring direction will inevitably favor SKT is gradually spreading."