[Click e-Stock] "SK Telecom, Biggest Beneficiary of Separate Dividend Taxation Policy"

On June 13, Hana Securities maintained its "Buy" investment rating and a 12-month target price of 70,000 won for SK Telecom, stating, "Despite the sharp rise in the KOSPI, SK Telecom's share price experienced significant declines in April and May, so there is a possibility of a short-term rebound."

Kim Hongsik, a researcher at Hana Securities, analyzed, "If the separate taxation of dividends for companies with a payout ratio above 35 points is confirmed, SK Telecom, which has a high payout ratio and expected dividend yield, is highly likely to be classified as a policy beneficiary."

Kim explained, "Given that the likelihood of penalty exemptions and punitive fines has diminished, the stock price has declined excessively. Considering that the cumulative net decrease in subscribers reached about 450,000 as of June 7 and that business operations are likely to resume by the end of this month, the net decrease in subscribers due to the hacking incident is likely to end at the originally expected level of around 550,000."

Given that the net decrease in subscribers is similar to previous estimates, the possibility of SK Telecom's operating profit turning to a decline this year appears low. Kim stated, "Considering the historical expected dividend yield and the price-to-book ratio trend, this represents a short- and long-term share price bottom."

Over the past three years, SK Telecom's average dividend payout ratio has been 60%, and the estimated payout ratio for 2025 is also expected to exceed 50%. If separate taxation is allowed, SK Telecom's after-tax dividend yield this year would reach 5.6%. This is a highly attractive yield considering current market interest rates.

Although there is a possibility that the revised Telecommunications Business Act, which includes punitive regulations for telecom companies experiencing personal information leaks and repeated service disruptions, may be passed within the year, it is now more likely that the revised law would apply to companies that cause problems in the future rather than SK Telecom, which has already experienced issues.

Kim said, "SK Telecom's share price has underperformed compared to its competitors," and predicted, "Given the current market interest rate trend, there is a high possibility of a short-term price increase to at least 59,000 won, which corresponds to the expected dividend yield."