[Click eStock] Hana: "Move Up SKT Buy Timing" Target Price Raised

On January 27, Hana Securities named SK Telecom as its top pick within the telecommunications services sector and raised its target price to 80,000 won.

Kim Hongsik, an analyst at Hana Securities, stated in a report released that day, "We believe that most of the negative factors have already been reflected in the share price, so we recommend bringing forward the timing for buying SK Telecom." The newly suggested target price of 80,000 won represents a 45% increase from the previous target.

First, Kim noted that SK Telecom's earnings for the fourth quarter of last year are expected to be weak due to the recognition of large-scale voluntary retirement payments. However, he pointed out that this has already been priced into the stock. The recent rebound in SK Telecom's share price is also seen in this context.

He said, "Thanks to a low base, strong profit growth is expected again in 2026. While dividends declined in 2025 due to the hacking incident, they are forecast to surge again in 2026 thanks to gains from stock sales."

He continued, "Initially, we expected dividend normalization to return to 2024 levels only in 2027, but the likelihood of such a payout in 2026 has increased." Accordingly, he raised the 2026 DPS forecast from 2,600 won to 3,500 won. In this case, he assessed that the current share price, with an expected dividend yield of 5.6%, is attractive.

In addition, Kim highlighted that SK Telecom holds a stake in the US artificial intelligence (AI) company Anthropic. He explained, "They are planning to sell after the IPO, and if the sale is completed within this year, the profit is expected to be around 1.5 trillion won." He further commented, "The profit from the Anthropic sale will not just improve SK Telecom's financial stability and net profit, but could also lead to an earlier normalization of dividends and increase the likelihood of being selected as a domestic independent AI foundation model operator."

He added, "If SK Telecom is selected as an independent AI foundation model operator in Korea, as the market expects, it is likely to enjoy supply-demand advantages. At the same time, being recognized as a leading domestic AI stock could prompt national AI-related funds to buy SK Telecom shares in the future."