Hana Securities projected on the 27th that the government's extension of the penalty surcharge exemption measure and the imposition of a penalty surcharge in the tens of billions won range are unlikely to materialize. Accordingly, the investment opinion is maintained at 'buy' with a target price of 70,000 won.
Kim Hong-shik, a researcher at Hana Securities, said, "The possibility of extending the penalty surcharge exemption and imposing a penalty surcharge in the tens of billions won range is low, so there could be a stock rise due to the resolution of the adverse factors next month," and noted, "The Telecommunications Dispute Mediation Committee has determined to extend the penalty surcharge exemption deadline until the end of this year, but since it is a dispute mediation rather than an administrative order, there is no obligation to accept it."
He continued, "Theoretically, a penalty surcharge of up to 3% of revenue can be imposed, but SK Telecom has already implemented a rate reduction of over 500 billion won," and added, "Next year, as issues regarding next-generation network investments intensify, it seems likely that a penalty surcharge will be imposed at around a few hundred million won."
Researcher Kim also viewed the possibility of a dividend decrease at SK Telecom as low. He analyzed, "The dividend per share (DPS) for the third quarter is likely to remain at 830 won," and explained, "This is because the payment of dividends is based on consolidated net income, excluding one-time expenses, and the justification for a dividend decrease due to the recent hacking incident is weak, especially since shareholder resistance has been strong recently."
Hana Securities mentioned that expectations for preferential tax treatment of dividends have diminished, but noted the possibility that related beneficiary stocks may resurface if it passes through the National Assembly. Researcher Kim said, "If the preferential tax treatment of dividends is legislated, it is likely to be beneficial," and added, "The after-tax dividend yield for SK Telecom is expected to be at least 4% and possibly over 5%, which is considerably high considering market interest rates."
Researcher Kim projected that SK Telecom will have the highest profit growth among the three telecommunications companies next year. He emphasized, "Given that one-time expenses exceeding 500 billion won will be reflected this year, a consolidated operating profit of between 1.8 trillion and 2 trillion won is expected next year."