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SKM
NYSENext earningsFeb 4Communication Services · Diversified Telecommunication Services
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Structural: SK Telecom is Korea's dominant carrier (~45% mobile share, best-in-class 5G) trading at a steep EV/EBITDA discount to Western telco peers (~6x vs 7.5-9x). But the carrier is not the story. The defining asset is a pre-IPO stake in Anthropic: a USD100M check in Aug-2023, topped up in the USD965B Series H that closed May-2026, which Morningstar describes as dominating SKT's valuation on a ~USD14.6B-cap company.
CORRECTION: SK Telecom does NOT own SK hynix. The ~20.5% hynix stake was spun off to SK Square in Nov-2021; this is a common retail misattribution. SKT's AI exposure is Anthropic plus its own AI-datacenter buildout, not memory.
(1) Anthropic proxy at an early vintage, marked at the USD965B Series H, with hold-through-IPO intent (IPO targeted H2-2026, possibly Oct) confirmed by the CEO in Tokyo on Jun-10. (2) Deepening operational tie: joined Anthropic's invite-only Project Glasswing Jun-2026 with early access to the gated Claude Mythos cybersecurity model; Anthropic is seeking compute SKT intends to supply.
(3) 3.7% dividend plus a Korea Value-Up re-rate tailwind. (4) Gigawatt-scale AI Cloud with NVDA targeted 2027.
(1) The Anthropic mark is unrealized until the IPO; a down-round or delay re-rates the narrative. (2) Core telecom is ex-growth (revenue ~flat, earnings -12% YoY). (3) Valuation has run on the proxy story (fwd P/E ~16; trailing inflated by depressed earnings).
(4) KRW plus ADR access friction and chaebol governance overhang.
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Long-form analysis touching SKM
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Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.