SK Telecom: AI factory construction has become a new catalyst, the value of data centers has not been priced, and it has been upgraded to positive rating (J.P. Morgan)
The core change is that the company is advancing a radical AI data center capacity expansion plan.
The core change is that the company is advancing a radical AI data center capacity expansion plan. With SK Group's advantages in the global AI value chain, this part of the value has not yet been reflected in the valuation. The market's perception of SK Telecom is still that of a traditional telecom operator, but the potential of its AI data center business and the value of hidden assets such as Anthropic equity are significantly underestimated. One sentence conclusion: SK Telecom is not a "telephone company", it is an AI infrastructure company wrapped in the shell of a "telephone company". When the market realizes this, the reshaping of valuations has just begun. Good/bad: Good for SK Telecom (017670.KS), and may also lead to the market's revaluation of other Korean telecom stocks that hold invisible AI assets. The market has given a reasonable valuation to its traditional business and dividends, but the value of its AI data center business has barely been priced. Catalysts: 1) Specific financing and customer signing announcements for the AI data center construction project; 2) Revenue contribution after the data center is put into operation; 3) Changes in the fair value of investments such as Anthropic.