来自 财经风暴报 2019-11-30 22:47 的文章
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SK Telecom:Time to reflect the value of SK Hynix

SK Hynix stake not yet fully priced in: SK Hynix has seen its shares and 2017earnings estimates rise a respective 36.3% and 15.9% over the past three months, butSK Telecom shares have gained just 0.6%. Even allowing for souring sentiment dueto growing regulatory risks under the new government, we believe shares have yet tofully reflect the value of the telco’s 20.8% stake in the chipmaker.

奥门新萄京娱乐场,SK Telecom:Time to reflect the value of SK Hynix。    Attractive valuation in spotlight: SKT shares are trading at 8x 2017consolidated P/E (vs 13.1x at LG Uplus and 9.3x at KT) with a dividend yield of3.9% (vs 2.4% and 3.4%). The company’s telecom service unit is trading at a fairlyattractive 9x P/NOPAT, the multiple derived from our sum-of-the-parts valuationthat discounts the SK Hynix stake by 20%, and uses values of KRW1.37t andKRW1.41 for SK Broadband and SK Planet, respectively.

    Raising target to KRW310,000: We raise our 12-month target price on SKT by6.9% to KRW310,000 to reflect SK Hynix’s rally. Considering the chipmaker’s lowdividend payout ratio, we do not expect equity-method gains from SK Hynix to leadSKT to hike dividend payout. That said, the telco should see its enterprise valuegradually reflect the value of its stake in Hynix. Currently, SKT’s telecom service unitseems unlikely to grow significantly, but revaluations of the telco’s platforms (11st, TMap, and AI-product Nugu) may offer additional upside.

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