I Equity Research SK (017670)

1 2018 3 23 I Equity Research SK (017670).. /TP 32 , Update SKT Top Pick . 1) SKT BUY. , I TP(12M): 320,000 I CP(3 22 ): 231,500 . 2) 2018 . , 3) Key Data Consensus Data 2018 KOSPI (pt) 2, 2018 2019. , 4) 1 52 / ( ) 283,500/229,500 ( ) 17, 17, ( ) 18, ( ) 1, 1, , 5) CATV M&A . (%) ( ) 2, 2, SKT CATV M&A . ( ) 80, EPS( ) 35,234 34,643. 12 60 ( ) BPS( ) 283,361 301,366. 60 ( ) 32 . 18 ( , ) 11,000 Stock Price 18 ( ,%) SK ( ). , ( ). 307 ( ) 110. (%) SKT . (%) 287 100. SK 3 267 90. SKT 21 . 247 80. ICT 1M 6M 12M 227 70.. ( ) ( ) ( ) 207 60. SKT ( ) ( ) ( ).. Financial Data SKT 2015 2016 2017 2018F 2019F.. SKT 17, 17, 17, 17, 17, SKT 1, 1, 1, 1, 1, 2, 2, 3, 3, 3, . 1) , 2) 1, 1, 2, 3, 2, , 3) ICT M&A EPS 18,807 20,756 32,198 37,775 37,107. , 4) / % ( ) ( ).

2 PER , 5) SK CEO PBR . EV/EBITDA ROE % BPS 216,875 225,796 249,093 278,123 305,611. DPS 10,000 10,000 10,000 11,000 11,000. SKT . SK.. 1) Analyst . 02-3771-7505. SK , 2) SK SK . , 3) . , 4) RA . 02-3771-7541. ICT .. SK (017670) Analyst 02-3771-7505. 1. SK . SK . ( )SK ( ). SKT( ) SK SK SK SK . : . 2. SKT . 1 . 2 . 3 ICT M&A . 4 / . 5 SK CEO . : . 3. SKT . 1 SK . 2 SK SK . 3 , . 4 ICT . : . 2. SK (017670) Analyst 02-3771-7505. SKT . SK . , 1) SKT .. SKT 5 SK .. SK .. SK . 2) SKT .. 3) / ICT M&A .. 4. SKT PER 5. SK . ( ). SK . ( ) 25. PER Band 450,000. 400,000. 20. 350,000. 300,000. 250,000. 15. 200,000. 150,000 10. 100,000. 50,000. 5. 0. 0.. : Wisefn, : , . 29 , 5G SKT 100% 25% . 34 .. SK SK / .. SKT . 12 . SK SK 13 3 .. SK 3/22 , SK . /IT/ 28 20%.

3 29 . 5G 34 .. Multiple 10 14~15 .. LTE SKT Multiple 5G 3G/4G . Multiple . 3. SK (017670) Analyst 02-3771-7505.. ( : ) ( : ). 2015 2016 2017 2018F 2019F 2015 2016 2017 2018F 2019F. 17, 17, 17, 17, 17, 5, 5, 5, 7, 9, 1, 2, 1, 3, 5, 17, 17, 17, 17, 17, 1, 2, 4, 15, 15, 15, 15, 15, 3, 3, 3, 3, 3, 1, 1, 1, 1, 1, ( ) ( ) ( ) ( ) / 2, 2, 2, 23, 25, 25, 26, 26, ( ) ( ) ( ) ( ) ( ) 8, 8, 9, 9, 9, 2, 2, 3, 3, 3, 1, 1, 10, 10, 9, 9, 10, 1, 1, 2, 3, 3, 4, 5, 5, 5, 5, ( ) 1, 1, 2, 3, 3, 28, 31, 31, 33, 36, ( ) ( ) 5, 6, 6, 6, 6, 1, 1, 2, 3, 2, 1, 1, 2, 2, 2, 1, 1, 2, 3, 3, 3, 4, 3, 3, 3, NOPAT 1, 1, 1, 1, 1, EBITDA 4, 4, 4, 4, 4, 7, 8, 7, 7, 7, (%) 6, 6, 5, 5, 5, ( ) ( ) ( ) 1, 2, 1, 1, 1, NOPAT ( ) ( ) ( ) 13, 15, 13, 13, 13, EBITDA ( ) ( ) 15, 15, 17, 20, 22, ( ) ( ) ( ) ( ) ( ) 2, 2, 2, 2, 2, EPS ( ) ( ) (2, ) (2, ) (2, ) (2, ) (2, ).

4 (%) ( ) ( ) ( ) ( ). 15, 15, 17, 20, 22, EBITDA 15, 16, 18, 20, 22, 6, 5, 6, 4, 2, ( : ). 2015 2016 2017 2018F 2019F 2015 2016 2017 2018F 2019F. ( ) 3, 4, 2, 6, 6, EPS 18,807 20,756 32,198 37,775 37,107 1, 1, 2, 3, 3, BPS 216,875 225,796 249,093 278,123 305,611 2, 2, 1, 3, 3, CFPS 59,025 58,203 67,919 92,608 93,147 2, 3, 3, 3, 3, EBITDAPS 58,226 57,022 59,247 61,583 61,857 ( ) ( ) SPS 212,231 211,675 216,978 211,850 214,175 ( ) ( ) (1, ) DPS 10,000 10,000 10,000 11,000 11,000 ( ). ( ) ( ) (1, ) ( ) ( ). PER (2, ) (2, ) (2, ) (3, ) (3, ). PBR ( ) ( ) ( ) (1, ) ( ). PCFR ( ) (2, ) (2, ) (2, ) (3, ) (3, ). EV/EBITDA 1, ( ) ( ). PSR ( ) (1, ) ( ) ( ) ( ). (%) ( ) ( ) ROE ( ) ROA ( ) ( ) ( ) ROIC ( ) ( ) ( ) ( ) ( ). ( ) ( ) 1, 1, Unlevered CFO 4, 4, 5, 7, 7, ( ) Free Cash Flow 1, 1, 2, 2.

5 4. SK (017670) Analyst 02-3771-7505.. SK .. SK TP / . ( ). BUY 320,000. 350,000. BUY 280,000 300,000 BUY 260,000 BUY 320,000 250,000. BUY 340,000 200,000. 150,000. 100,000. 50,000. 0.. 12 .. BUY( )_ 15% Overweight( )_ 15% . Neutral( )_ -15%~15% Neutral( )_ -15%~15% . Reduce( )_ -15% Underweight( )_ -15% . BUY( ) Neutral( ) Reduce( ) . * : 2018 3 21 . Compliance Notice ( ) , . 3 . 2018 3 23 1% . ( ) 2018 3 23 . , . , .. 5.