[Edaily Reporter Kim Yoon-jung] KB Securities assessed that #SK Telecom’s strength lies in its simultaneous ownership of both an artificial intelligence (AI) data center and a Graphics Processing Unit as a Service (GPUaaS) business. The firm maintained its “Buy” rating and raised the target price from 130,000 won to 150,000 won.

On the 11th, Kim Jun-seop, an analyst at KB Securities, stated, “We raised the target price to reflect the long-term profit growth potential of the GPUaaS business, in addition to the established value of the AI data center business.”
He assessed, “The full-scale growth of SK Broadband’s data center business and the improvement in profitability resulting from the application of AI to its core business processes remain valid investment points.”
Analyst Kim noted that SK Telecom has secured an additional growth driver in its AI infrastructure business through GPUaaS. He explained, “While SK Telecom is set to fully launch its GPUaaS business starting in 2024, the company announced a partnership to build and operate a GW-scale AI factory (GPUaaS) during NVIDIA CEO Jensen Huang’s visit to South Korea.”
He continued, “If we apply the 1GW-scale AI factory vision announced by NAVER yesterday, we can expect the business model to expand to generate 20 trillion won in revenue and 4 trillion won in operating profit,” adding, “Since securing long-term customers is crucial for the GPUaaS business, the fact that rapid business stabilization is possible based on initial internal demand from group companies is also a strength.”
He also noted that the AI data center business warrants attention. Analyst Kim explained, “Even considering the uncertainties of the GPUaaS business, the AI data center business, which will begin full-scale operations in 2027, will help mitigate risks,” adding, “SK Telecom is among the fastest-moving data center operators and has already secured confirmed tenants.”
He stated, “The data center business typically involves long-term contracts that include price escalation clauses, limiting risk,” and added, “The AI data center business is scheduled to open sequentially, starting with the first phase of 40MW in Ulsan in the second half of 2027, followed by the second phase of 63MW in Ulsan and 100MW in Guro in 2029.”
He further assessed, “If a price premium is applied compared to general data centers, the AI data center business alone is structured to expand operating profit by approximately 800 billion won by 2031,” adding, “The fact that we hold another option for high growth in the AI infrastructure business, even excluding the GPUaaS business, is a strong investment point.”