[Edaily Reporter Kwon Oh Seok ] HEUNGKUK METALTECH CO.,LTD. announced on the 24th that it is maintaining its “Buy” investment rating on SK(034730)and raising its target price from 760,000 won to 1 million won.

Park Jong-ryeol, an analyst at Heungkuk Securities, said, “2026 will mark the first year of a full-fledged earnings turnaround, driven by strong performance at SKSQUARE and a significant increase in earnings from the addition of SK Innovation and SKTelecom,” adding, “The stock’s revaluation is expected to continue due to robust earnings momentum and expanded shareholder returns.”
He forecast that second-quarter consolidated revenue would reach 31.1 trillion won (up 3.3% year-over-year) and operating profit 3.0 trillion won (returning to profitability), marking another quarter of solid operating performance following the previous quarter. He analyzed, “This is because SKSQUARE and SK Innovation are expected to post a steady growth trend,” adding, “Most subsidiaries, including SKTelecom, SKNetworksCo.,Ltd., and SKC, will maintain a solid earnings trend. SK Eco Plant’s operating profitability is projected to improve significantly due to an increased share of its high-margin semiconductor business.”
Although the company’s earnings performance remained sluggish through last year, he believes a significant turnaround is possible this year. Analyst Park stated, “This is due to the expected sharp increase in profits at SKSQUARE, the flagship subsidiary, as well as improved earnings at SK Innovation and SKTelecom,” adding, “Most subsidiaries are also likely to see gradual improvements in their earnings. "We are revising this year’s annual consolidated revenue forecast to 131.1 trillion won (+7.0%) and operating profit to 18.1 trillion won (+1,295.1%)," he emphasized.
He also highlighted the following investment points: △the full-scale start of the earnings turnaround in 2026; △enhancement of corporate value through portfolio rebalancing; △recovery in earnings at core subsidiaries and normalization of dividends; △entry into a phase of financial structure stabilization; and △reduction of the structural discount rate through strengthened shareholder return policies.