[Edaily Reporter Kwon Oh Seok ] SKSecurities announced on the 8th that it is maintaining its “Buy” investment rating and target price of 72,000 won for KTCorporation(030200).

Choi Kwan-soon, an analyst at SKSecurities, predicted, “We expect second-quarter earnings to be 6.8 trillion won in operating revenue (down 8.5% year-over-year) and 562.2 billion won in operating profit (down 43.7%). Wireless revenue is expected to decline by 1.9% due to the implementation of a customer compensation program following a data breach.”
He added, “Operating revenue and operating profit are expected to decline as one-time real estate sales (764 billion won) recorded in the same period last year are excluded. We estimate operating profit for the second half of this year to reach 931.4 billion won (+21.7%), as we believe the financial impact of the data breach is winding down.”
He highlighted the expansion of AI data centers (AI DCs) based on actual demand. Previously, on the 6th, KTCorporation announced its transformation into an “AX Platform Company.” Analyst Choi noted, “The key is to secure an additional 1 GW of AI DC capacity and 90 Tbps of undersea cable capacity by 2031 to build out AX infrastructure.” He analyzed, “The company plans to invest 6 trillion won toward this goal. By utilizing master lease arrangements, the financial burden will be manageable, and since this is a demand-driven investment plan involving collaboration with Microsoft, it offers high revenue visibility.”
He projected a second-quarter dividend of 600 won per share and an annual dividend of 2,400 won (market dividend yield of 4.3%). He added, “Considering this year’s 250 billion won share buyback, a 6.1% shareholder return is expected,” and noted, “Given the anticipated significant improvement in earnings starting in the second half of the year following the data breach incident, I believe this represents a stable alternative in a highly volatile market.”