SK Telecom (017670)

[Business Overview] SK Telecom is Korea's #1 mobile carrier (>40% subscriber share) plus a growing AI/data-center/cloud business. The company has pivoted aggressively toward AI services (A. — AI assistant, partnership with Anthropic, Personal AI Agents) and operates one of Korea's largest data-center footprints. SK Telecom also has a meaningful broadband and IPTV business and stakes in SK Hynix-related infrastructure. [Core Competitiveness] SKT's edge comes from #1 wireless market share (premium pricing power), the Korean AI-services first-mover position with the most aggressive consumer-facing AI assistant strategy, and growing data-center / GPU-as-a-service revenue tied to the AI infrastructure boom. [Earnings Analysis] 2024–2025 wireless ARPU stabilized and the AI/data-center segment scaled meaningfully, contributing to gross margin uplift. Capital intensity declined post-5G CapEx peak, supporting free-cash-flow growth. [Financial Health] Strong cash flow generation funds shareholder returns; SKT has been a high-yield Korean dividend story for years and announced buybacks under the Value-up program. [Outlook] AI-services monetization (subscription, enterprise), data-center capacity ramp, and any divestiture of non-core assets are the swing factors. Risks include regulatory rate cuts on mobile tariffs and AI investment spend exceeding monetization pace.