SK Telecom, which suffered setbacks after a hacking incident a year ago, is rising again as a key stock market favourite. With the share price nearing 100,000 won, analysts say results from its artificial intelligence business, which it has long worked on, are starting to be reflected in earnest. A rise in the value of its stake in Anthropic, in which it invested, and expectations of expansion in its data centre business are combining to sharpen a re-rating of its corporate value.

According to the Korea Exchange, SK Telecom ended April 20 at 96,500 won. On April 15, it hit an intraday high of 100,400 won, entering the so-called "100,000-won Telecom" level for the first time since its 2021 split. As a result, its market capitalisation at one point surpassed 21 trillion won.

It is a dramatic reversal from just a year ago. On April 22 last year, SKT announced a USIM hacking incident. After USIM information for 2,300 subscribers was leaked, the company's stock fell to 50,400 won. As a contract cancellation fee waiver was implemented, more than 500,000 subscribers left SKT. Annual operating profit last year fell 41.1 percent from a year earlier to 1.0732 trillion won. From the third quarter, it even suspended dividends, with both performance and shareholder return policies taking a hit.

The mood has completely changed this year. The stock, which was 53,300 won at the start of the year, has now settled in the mid-90,000-won range, showing a clear recovery. Securities firms cite AI businesses, including its partnership with Anthropic, as the key driver of the rise.

SKT invested $100 million in Anthropic in 2023. At the time, Anthropic's corporate value was about $5 billion, and it is now valued at at least $380 billion. As a result, the value of SKT's investment stake has also surged. A-ram Kim (김아람), an analyst at Shinhan Investment Corp, explained, "It is estimated that SKT's market capitalisation currently reflects 5 to 6 trillion won of Anthropic stake value."

AI data centres are also emerging as an important growth axis. SKT subsidiary SK Broadband moved to expand infrastructure by acquiring the Pangyo Data Center from SK C&C, now SK AX, in the third quarter of last year. If the Ulsan AI data centre begins operation in 2027, a shift toward a business-to-business revenue structure is expected to begin in earnest. Analysts say stable revenue sources can be secured as the value of large data centres rises in line with growing demand for AI computing.

There are also factors for optimism in its core telecommunications business. As a shift to 5G standalone mode becomes visible, the possibility of a pricing plan overhaul is being reflected in the stock price, analysts say. SKT is conducting network tests with a goal of commercialising 5G SA within this year. Hong-sik Kim (김홍식), an analyst at Hana Securities, explained, "The recent share price rise is due to expectations for pricing plan changes following 5G SA commercialisation," adding, "In the past, telecom stocks reacted more strongly when pricing plan discussions began in earnest than to expectations of profit increases."

Still, it is expected to take some time for the telecommunications business to regain its target 40 percent market share. According to the Ministry of Science and ICT's subscription status for wired and wireless telecommunications services and wireless data traffic statistics, SKT's wireless market share stood at 39.1 percent as of February this year. Based on total subscribers of 57.45 million, a 1 percent share corresponds to about 574,500 people. Even a simple calculation suggests that if it puts in subsidies of 100,000 won each, expanding share by 1 percent would require costs close to 60 billion won.

Within the company, views are also observed that it will take time to regain a 40 percent share. Jae-heon Jung (정재헌), chief executive of SK Telecom, met with reporters after last month's shareholders meeting and said, "We expect the steadily declining trend to shift to an increasing trend," but added, "It is difficult to present specific target figures definitively."

Yuanta Securities said on April 20 that SKT is expected to post first-quarter results in line with market expectations this year, and raised its target price to 118,000 won from 100,000 won.