SK Telecom Seen Improving Earnings by Attracting KT Subscribers; Target Price for HD Hyundai Electric Raised to 1.22 Million Won, Called a "Stock Too Good to Miss"

[Financial News] On the morning of April 13, here is a summary of key analyst reports from major securities firms.
SK Telecom is expected to quickly regain market share thanks to inflows of subscribers leaving competitors, which should drive an improvement in this year’s earnings. Samsung SDI Co., Ltd. (Samsung SDI) is projected to return to quarterly profitability as demand for Energy Storage Systems (ESS) and Battery Backup Units (BBU) rises with the spread of artificial-intelligence (AI) data centers and as Europe accelerates its shift to electric vehicles. HD Hyundai Electric Co., Ltd. (HD Hyundai Electric) is also expected to continue its earnings growth this year, supported by capacity expansions at plants at home and abroad and an increase in high-margin sales in North America.
◆SK Telecom (017670)― Meritz Securities / Analyst Jisoo Jeong
- Target price: 98,000 won (raised from 75,000 won) | Previous close: 93,000 won
- Investment rating: Buy (maintained)
Meritz Securities sharply raised its target price for SK Telecom, noting that the company has restored market share without excessive marketing spending as more than half of the KT Corporation (KT) subscribers who left during KT’s penalty-free cancellation period have switched to SK Telecom. Analyst Jisoo Jeong expects SK Telecom’s operating profit to surge 70.4% this year, but also pointed out that share-price volatility could increase depending on market reaction to Anthropic PBC’s latest AI model, "Claude Mythos," in which SK Telecom holds a stake.
◆Samsung SDI (006400)― Hyundai Motor Securities Co., Ltd. / Analyst Kang Dong-jin
- Target price: 600,000 won (raised from 530,000 won) | Previous close: 482,000 won
- Investment rating: Buy (maintained)
Hyundai Motor Securities believes Samsung SDI’s earnings will gradually recover quarter by quarter, as prolonged high oil prices enhance the competitiveness of electric vehicles in Europe and the spread of AI data centers boosts demand for ESS and BBUs. Analyst Kang Dong-jin noted that the company is likely to remain in the red in the first quarter, but the loss has narrowed thanks to favorable exchange rates and resilient performance in its mid-to-large battery business. He added that battery supply for the Hyundai Ioniq 3 and Kia EV2 bound for Europe, along with a recovery in utilization at the Hungary plant, should start to be fully reflected from the second half.※ ESS (Energy Storage System)An ESS is a large-scale battery system that stores electricity and releases it when needed. It acts as a buffer when power demand suddenly spikes or supply becomes unstable, and has recently become essential infrastructure for facilities such as AI data centers, where power consumption fluctuates sharply.※ BBU (Battery Backup Unit)A BBU protects servers when power supply is suddenly cut by providing backup power, and it helps absorb load when electricity usage surges, thereby reducing stress on the power grid. As AI servers are deployed at a rapid pace, demand for BBUs is rising alongside ESS, making them an emerging growth driver for battery manufacturers.
◆HD Hyundai Electric (267260)― Daishin Securities Co., Ltd. / Analyst Heo Min-ho
- Target price: 1.22 million won (raised from 1.1 million won) | Previous close: 999,000 won
- Investment rating: Buy (maintained)
Daishin Securities raised its target price for HD Hyundai Electric to 1.22 million won from 1.1 million won, reflecting projected earnings out to 2029 in light of the company’s order lead times, which now exceed three years. Analyst Heo Min-ho expects the capacity expansions at its plants in Cheongju, Ulsan Metropolitan City, and Alabama to have a bigger impact than initially anticipated. He also forecast that the share of high-margin sales in North America will climb rapidly to 47% this year and 54% next year, supporting a continued improvement in profitability.

sms@fnnews.com Seong Min-seo Reporter