SK Telecom Secures 3 Trillion Won in Capital via AI Data Center Spin-off... "Refining Margins in Super Boom" S-Oil, Target Price Raised [Stocktopia]

The photo shows the SK Telecom headquarters in Jung-gu, Seoul. /Photo = News1 [Financial News] Here is a summary of reports from major securities firms for the morning of August 28.
Analysts suggest that SK Telecom is expected to see an increase in mid-to-long-term corporate value as it establishes a specialized AI data center entity through the spin-off of SK Broadband and attracts external investment in the 3 trillion won range. S-Oil received an evaluation that its performance improvement will begin in earnest in the second half of the year, driven by a super-boom in refining margins that have surpassed those of U.
S. oil companies, compounded by the effect of falling Saudi crude oil sales prices.
The photo shows the SK Telecom headquarters in Jung-gu, Seoul. /Photo = News1 [Financial News] Here is a summary of reports from major securities firms for the morning of August 28.The photo shows the SK Telecom headquarters in Jung-gu, Seoul. /Photo = News1 [Financial News] Here is a summary of reports from major securities firms for the morning of August 28.08 trillion won from a consortium of private equity firms KKR and IMM. Following the completion of the transaction, the ownership structure will be reorganized into SK Telecom (51%), KKR (29%), and the IMM consortium (20%).Analyst Choi Min-ha explained, "The key point is that SK Telecom maintains control through a majority stake while securing a large-scale cash inflow via the sale of existing shares, and simultaneously achieves the effect of diversifying the financing necessary for large-scale infrastructure investments through external capital. " She added, "The expansion of the AIDC project across the country is expected to drive an increase in mid-to-long-term corporate value by fully highlighting the value of the AI ​​infrastructure business, a new growth engine, in the market.
" This implies a structure where the burden of the multi-trillion won investment is shared with external parties while the company retains both management rights and cash. The analysis suggests that execution capabilities are being enhanced through a two-track system in which SK Telecom oversees the group's AI strategy, SK Horizon manages the operation and expansion of existing infrastructure, and SK Hyper handles next-generation mega-projects.
※ Spin-off This is a method of corporate division in which a company is split into a surviving company and a newly established company, with existing shareholders retaining shares in the two companies in their original proportions. In this case, SK Broadband remains as the surviving entity responsible for wired and media services, while SK Horizon is newly established to handle AI data centers.
1%, from 175,000 won) | Previous Day's Closing Price: 136,700 won Yuanta Securities raised its target price for S-Oil to 205,000 won, stating that earnings improvement will begin in earnest in the second half of the year due to strong refining margins and the effect of the decline in Saudi Arabia's Official Selling Price (OSP).
The upside potential from the previous day's closing price reaches 50%.
Researcher Hwang Kyu-won assessed, "We must pay attention to refining margins that have surpassed those of the U.
S.and the effects of further declines in OSP," adding, "With industry conditions much stronger than expected, the company is settling into a virtuous cycle of rising shareholder value." Analysis suggests that as supply disruptions amounting to 12–14% of global demand for refined products persist due to factors such as attacks on Russian refineries, S-Oil's complex refining margins for the second and third quarters exceeded $41 per barrel, surpassing even Valero, a leading U.
The photo shows the SK Telecom headquarters in Jung-gu, Seoul. /Photo = News1 [Financial News] Here is a summary of reports from major securities firms for the morning of August 28.The photo shows the SK Telecom headquarters in Jung-gu, Seoul. /Photo = News1 [Financial News] Here is a summary of reports from major securities firms for the morning of August 28.refiner.Furthermore, the effect of purchasing crude oil at lower prices is added as Saudi OSPs fall starting in September, and the Shaheen petrochemical project, completed in June of this year, is expected to enter mass production in 2027, serving as a new growth engine.
Expansion of shareholder returns was also anticipated, involving the reduction of debt and increased dividends using growing surplus cash.
※ Spin-off This is a method of corporate division in which a company is split into a surviving company and a newly established company, with existing shareholders retaining shares in the two companies in their original proportions. In this case, SK Broadband remains as the surviving entity responsible for wired and media services, while SK Horizon is newly established to handle AI data centers.
※ Refining Margin This is the profit remaining when an oil refinery purchases crude oil, processes it into gasoline, diesel, aviation fuel, etc.
, and sells it.
The wider the margin, the better the profitability of the oil refinery.※ Official Selling Price (OSP) This is the price determined and announced monthly by oil-producing countries, such as Saudi Arabia, as the amount they will receive in addition to the international oil price benchmark when selling their domestic crude oil.When the OSP falls, oil refiners purchase crude oil, their raw material, at a lower price, thereby increasing their profits.9% from 34,000 won) | Previous day's closing price: 21,000 won NH Investment & Securities lowered its target price for Samsung Heavy Industries to 32,000 won, stating that it has become difficult to maintain high growth potential relying solely on the existing shipbuilding business due to limited upside potential for LNG carriers, its main vessel type.The assessment is that the shipbuilding industry has entered the initial stage of transitioning from a growth stock to a value stock.
The photo shows the SK Telecom headquarters in Jung-gu, Seoul. /Photo = News1 [Financial News] Here is a summary of reports from major securities firms for the morning of August 28.The photo shows the SK Telecom headquarters in Jung-gu, Seoul. /Photo = News1 [Financial News] Here is a summary of reports from major securities firms for the morning of August 28.Researcher Jung Yeon-seung analyzed, "If the design, construction, and actual operation of the initial product are successfully verified, there is sufficient potential for follow-up orders," adding, "If Floating Data Centers are standardized as modular products leading to repeat orders, high profitability can be secured." This means that once the first product is verified, profits can be accumulated by repeatedly constructing units with the same design, much like a ship.
Samsung Heavy Industries is currently conducting detailed designs for two 50MW-class Floating Data Centers for Mousterian's "Project Zeus" in the U.
※ Spin-off This is a method of corporate division in which a company is split into a surviving company and a newly established company, with existing shareholders retaining shares in the two companies in their original proportions. In this case, SK Broadband remains as the surviving entity responsible for wired and media services, while SK Horizon is newly established to handle AI data centers.
S.
, and entered the actual business phase after signing an engineering contract on the 3rd.
NH Investment & Securities believes there is a high probability that a formal contract will be signed within this year, considering the target of operation in the first half of 2028.※ Floating Data Center (FDC) It is a facility where a data center is built on a large, ship-shaped structure rather than on land and floated on the sea.Characterized by the ability to build data centers at shipyards and move them to desired locations, where securing land and power grids is becoming increasingly difficult, Samsung Heavy Industries received classification society certification for a 50MW-class design in April of this year.
The photo shows the SK Telecom headquarters in Jung-gu, Seoul. /Photo = News1 [Financial News] Here is a summary of reports from major securities firms for the morning of August 28.The photo shows the SK Telecom headquarters in Jung-gu, Seoul. /Photo = News1 [Financial News] Here is a summary of reports from major securities firms for the morning of August 28.
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