SK Telecom: Operating Profit Beat Expectations With Catalysts Intact

I stick with a 'Buy' rating for SK Telecom following my assessment of its financial performance and re-rating triggers. SKM's 1Q2026 operating profit represented a 4.7% beat over consensus. This is attributable to up-selling, portfolio reshaping, and AI-driven growth in data center operations. SKM is getting closer to realizing the full-year dividend restoration and Anthropic stake monetization catalysts in my view.