External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>For 4Q25, we expect SK Telecom (SKT) to report consolidated revenue of W4.3tr (+8.2% QoQ, -4.6% YoY) and operating profit of W105.5bn (+118% QoQ, -59% YoY), missing the consensus estimates by 0.2% and 41%, respectively.</li><li>The number of 5G subscribers likely increased by roughly 250,000 during the quarter, with ARPU rising approximately 3.1% QoQ.</li><li>That said, the company likely incurred oneoff labor expenses related to restructuring.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 4Q25, we expect SK Telecom (SKT) to report consolidated revenue of W4.3tr (+8.2% QoQ, -4.6% YoY) and operating profit of W105.5bn (+118% QoQ, -59% YoY), missing the consensus estimates by 0.2% and 41%, respectively.The number of 5G subscribers likely increased by roughly 250,000 during the quarter, with ARPU rising approximately 3.1% QoQ.That said, the company likely incurred oneoff labor expenses related to restructuring.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Telecom (017670 KS/Buy)Structural Changes to Begin Driving Profitability Improvement

Thematic (Sector/Industry)

<ul><li>MWC 2026- The official theme of MWC 2026 was “The IQ Era,” highlighting the convergence of AI with connectivity and the role of intelligence in driving digital transformation</li><li>The conference emphasized the transition toward AI-centric ecosystems across networks, enterprises, and broader society</li><li>- The telecom services industry has built core infrastructure around 5G and AI</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MWC 2026- The official theme of MWC 2026 was “The IQ Era,” highlighting the convergence of AI with connectivity and the role of intelligence in driving digital transformationThe conference emphasized the transition toward AI-centric ecosystems across networks, enterprises, and broader society- The telecom services industry has built core infrastructure around 5G and AIContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Takeaways from MWC 2026AI driving structural transformation of telecom

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>4Q24 revenue W4.5tn (-0% YoY) with OP of W250bn (-15% YoY); 2024 OP W1.8tn (+4% YoY)</li><li>Balanced growth in both wireless and wireline, with easing marketing and depreciation cost burdens; 2025E OP W2.1tn (+16%)</li><li>OP CAGR 11% for 2020–2024, 11% for 2025–2028E</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4Q24 revenue W4.5tn (-0% YoY) with OP of W250bn (-15% YoY); 2024 OP W1.8tn (+4% YoY)Balanced growth in both wireless and wireline, with easing marketing and depreciation cost burdens; 2025E OP W2.1tn (+16%)OP CAGR 11% for 2020–2024, 11% for 2025–2028EContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Telecom (017670 KS) - SKT and SKB in Sync

South Korea

SK Telecom Co., Ltd. is a Korean mobile and telecommunications operator. The Company provides cellular voice, wireless data, and wireless internet services. SK Telecom also offers fixed line services and platform services.

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SK Telecom (017670 KS)