SK Telecom: Better Control of Marketing Expenses & Improving Economies of Scale for 5G in 1Q 2022

Equity Bottom-Up

186 Views, 10 May 2022 19:10

EXECUTIVE SUMMARY

We continue to have a POSITIVE view on SK Telecom following its excellent 1Q 2022 earnings results which displayed solid sales growth and improved control of its marketing expenses.
The company's sales of 4.3 trillion won was in line with the consensus estimate and its operating profit of 432 billion won was 8.5% higher than the consensus estimate.
Despite concerns about SK Telecom getting deleted from MSCI Korea Index, foreigners have been increasing their stake in the company due to its attractive fundamentals amid macro uncertainties.

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