SK Telecom shares surged to a record high Tuesday, lifted by a stronger-than-expected market response to a local brokerage’s bullish forecast.
The stock climbed as much as 15.86 percent to 71,600 won ($49.45) in late trading, marking a new intraday high. It ended trading at 69,400 won, up 12.30 perecent from the previous session.
The rally came after Hana Securities sharply raised its target price for the telecom operator, from 55,000 won to 80,000 won. The brokerage cited improved visibility in earnings and a higher likelihood of dividends returning to normal levels earlier than expected.
Kim Hong-sik, an analyst at Hana Securities, said concerns over a recent hacking incident appeared to be easing. He added that the company’s weak fourth-quarter performance and uncertainty surrounding dividends had likely already been priced in.
SK Telecom, which had seen its share price falter in the wake of last year’s hacking incident, is now drawing renewed attention amid speculation over its potential involvement in a state-led AI foundation model project and expectations of windfall gains from its stake sale in US-based Anthropic.
yeeun@heraldcorp.com
