SK Inc. (034730.KS) Q1 OP Jumps 760%; NH Lifts Target 61% on NAV

2026년 5월 18일

작성자 MinJeKim6 조회

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SK Inc. (034730.KS) Q1 OP Jumps 760%; NH Lifts Target 61% on NAV

What happened

SK Inc. (034730.KS), the holding company of South Korea's second-largest conglomerate SK Group, reported first-quarter 2026 consolidated revenue of ₩36.7513 trillion ($26.8 billion) and operating profit of ₩3.6731 trillion ($2.68 billion), up 19% and 760% year-on-year respectively, according to a company disclosure cited by Chosun Biz and confirmed in English by Seoul Economic Daily. Net debt fell 21% to ₩49.5543 trillion ($36.2 billion) from ₩63.0231 trillion ($46.0 billion) a year earlier, and the consolidated debt-to-equity ratio dropped to 135.7% from 172.8%.

Hours after the disclosure, NH Investment & Securities, one of Korea's top-five brokerages, raised its 12-month target price on SK Inc. to ₩750,000 ($547) from ₩465,000 ($339) — a 61% hike — while maintaining a Buy rating, per the NH research note relayed by Chosun Biz. SK Inc. closed the prior session at ₩503,000 ($367).

How much of the 760% is real?

The question for any holdco watcher: is a ninefold operating-profit jump a sustainable rerating signal or a cyclical print that fades with the memory cycle? The Chosun Biz report and NH's note point to two distinct drivers.

First, the semiconductor pull-through. SK hynix (000660.KS), in which SK Inc. holds a controlling stake via SK Square (402340.KS), reported a 72% Q1 operating margin and doubled quarter-on-quarter profit, Digitimes reported on April 23. NH analyst Lee Seung-young attributes the ₩285,000 target-price increase primarily to "a rise in the value of investment assets, including SK Square," noting that SK Square now accounts for roughly 54% of SK Inc.'s net asset value, up from prior levels.

Second, the rebalancing tail. Per a Korea Investors Service report cited by Chosun Biz, SK Group has executed roughly ₩13 trillion ($9.5 billion) of asset-efficiency moves over the past two years. The marquee transaction — Hahn & Company's purchase of an 85% stake in SK Specialty for ₩2.6308 trillion ($1.92 billion) — closed on April 1, 2025, per The Korea Herald. SK Inc. also divested a 14% stake in SK Biopharm for ₩1.25 trillion ($912 million). The group's affiliate count has fallen to 151 as of May 2026 from 219 in 2024.

The discount-narrowing math

NH's valuation logic is explicit: the brokerage holds its target NAV discount at 45% while SK Inc. currently trades at a 62.8% discount to NAV, per the Chosun Biz summary of the NH note. The 17.8-percentage-point gap between current and target discount is mathematically where the 61% target-price hike comes from, once the higher SK Square mark is layered in.

That framework puts pressure on two upcoming catalysts. SK Inc. resolved in March 2026 to cancel treasury shares equal to roughly 20% of total issued stock — a record cancellation for a Korean holding company, Seoul Economic Daily reported on March 10. The cancellation is scheduled for January 4, 2027, per SK Inc.'s board resolution disclosure as reported by KED Global. Successful execution mechanically tightens the float and supports the discount-narrowing thesis.

What's still on the block — and what isn't

NH identifies SK Siltron, the group's silicon-wafer arm, and Wason, a China-based copper-foil producer, as the next asset disposals that could complete the financial-structure cleanup within 2026. SK Group has been in reported talks with Hahn & Co. on SK Siltron since April 2025, though no transaction has been announced as of this writing.

On the risk side, NH flags the persistent underperformance of battery affiliate SK On as the principal drag on the holdco's earnings consolidation. The Chosun Biz rebalancing piece characterizes SK On as still working toward a swing into the black through yield stabilization and cost restructuring, with no timeline disclosed.

Historical comparison

Korean holdco discounts have a long memory. Samsung C&T (028260.KS) traded at a 50%-plus NAV discount for most of the 2017–2022 window before governance reforms and treasury cancellations narrowed it. SK Inc.'s prior treasury-share program in 2024 did not move the discount materially because asset rebalancing was still in flight and the semiconductor cycle was bottoming. The current set-up — semi cycle turning, ₩13 trillion of disposals largely behind, record cancellation scheduled — is the first time in this rebalancing cycle that those three vectors line up at once.

What to watch

The single data point that will confirm or refute NH's thesis is the announcement (or lack of one) of an SK Siltron sale before year-end 2026. Closure on Siltron would substantially complete the financial-structure phase of the rebalancing and shift the narrative to capital redeployment into AI and next-generation energy — the use-of-proceeds NH explicitly forecasts. Absent that, the 62.8% NAV discount may prove sticky, regardless of where SK hynix's margin prints.

This article is for informational purposes only and does not constitute investment advice. Figures are drawn from cited primary disclosures and reporting; readers should consult original filings for full context. Foreign-exchange conversions use an approximate rate of ₩1,370 per US dollar.