SKSK

SK's shares have fallen sharply over the past three months, though the stock is still well above its 52-week low and the filed profit has recovered from losses in 2023 and 2024.

SK is a South Korean holding company with stakes across energy and chemicals, telecoms, materials and logistics, plus an IT services business. On trailing twelve-month figures to H1 2026 it reported ₩140.3T revenue, a 6.9% operating margin and ₩8.0T net income, but it carries high leverage with borrowings of ₩72.2T against cash of ₩23.8T. The shares closed at ₩461,500 on 2026-10-22, down 29.5% over three months but up 96.4% over one year.

What stands out

• The 2025 annual results show revenue of ₩122.7T, down 1.6%, with a thin 1.5% operating margin and net income of ₩1.6T, after net losses in 2023 and 2024.
• Trailing trading-period free cash flow is negative at about -₩0.2B, and liabilities are 107.9% of equity.
• The data gives a nav-based fair value model with a base of ₩457,451, a bear case of ₩304,967 and a bull case of ₩640,431; the shares trade close to the base case.
• Valuation is modest on the given metrics: P/E 4.2, P/B 0.9, dividend yield 1.7%, while peers such as SK Square trade at a P/E of 3.0 and P/B of 1.8.
• Over the past 20 days, institutions were net buyers of about ₩143.7B while foreign and retail investors were net sellers, and foreign ownership edged up to 30%.

What to watch

• Next filings from the 5%+ holding reports and the largest shareholder's holding changes, which are already appearing in recent filings.
• The securities registration statement and prospectus filed in early October, which relate to a securities issuance; the data does not explain the purpose or size.
• Upcoming results and the trend in debt and free cash flow, since the data shows no news headlines and no information on forward guidance.