SK SquareSK스퀘어

SK Square's reported earnings have surged on the back of its semiconductor-linked holdings, but the share price has fallen sharply over the past month and three months.

SK Square is a Korean holding company whose value depends largely on its stake in SK Hynix, alongside subsidiaries such as 11st, SK Planet, One Store and T map Mobility. Trailing twelve-month operating income of ₩33.3T and net income of ₩32.8T are far above 2025 levels, and the stock trades at about 3.1x earnings and 1.9x book value. The share price is ₩769,000, down 35.4% over one month and 29.8% over three months, though still up 183.8% over one year.

What stands out

• Trailing twelve-month revenue is ₩1.2T against operating income of ₩33.3T, so reported profit is driven mainly by investment gains rather than sales from the operating businesses.
• Full-year 2025 net income was ₩8.8T, and the trailing figure to H1 2026 is ₩32.8T, showing a sharp rise in recent earnings.
• The company's internal fair value model gives a base of ₩851,599, a bear case of ₩567,733 and a bull case of ₩1,192,238, all using a 40% discount rate; these are model outputs, not forecasts.
• Balance sheet is light on borrowings: liabilities are 6.6% of equity, cash is ₩1.3T and borrowings are ₩4.3B.
• Recent filings include share buyback and share cancellation decisions, a treasury share sale decision, and a derivatives trading loss at a subsidiary disclosed on 2026-08-14.
• Foreign investors were net sellers of about ₩834B over the last 20 trading days, while retail investors were net buyers of about ₩523B; foreign ownership rose slightly to 46.2%.

What to watch

• Whether the share price tracks SK Hynix, since news coverage ties recent moves closely to the semiconductor stake and shareholder return changes at SK Hynix.
• The effect of the buyback and share cancellation program and the amended cancellation filing dated 2026-10-26; the data does not state the size of the programme.
• Follow-up on the derivatives trading loss at a subsidiary and any further disclosures on the planned facility investments; the data does not give the financial impact.