[Highlight] Has the US-Iran War Peaked? | Dr. So Hyeon-cheol & Executive Director Park Se-ik & Chesley Head of Learning [Byeoljubujeon / 26.07.25.Sat]

Summary

Executive Director Park Se-ik presents a deep dive into SK Group's 15 GW AI data center megaproject, drawing parallels with Google's full-stack AI monetization to argue for a major re-rating of SK Telecom as the prime listed vehicle. Dr. So Hyeon-cheol adds a technical layer, highlighting ESS battery demand as a turnaround catalyst for SK Innovation and recommending the neglected construction sector as a data center build-out play. Naver is contrasted as financially constrained for hyperscale data centers, warranting avoidance.

• Park Se-ik outlines SK Group's 15 GW AI data center plan across Ulsan, Yongin, Suncheon, aiming to become a global AI infrastructure hub.
• He maps Google's cloud/AI profit cycle onto SK's vertical integration (HBM, cooling, fuel cells, telecom cloud) as a monetization strategy.
• SK Telecom is identified as the central listed proxy, with valuation scenarios projecting 35% to 100% upside and a 200,000 won target.
• Dr. So argues that AI data center ESS battery demand could revive struggling SK On, providing a turnaround catalyst for SK Innovation.
• He suggests the Korean construction sector as a simpler, depressed beneficiary of the inevitable data center construction spending.
• Naver is viewed as lacking the financial capacity and scale strategy for mega AI data centers, limiting its upside in this theme.
• Technical caution on SOFC fuel cells and liquid cooling does not derail the core investment thesis.