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    A017670   KR7017670001

SK TELECOM CO.,LTD

(A017670)
  Report
End-of-day quote. End-of-day quote Korea Stock Exchange - 09/23
310000 KRW   +2.99%
09/20SK TELECOM : KT to Invest $150 Million in Media Business KT Studio Genie
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09/16SK TELECOM : Decision on Record Date for Quarterly Dividends (Form 6-K)
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09/14SK TELECOM : Spin-off Plan (Form 6-K)
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Uber joins forces with SK Telecom to crack tough S.Korea market

10/15/2020 | 07:24pm EDT

* Uber to invest more than $150 mln in JV, direct investment

* Uber forced to stop private car ride-hailing in S.Korea in 2015

* Local player Kakao dominates S.Korea taxi-hailing market

* JV with SK Telecom's mobility biz to launch co-branded platform

SEOUL, Oct 16 (Reuters) - Uber Technologies said on Friday it will invest over $150 million in a joint venture and partnership with South Korea's SK Telecom Co Ltd, which is proposing to split off its mobility business.

The move is Uber's latest attempt to expand in a market where it has faced tough competition, opposition from taxi drivers and regulations which forced it to stop using private cars for its ride-hailing service in 2015.

The U.S. ride-hailing company currently offers premium taxi-hailing and registered taxi-hailing services in South Korea, a market dominated by local player Kakao's mobility unit.

The new joint venture would "create opportunities in the taxi-hailing market in Korea and explore new areas, including future mobility services," the companies said in a joint statement.

Under the plan, SK Telecom would split off its mobility services including satellite navigation and taxi-hailing into a new company called T Map Mobility, which Uber would then back with a direct investment of $50 million and another $100 million in a joint venture structure, the companies said.

Subject to regulatory approval, the joint venture is expected to begin operations in the first half of 2021, the statement said.

The joint venture would combine T Map Mobility's "network of drivers and mapping technology with Uber's ride-hailing technology and global operations expertise," it added.

It is expected to launch a co-branded platform, which riders and drivers of T Map Taxi will be encouraged to join after the launch. T Map Taxi is SK Telecom's taxi-hailing platform, the second-largest in Korea after Kakao.

Uber will own 51% of the joint venture, while SK Telecom will hold the remaining 49%.

SKT said it expected T Map Mobility, valued at about 1 trillion won ($873.3 million), to grow into a company worth 4.5 trillion won by 2025.

SK Telecom shareholders would vote on the plan at a general meeting on Nov. 26. ($1 = 1,145.0400 won) (Reporting by Joyce Lee and Hyunjoo Jin; Editing by Stephen Coates)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
KAKAO CORP. -3.77% 115000 End-of-day quote.47.63%
SK TELECOM CO.,LTD 2.99% 310000 End-of-day quote.30.25%
UBER TECHNOLOGIES, INC. 1.36% 45.48 Delayed Quote.-12.02%
All news about SK TELECOM CO.,LTD
09/20SK TELECOM : KT to Invest $150 Million in Media Business KT Studio Genie
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09/16SK TELECOM : Decision on Record Date for Quarterly Dividends (Form 6-K)
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09/14SK TELECOM : Spin-off Plan (Form 6-K)
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09/08SK TELECOM : Disney+ to Step into South Korean Video Streaming Market in November
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09/08SK TELECOM : Form 6-K)
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09/07South Korea's 'Gen MZ' leads rush into the 'metaverse'
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09/01SOUTH KOREA'S 5G NETWORK COVERAGE, S : ICT Ministry
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08/27SK Telecom Co.,Ltd Announces Resignation of Dae Sik Cho as Non-Executive Director, Effe..
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08/27SK Telecom Co.,Ltd acquired 20% stake in Korea Content Platform, LLC for KRW 30.2 billi..
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08/24SK TELECOM : SKT Expands into Sub_scription Market with ‘T Universe'
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Analyst Recommendations on SK TELECOM CO.,LTD
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Financials
Sales 2021 19 580 B 16,7 B 16,7 B
Net income 2021 2 449 B 2,08 B 2,08 B
Net Debt 2021 8 737 B 7,44 B 7,44 B
P/E ratio 2021 9,23x
Yield 2021 3,31%
Capitalization 22 060 B 18 801 M 18 773 M
EV / Sales 2021 1,57x
EV / Sales 2022 1,48x
Nbr of Employees -
Free-Float 56,6%
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Technical analysis trends SK TELECOM CO.,LTD
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Mean consensus BUY
Number of Analysts 29
Last Close Price 310 000,00 KRW
Average target price 389 482,76 KRW
Spread / Average Target 25,6%
EPS Revisions
Managers and Directors
Jung-Ho Park President, Chief Executive Officer & Director
Jin-Won Kim Head-Finance
Yong-Joo Park Head-Legal & Compliance Support
Jung-Ho Ahn Independent Director
Young-Min Yune Independent Director
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