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DB Securities Lowers Price Target for Skylife Amid Weak Q3 Outlook

Communications · Major Telecommunications · yonhap_finance · 2026-09-08

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DB Securities downgrades Skylife's price target, citing poor Q3 earnings expectations due to subscriber churn in traditional satellite services.

What Happened

Weak Earnings Outlook: DB Securities projects that Skylife's Q3 operating profit will fall to 10.1 billion KRW, a 39% decline year-on-year. This represents a 9% decrease from the previous quarter, indicating persistent earnings weakness.

Subscriber Dynamics: While internet-based TV service subscribers are increasing, the gains are being offset by the churn of existing satellite and 'GTS' bundled product users. Consequently, overall subscriber base growth remains stagnant.

Cost Pressures: Marketing expenses to acquire new subscribers are expected to continue through the end of the year, hindering profitability. The lack of new revenue drivers to stimulate top-line growth remains a significant concern.

Rating and Target Price: DB Securities has lowered its price target for Skylife from 5,300 KRW to 4,500 KRW, maintaining a 'Hold' rating. While the company offers an attractive dividend yield, the slowdown in core business growth continues to weigh on the stock.

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