With a market share of more than 40%, SK Telecom is the biggest telco in Korea. On the surface, it may look like a boring stock: Korea is a mature market, and all 3 of the listed Korean telcos have typically competed on pricing and subsidies, which have depressed their stock prices. However, SK Telecom may be at the cusp of a transformation that could help investors realize the massive amount of value that has remained hidden within the company for several years.

Unlike its local competitors who only operate in the telecommunications industry, SK Telecom has several subsidiaries that have grown meaningfully large in their respective domains. However, from an outside investor's point of view, these businesses have been very difficult to understand, artificially depressing SKT's valuation. Here's a quick overview of SKT's organizational structure.

First, SK Telecom is currently valued at roughly KRW19.7trn