Context This is a follow-up to AI data-center capex and Korea’s bottlenecks, VinaTech and Bloom Energy, GNC Energy and AI data-center backup power, construction and EPC rerating and H1 2026 AI infrastructure review.
TL;DR
After SK Group’s AI data-center investment announcement, the market did not treat every SK affiliate as a clean winner. It looked for the names that are closest to the actual power bottleneck. On that basis, SK Gas is the more direct second-line AI data-center power candidate than SK Oceanplant.
| View | Summary |
|---|---|
| SK Gas | Directly linked to Ulsan GPS, a 1.2GW LNG/LPG combined-cycle power plant, the KET LNG terminal, fuel trading capability and SK Group’s Ulsan AI data-center power structure. |
| SK Oceanplant | Not a direct power supplier to AI data centers. It is an offshore-wind foundation manufacturer, and works better as a second-line candidate if the power-shortage theme broadens into renewables and offshore-wind infrastructure. |
| Current priority | SK Gas > SK Oceanplant. SK Gas has valuation and asset-revaluation support. SK Oceanplant has early flow-turn signals, but the chart and earnings visibility are still weaker. |
0. Basis
| Item | Detail |
|---|---|
| Companies | SK Gas, SK Oceanplant |
| Topic | Second-line power candidates after SK Group’s AI data-center plan |
| Price, consensus and flow basis | July 3, 2026 close and recent flow snapshot |
| Public-source check | July 4, 2026 KST |
| Key public events | SK Group AI data-center plan, Ulsan AI data-center project, SK Gas sale of 49% of Ulsan GPS, SK Oceanplant’s Taiwan offshore-wind foundation delivery |
| Conclusion | SK Gas first, SK Oceanplant conditional watchlist |
This is not a claim that either company has a confirmed AI data-center power contract. The point is to rank exposure, valuation and flow quality.
1. What The Market Selected After SK Group’s Announcement
SK Group’s June 29, 2026 announcement framed AI infrastructure as a full-stack system that combines semiconductors, data centers, power and telecom. Local reporting said SK is already working with AWS on an Ulsan AI data center, combining SK Telecom, SK Broadband and SK Gas capabilities, and plans to expand similar models toward 15GW of AI data centers.1
Al Jazeera also reported South Korea’s broader chip and AI data-center investment drive. The reported plan includes large-scale data-center investment involving SK Group, GS Group and Naver, and mentions a 10GW additional AI data-center target by 2035.2
But stock-market reaction was selective.
| Item | Jun 30-Jul 3 return | Interpretation |
|---|---|---|
| KOSPI | -3.6% | Broad market correction |
| SK Inc. | -12.1% | Holding-company and funding discount |
| SK Hynix | -7.7% | Crowded memory leader pulled back |
| SK Telecom | -4.2% | AI data-center opportunity offset by cost concerns |
| SK Square | -3.1% | NAV discount partly cushioned the move |
| SK Gas | +2.6% | Power and gas infrastructure directness stood out |
| SK REITs | +3.6% | Infrastructure and asset-value defense |
The signal is not the absolute gain, but the dispersion. The market did not simply buy the SK Group label. It preferred the affiliates tied to power, land, infrastructure and asset value.
2. Core Comparison
| Item | SK Gas | SK Oceanplant |
|---|---|---|
| Price | KRW 218,500 | KRW 15,320 |
| Jun 30-Jul 3 return | +2.6% | -0.8% |
| 1-week return | +7.6% | +6.5% |
| 1-month return | -2.0% | -5.4% |
| 2-month return | -24.4% | -37.6% |
| 2026F PER | 3.9x | 21.6x |
| 2026F PBR | 0.52x | 1.15x |
| 2026F ROE | 15.3% | 5.4% |
| Consensus target price | KRW 367,000 | KRW 26,167 |
| Target-price upside | +68.0% | +70.8% |
| AI data-center directness | High | Low to medium |
| Investment character | Power and gas infrastructure plus undervaluation | Offshore-wind infrastructure plus turnaround option |
The target-price upside looks similar. That is not enough. The better question is whether the company is close to the bottleneck, whether valuation is already stretched, and whether flow is turning from a damaged chart into real accumulation.
On those tests, SK Gas is ahead.
3. SK Gas: The More Direct Power Candidate
SK Gas has a clearer link to SK Group’s AI data-center power structure. The Ulsan project reportedly combines SK Telecom, SK Broadband and SK Gas capabilities.1 That makes SK Gas more than a generic group affiliate.
The relevant assets are straightforward.
| Asset or capability | Investor meaning |
|---|---|
| Ulsan GPS | 1.2GW LNG/LPG dual-fuel combined-cycle power plant, the closest physical power asset in this comparison. |
| KET LNG terminal | LNG procurement, storage and supply infrastructure. |
| LPG/LNG trading | Fuel procurement and pricing capability that can affect generation economics. |
SK Gas describes its LNG and power business on its official site.3 The Fact reported that Ulsan GPS started commercial operation in December 2024 as a 1.2GW LNG/LPG dual-fuel combined-cycle power plant. On June 30, 2026, SK Gas sold a 49% stake in Ulsan GPS for roughly KRW 1.2242tn while retaining a 51% controlling stake.4
That transaction matters because it confirms external asset value, releases capital and preserves strategic control.
SK Gas Investment Points
| Point | Interpretation |
|---|---|
| AI data-center power directness | Potentially tied to SK Group’s Ulsan AI data-center power stack. |
| Valuation | 2026F PER 3.9x and PBR 0.52x are not demanding. |
| Asset revaluation | The Ulsan GPS stake sale validated infrastructure value. |
| Shareholder return | 2026F DPS KRW 10,500, roughly a 4% yield. |
| Flow | Latest four trading days: institutions +KRW 0.52bn, real-money-style flow +KRW 0.86bn. |
The stock is not yet a strong momentum name. It is above the 20-day moving average, but still 8.9% below the 60-day line, with RSI around 40. This looks more like a low-valuation infrastructure name trying to base after a drawdown than a confirmed trend stock.
| Level | Meaning |
|---|---|
| KRW 214,000-218,000 | First support zone to monitor. |
| Reclaim of KRW 222,000 | Initial strength confirmation. |
| Break above KRW 231,500 | A stronger trend-reversal signal. |
| Break below KRW 203,000-209,000 | Weakens the rebound thesis. |
The key follow-ups are the second-half strategy update, actual power-supply structure for the Ulsan AI data center, use of the Ulsan GPS sale proceeds and the 2027-2029 shareholder-return policy.
4. SK Oceanplant: Offshore-Wind Infrastructure Option
SK Oceanplant should be framed differently. It does not directly sell electricity to AI data centers. It manufactures offshore-wind foundations. So the right thesis is not “direct AI data-center power exposure,” but “second-line exposure if the power-shortage theme broadens into renewables and offshore-wind infrastructure.”
Recent business news is constructive. Yonhap reported that SK Oceanplant delivered the first foundations for Taiwan’s Fengmiao 1 offshore-wind project on July 2, 2026. The project uses 33 15MW turbines for a 495MW wind farm, and SK Oceanplant signed a KRW 393.4bn contract in June 2024 to supply 21 foundations.5
The company is also investing KRW 1.153tn in what it describes as the world’s largest specialized offshore-wind foundation production base, targeting completion by the end of 2026.6
SK Oceanplant Investment Points
| Point | Interpretation |
|---|---|
| Theme | Benefits if AI power shortages broaden into generation buildout and offshore wind. |
| Recent event | First Fengmiao 1 delivery gives visibility to the KRW 393.4bn contract. |
| Flow | Jun 30-Jul 3: foreigners +KRW 1.67bn, institutions +KRW 3.07bn, retail -KRW 5.02bn. |
| Program flow | Jun 30-Jul 3 program buying of KRW 3.00bn. |
| Burden | 2026F PER 21.6x, ROE 5.4% and a still-damaged chart. |
The recent four-day flow is constructive, but not enough to call structural accumulation. On a 20-day basis, foreigners plus institutions were still net sellers by KRW 18.69bn.
The chart is also still weak. The stock is 4.6% below its 20-day moving average, 21.8% below the 60-day line and 48.5% below its two-month high. The July 1-2 rebound faded again on July 3.
| Level | Meaning |
|---|---|
| KRW 14,300-14,700 | Aggressive support zone. |
| KRW 16,200-16,650 | First strength-confirmation zone. |
| Break above KRW 17,800 | Potential trend reversal if turnover holds. |
| Break below KRW 13,900 | Invalidates the early turn. |
For SK Oceanplant, the decisive variables are additional offshore-wind orders, the new yard schedule and upward revisions to 2027 earnings estimates.
5. Final View
SK Gas is the better second-line candidate today.
- It is closer to the AI data-center power stack.
- It trades at a lower 2026F PER and PBR.
- The Ulsan GPS stake sale validated asset value and provided capital.
SK Oceanplant is still worth watching, but it is not the same kind of exposure. The Taiwan delivery and large production-base investment are meaningful. Still, this is an indirect offshore-wind infrastructure option, not a direct AI data-center power supplier.
| Rank | Name | Stance | What to confirm |
|---|---|---|---|
| 1 | SK Gas | Watchlist / Pullback Buy | KRW 214,000-218,000 support, reclaim of KRW 222,000, Ulsan AI data-center power structure, shareholder-return policy. |
| 2 | SK Oceanplant | Watchlist | KRW 14,300-14,700 support, reclaim of KRW 16,200-16,650, new offshore-wind orders and 2027 earnings revisions. |
The simple conclusion is this: in the AI data-center power trade, SK Gas is the closer infrastructure asset. SK Oceanplant is a higher-beta candidate for a later phase if the market expands the theme into offshore-wind generation buildout.