South Korean mobile carriers SK telecom Co. and KT Corp. are engaged in a fierce battle for the top spot in corporate value.

According to the Korea Exchange on Sunday, SK telecom’s market capitalization stood at 12.14 trillion won ($8.5 billion), slightly ahead of KT’s 11.93 trillion won.

The rankings have reversed three times in just nine trading days this month.

SK telecom briefly regained the lead on Wednesday, only for KT to reclaim it the next day.

On Friday, SK telecom’s stock rose again, returning it to the top position.

The back-and-forth has continued since the start of the year.

On January 24, just ahead of the Lunar New Year holiday, KT overtook SK telecom in market cap for the first time.

SK telecom regained the lead on February 3 and held it for about a month before KT reclaimed the top spot on March 6.

That lead held for another month, until market volatility in April began driving rapid shifts.

The frequent reversals are largely due to contrasting stock behaviors.

SK telecom shares have stabilized in the mid-50,000 won range, while KT’s price has shown higher volatility.

Unlike major Korean stocks such as semiconductors and secondary batteries, which are heavily affected by external factors such as exports, exchange rates, and tariffs, telecom stocks are generally less sensitive to such variables.

However, KT has seen an atypical surge of over 30 percent in the past year, fueled by aggressive workforce restructuring and significantly expanded shareholder returns.

Last year, KT introduced quarterly dividends and announced a plan to cancel 1 trillion won worth of treasury shares by 2028.

These moves drew strong foreign investor interest, with its buyback program fully subscribed.

“Given recent earnings trends, the quarterly dividend per share (DPS) could be adjusted upward to 600 won, a 20 percent increase from last year,” said Kim Hong-sik, an analyst at Hana Securities Co.

Brokerages also forecast that KT will outperform SK telecom in operating profit this year, partly due to the inclusion of earnings from its real estate subsidiary, KT estate Inc.

According to market tracker FnGuide, SK telecom is projected to post an operating profit of 1.98 trillion won in 2025, while KT is expected to raise 2.48 trillion won.

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