Korean Mobile Price Cuts Hurt KT’s 2018 Result; We Lowered FVE to $17 but It Remains a Good Value
KT’s 2018 result was worse than expected with both revenue and operating profit trends being negatively impacted by the mobile price cuts and competition in the fixed-line business. Reported service revenue was flat for the year but down 0.6% in the fourth quarter with operating income down 11% for the full year and 36% for the quarter. Early resolution of a labor collective bargaining agreement in the second quarter 2018 which caused a one-off spike in labor costs in both the second and third q...
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