Solid 2Q Result for KT After One-Offs; Accounting Changes Muddy the Waters but KT Remains Good Value
KT’s second-quarter result was broadly in line with our forecasts on an underlying basis despite the large reported operating profit decline. Services revenue was down 0.4% and operating income down 15.7% on a reported basis using the old accounting standard. Early resolution of a labor collective bargaining agreement caused a one-off spike in labor costs, which was the main driver of the operating profit decline. Excluding this, we estimate that operating profit would have been flattish or even...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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