Korean Shows Pleasing Recovery in 1Q; FVE to USD 16 but Remains Good Value
KT’s first-quarter 2019 result was slightly better than expected with both revenue and operating profit showing mild growth compared with declines in fourth quarter last year. Reported service revenue was up 1.9% in the first quarter but down 0.6% in the fourth quarter last year with operating income up 1.3% for the first quarter compared with a 36% decline in fourth quarter last year.ÂWe retain most of our existing forecast assumptions but our fair value estimate falls to USD 16.00 per ADR fro...
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