KT's balance sheet is now largely repaired, and its profitability has improved.
We upgrade our moat rating on Korea Telecom to narrow moat-rated derived from efficient scale, helped by an improving profit return outlook. Our stable moat trend rating is retained. Prior to 2012, Korea Telecom, or KT, was generating a return on invested capital, or ROIC, above its weighted average cost of capital, or WACC, of 7.5% and had a narrow moat in line with most other incumbent telecom operators. However, ROIC fell below WACC from 2012 to 2013 and in 2014, we assigned a no-moat rating ...
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