Soft 3Q Result for KT, and Regulatory Decisions Bite; FVE Decreased to $19 per ADR
KT’s third-quarter result was softer than we expected, and recent changes to regulations (surrounding increased discounts to customers not taking a handset and associated handset subsidies) lead us to reduce our fair value estimate to $19 per ADR from $20. Third-quarter services revenue was up 0.4%, but operating income declined 6.1%, owing mainly to a 24% rise in selling expenses. Net debt/EBITDA has fallen from a peak of over 4.5 times at the end of 2014 to a more manageable 1 time, owing to t...
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