Solid 1Q Result for KT; Accounting Changes Muddy the Waters but KT Remains Good Value
KT’s first-quarter result was strong on a like-for-like accounting basis (using the old standard), with service revenue down 0.5% but operating income up 4%. However, the disparity between accounting standards was highlighted, with the new accounting standard (K-IFRS 115) producing an operating income figure for this quarter that was 9% below the figure using the old standard (IFRS 1018). We increase our fair value estimate to $18.30 from $18 per ADR on a slightly stronger Korean won and will co...
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