Soft 4Q Result for KT on Cost Increases; FVE Decreased to $18 per ADR but Remains Good Value
KT’s fourth-quarter result was again slightly softer than we expected, with operating profit down 41% on the back of rising interconnection fees, labor costs, and selling expenses. We reduce our earnings forecasts by around 10% per year, leading us to reduce our fair value estimate to $18 per ADR from $19. Our forecasts now incorporate operating earnings declining by around 5% per year over the next five years, which we think is conservative, but despite this, the stock trades at a price/fair va...
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