New Street Research - 11 Bit Studios S.A. (11B) ... New Street: South Korean Telcos Q2 22: Some margin pressure

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New Street Research

Chris Hoare ...

David Lopes

EUR 9599.00 For Business Accounts Only

New Street: South Korean Telcos Q2 22: Some margin pressure

South Korean telcos’ saw stabilised mobile service revenue in Q2 as mobile ARPU continues to inch higher on 5G migration. However, EBITDA growth was subdued this quarter as wage increases across the board offset lower marketing expenses. Meanwhile, SKT was the first telco to launch a revised mobile plan in August – including a mid-tier 24GB plan and we expect the rest to follow suit.

17/08/2022 1 EN

Underlyings

11 Bit Studios S.A.

11 BIT STUDIOS SA is a Poland-based company engaged in the game development industry. Its product portfolio includes four games: Anomaly Korea, Sleepwalker's Journey, Funky Smugglers and Anomaly Warzone Earth. The Company produces video games for different devices, such as video consoles, personal computers (PC), and Apple products (iPhone, iPad), among others.

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PL11BTS00015 Warsaw Stock Exchange Poland

D/S NORDEN

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KT Corp (ADR)

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US48268K1016 Berlin Stock Exchange South Korea

LG Uplus

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SK Telecom Co. Ltd.

SK Telecom is a wireless telecommunications services provider in the Republic of Korea (South Korea). Co. provides the following services: wireless Internet services, which include music portal services, game portal services, multimedia services, and wired and wireless integrated multimedia services; ubiquitous and convergence services, which include telematics, digital home, commerce, mobile radio frequency identification and mobile community; international roaming services, which include global system for mobile communication; video telephony services, which enable subscribers incorporating video conferences, as well as B2B services.

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KR7017670001 Korea Stock Exchange South Korea

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Chris Hoare

David Lopes

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New Street: South Korean Telcos Q2 22: Some margin pressure

LG Uplus (Buy, TP: KRW 19,000, +71%) New Corporate Value Up Plan, modestly positive

WOOD Daily: BFT PW; PBK RO; CAR PW; FTSHP CP; AEGN GA; SFG RO; CBF PW; 11B PW; GTC PW; JAHEZ AB

WOOD Daily: 11B PW; SFG RO; AEGN GA; ELPE GA; HTO GA; SNG RO; MTELEKOM HB; DIGI RO; TEN PW; VRC PW; MBR PW; DAT PW; ETEL EY; PPC GA; CCC PW

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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