New Street Research - KT Corp (ADR) (KTC) KT (Buy, KRW 85,000, +88%) Q4 24 Quick Take: Attractive value play with improving growth and margin outlook

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New Street Research

Chris Hoare

EUR 9594.00 For Business Accounts Only

KT (Buy, KRW 85,000, +88%) Q4 24 Quick Take: Attractive value play with improving growth and margin outlook

KT reported a decent set of underlying results if excluding the one-off costs related to its early retirement programme which was well flagged earlier. Service revenue also recovered back to growth as Enterprise accelerated even despite the ongoing restructuring of less profitable business

13/02/2025 1 EN

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KT Corp (ADR)

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US48268K1016 Berlin 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

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KT (Buy, KRW 85,000, +88%) Q4 24 Quick Take: Attractive value play with improving growth and margin outlook

Global EM Telcos & Towers – NSR EM Top picks Feb 25 update. Top-8 becomes Top-10, add LILAC and TIM Brasil

South Korean Telcos Outlook 2025: Value-up should be flowing

Mas Orange (Equal Weight) Q4 24: Good results, new leverage target seems to imply c€4bn of delevering

NSR Policy Spectrum Battles: A Field Guide

Orange (Buy, TP: €15.1, +43%) Q4 24: EBITDA beat, some good EBITDA/FCF guidance; growth undervalued

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