KT Corp (Buy, KRW 85,000, +64%) Q1 25 Quick Take: Benefiting from cost cutting
KT reported strong profit growth as it benefits from the hefty headcount reduction programme undertaken in Q4, and despite a softer topline, a result of its conscious effort to shift away from lower-margin B2B businesses. Both EBITDA (+12%) and EBIT (+36%) were up sharply. None of this is reflected in the valuation of 8x FY25 P/E and 4.4% dividend yield, the stock remains one of our Top Picks with a KRW 85,000 price target.
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- Pan European Telecom Services and Cable
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- Global Emerging Market Telecoms
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- Pan European Telecom Services and Cable
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