New Street Research - KT Corp (ADR) (KTC) KT Corp (Buy, TP: KRW 70,000, +93%) Q1 24 Quick Take: Better profitability; shares cancellation a positive

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New Street Research

Chris Hoare

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KT Corp (Buy, TP: KRW 70,000, +93%) Q1 24 Quick Take: Better profitability; shares cancellation a positive

Topline trend was better as B2B division improved while KT Cloud and KT Estate sustained double-digits growth again. While the company had earlier announced plans to expand its AI/ICT staff pool by up to 1k this year, so far labour costs remained under control as it is being offset by natural attrition of retirees.

10/05/2024 1 EN

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KT Corp (ADR)

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US48268K1016 Berlin Stock Exchange South Korea

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Chris Hoare

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KT Corp (Buy, TP: KRW 70,000, +93%) Q1 24 Quick Take: Better profitability; shares cancellation a positive

KT Corp (Buy, TP: KRW 70,000, +68%) Q3 24 Quick Take: Top line impacted by non-telco weakness, but strong margins lead to profit beat

KT Corp (Buy, TP: KRW 70,000, +59%) New Corporate Value Up Plan Represents a Positive Step Forward

South Korean Telcos Q2 24 review: Softer but capex moderation remains encouraging

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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