New Street Research - KT Corp (ADR) (KTC) ... New Street: Korean Telcos Data Centres: 5G/localization drives DC growth with exposure at 10 cents on the dollar?

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New Street Research

Chris Hoare

EUR 9306.00 For Business Accounts Only

New Street: Korean Telcos Data Centres: 5G/localization drives DC growth with exposure at 10 cents on the dollar?

In a separate note published today we analyse the Data Centre opportunity for EM Telcos which shows that the best opportunity among investible companies is probably in Korea where mass market 5G is leading to rapid data volume growth, while data localization laws require data to be hosted domestically.

16/02/2022 1 EN

Underlyings

KT Corp (ADR)

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US48268K1016 Berlin Stock Exchange South Korea

LG Uplus

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SK Telecom

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New Street Research

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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

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New Street: Korean Telcos Data Centres: 5G/localization drives DC growth with exposure at 10 cents on the dollar?

LG Uplus (Buy, TP: KRW 21,000, +110%) Q1 24 Quick Take: Better top line, but some pressure below EBITDA

SK Telecom (Buy, TP: KRW 116,000, +126%) Q1 24 Quick Take: Decent topline, but some margin pressure as AI investments start to impact

SK Telecom (Buy, TP: KRW 116,000, +120%) New shareholder return policy, somewhat underwhelming

Telefonica (Buy, €4.50, +7%) Q1 24: Digi and downsizing drives potential upside

CityFibre & Three UK Can they get their deals done by year-end?

SATS: model update

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