New Street: KT Corp (Buy, TP: USD 24, +74%) Snapshot of growth drivers: Media, Content, Financial Services and Enterprise
Earlier, we touched on the Korean Telcos entering the Golden Age, citing easing competition, improving shareholder remuneration and their exposure to “beyond telco” assets such as Data Centres, Fintech and Media content businesses as well as Enterprise. We identified that KT in particular is most exposed to these non-mobile businesses as they accounted almost 70% of KT’s service revenue in 1H22. KT becomes a new EM Telco top pick for us.
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