New Street Research - KT Corp (ADR) (KTC) ... New Street: South Korean Telcos Q3 22 review: Stable topline growth again; better EBITDA trend

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New Street Research

Chris Hoare ...

David Lopes

EUR 9306.00 For Business Accounts Only

New Street: South Korean Telcos Q3 22 review: Stable topline growth again; better EBITDA trend

Overall service revenue growth trend was stable for South Korean telcos, up by 4% YoY. Decent Enterprise momentum and stable broadband growth helped offset the slowdown in mobile which was driven by a marginal ARPU decline. EBITDA growth improved, driven by lower advertising costs and lower labour costs compared to Q2.

18/11/2022 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

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.

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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

David Lopes

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New Street: South Korean Telcos Q3 22 review: Stable topline growth again; better EBITDA trend

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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