New Street Research - KT Corp (ADR) (KTC) ... South Korean Telcos NDR Feedback Q4 25 review: Re-valuation should continue

Report

New Street Research

Chris Hoare

EUR 8597.00 For Business Accounts Only

South Korean Telcos NDR Feedback & Q4 25 review: Re-valuation should continue

Stronger quarter, with revenue & margins recovering. NDRs we hosted with both KT and SKT were also positive. SKT as the stake in Anthropic has the potential to transform its valuation. KT as we see further upside from value-up. KT remains one of our top picks in Global EM.

11/03/2026 1 EN

Underlyings

KT Corp (ADR)

See profile

US48268K1016 Berlin Stock Exchange South Korea

LG Uplus

See profile

Provider

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.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Chris Hoare

Other Reports on these Companies

New Street Research

Global EM Telcos & Towers The impossible dream – NSR GEM Top-10 March ‘26 Update

2025 was such a strong year for EM Telcos with the result that while remaining bullish we thought it was not plausible that 2026 would be as strong. Yet if anything the year has started better than 2025, with our picks up 18% ytd already, and up 113% since the start of 2025.

EUR 8597.00

March 2, 2026 March 2, 2026 1 EN

New Street Research

EM Telcos Pricing power returns; where best; why (some) EM Telcos’ multiples could double

The resumption of pricing power is one of the key drivers of the rally in EM Telcos and perhaps the area where consensus is most sceptical. In this note we analyse which markets have the greatest potential for sustained pricing power, looking at key issues: affordability and regulatory and competitive structure.

EUR 8597.00

February 26, 2026 February 26, 2026 1 EN

OTE (Buy from Neutral, TP: €22.1, +30%) EBITDA growth to be further supported by MSR growth, upgrade to Buy

In this note, we update our model and thoughts following the Q4 results (HERE) incorporating commentary from the results call as well as from a meeting with management (CEO/CFO) yesterday.

EUR 8597.00

7h / 23m 7h / 23m 1 EN

Dominic Rose ... (+2)

Dominic Rose
Naresh Chouhan

Evotec - AI Impact Already Being Felt? (SELL, TP EUR2.00 [5.40], 10pgs)

We believe AI driven changes in pre-clinical research could already be hurting CRO’s following EVT’s updated guidance yesterday. Based on work from our AI thematic, we show that EVT is materially exposed. Moreover, we expect L-T growth trends to be materially lower. We find EVT’s L-T targets unachievable, the SDZ deal ending in 2028 is a big headwind & the BMS deal will end at some point. We estimate these 2 deals are >30% of group revs & most of group EBITDA. FCF barely turns positive in the next 5yrs, on our numbers. It’s unclear to us how the business returns to healthy profitability. For a...

EUR 4298.50

7h / 59m 7h / 59m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

South Korean Telcos NDR Feedback & Q4 25 review: Re-valuation should continue

Global EM Telcos & Towers The impossible dream – NSR GEM Top-10 March ‘26 Update

EM Telcos Pricing power returns; where best; why (some) EM Telcos’ multiples could double

OTE (Buy from Neutral, TP: €22.1, +30%) EBITDA growth to be further supported by MSR growth, upgrade to Buy

Evotec - AI Impact Already Being Felt? (SELL, TP EUR2.00 [5.40], 10pgs)

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe