New Street Research - KT Corp (ADR) (KTC) ... South Korean Telcos Q4 23 review: EBITDA improved despite softer service revenue; Enterprise continues to drive growth

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New Street Research

Chris Hoare

EUR 9344.00 For Business Accounts Only

South Korean Telcos Q4 23 review: EBITDA improved despite softer service revenue; Enterprise continues to drive growth

South Korean operators were slower across the board at service revenue on softer Fixed growth, although mobile and Enterprise kept pace. Both LG and SKT saw an acceleration in Enterprise this quarter as the former opened a new DC in Q4. Both SKT and KT saw improvements in EBITDA while LG was pressured by higher labour costs.

23/02/2024 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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SK Telecom Co. Ltd.

SK Telecom is a wireless telecommunications services provider in the Republic of Korea (South Korea). Co. provides the following services: wireless Internet services, which include music portal services, game portal services, multimedia services, and wired and wireless integrated multimedia services; ubiquitous and convergence services, which include telematics, digital home, commerce, mobile radio frequency identification and mobile community; international roaming services, which include global system for mobile communication; video telephony services, which enable subscribers incorporating video conferences, as well as B2B services.

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KR7017670001 Korea Stock Exchange South Korea

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Analysts

Chris Hoare

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South Korean Telcos Q4 23 review: EBITDA improved despite softer service revenue; Enterprise continues to drive growth

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

South Korean Telcos What could the telcos do to address the “Value-up” programme?

Asia Telco Tour Feedback, Improving growth, ROCE and shareholder remuneration

Charter Model Update

CHTR: quick thoughts following the call

Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery results

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