Report
EUR 8576.00 For Business Accounts Only

LG Uplus (Buy, KRW 19,000, +31%) Q2 25 Quick Take: Good acceleration

LG Uplus printed better numbers in Q2 as service revenue and earnings growth accelerated, putting it closer to its 6%-6.5% profit margin target by 2027. Importantly, capex spend continues to moderate which is supportive for cash flow and therefore shareholder remuneration. The company had instituted a KRW 80bn (USD50m) buyback back in July, ahead of our forecasts and translates to 5.7% shareholder remuneration yield on our estimates.
Underlyings
LG Uplus Corp

LG Uplus is engaged in the business of mobile telephone, communication, voice and data services. Co. provides the following services: cellular services; paging services, which provides paging via satellite, high speed paging, and interactive data transmission; IMT-2000 Services, which is wireless multimedia service accessible through a network based on wide band CDMA technology; and home solution services, which provides local, long-distance and overseas telephone services, broadband Internet services, and cable television transmission network services.

Provider
New Street Research
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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Analysts
Chris Hoare

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