New Street Research - LG Uplus (32640 KS) LG Uplus (Buy, TP: KRW 19,000, +90%) Q3 24 Quick Take: Acceleration in service revenue and EBITDA, but margin diluted by handset costs

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New Street Research

Chris Hoare

EUR 9274.00 For Business Accounts Only

LG Uplus (Buy, TP: KRW 19,000, +90%) Q3 24 Quick Take: Acceleration in service revenue and EBITDA, but margin diluted by handset costs

LG Uplus delivered its faster service revenue growth this year, backed by improvement in Enterprise and Mobile.

08/11/2024 1 EN

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LG Uplus

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New Street Research

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Chris Hoare

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South Korean Telcos Q2 24 review: Softer but capex moderation remains encouraging

Group service revenue and EBITDA trends were softer in Q2, beset by slower Enterprise growth and a one-off labour cost hike by KT. By contrast, mobile improved to 2.1% YoY, led by SKT and KT. Given the benign mobile landscape and the removal of Stage X’s mobile license, we expect trends to sustain at current levels. Capex spend is under control while quarterly dividends were unchanged. Separately, we have trimmed our target prices for SKT and LG Uplus; KT remains our preferred pick.

EUR 9274.00

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New Street Research

LG Uplus (Buy, TP: KRW 21,000, +112%) Q2 24 Quick Take: Decent net additions and capex move but profitability still under pressure

Trends were slower as service revenue and EBITDA missed expectations 1% and 2% respectively. As a result, pressure continue to be felt at the bottom line. Key positives were its Enterprise and broadband momentum and the moderation in capex. Separately, LG had also disclosed an interim dividend of KRW 250/share, unchanged from last year.

EUR 9274.00

August 7, 2024 August 7, 2024 1 EN

KT Corp (Buy, TP: KRW 70,000, +68%) Q3 24 Quick Take: Top line impacted by non-telco weakness, but strong margins lead to profit beat

KT saw weaker service revenue but better headline EBIT and bottom-line growth from a lower base last year. Mobile kept steady and core B2B inflected to growth despite restructuring efforts, service revenue trend was impacted again by weakness in Content and BC Card.

EUR 9274.00

9h / 1m 9h / 1m 1 EN

Dan Salmon

Dan Salmon

Pinterest (PINS, Buy, $50 target) First Take: A little soft, but P+ and 3P building into 2025

What’s New: In this first take following tonight’s results, we touch on: 1. Solid 3Q24 financials, but 4Q24 revenue guidance a little light 2. Latest on Performance+: can it drive re-acceleration next year? 3. CAPI leads the way on lower funnel tools 4. No updates on 3P partnerships, but PINS ready to add more of them 5. Weak brand spend still driven by food & beverage

EUR 9274.00

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LG Uplus (Buy, TP: KRW 19,000, +90%) Q3 24 Quick Take: Acceleration in service revenue and EBITDA, but margin diluted by handset costs

South Korean Telcos Q2 24 review: Softer but capex moderation remains encouraging

LG Uplus (Buy, TP: KRW 21,000, +112%) Q2 24 Quick Take: Decent net additions and capex move but profitability still under pressure

KT Corp (Buy, TP: KRW 70,000, +68%) Q3 24 Quick Take: Top line impacted by non-telco weakness, but strong margins lead to profit beat

Pinterest (PINS, Buy, $50 target) First Take: A little soft, but P+ and 3P building into 2025

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