New Street Research - LG Uplus (32640 KS) LG Uplus (Buy, TP: KRW 21,000, +110%) Q1 24 Quick Take: Better top line, but some pressure below EBITDA

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New Street Research

Chris Hoare

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LG Uplus (Buy, TP: KRW 21,000, +110%) Q1 24 Quick Take: Better top line, but some pressure below EBITDA

LG Uplus’ numbers improved from last quarter. Faster service revenue trend was led by improvements across the board, with continued strength in Enterprise. Bottom line was however weak off higher wage, D&A and interest costs. Our brief takeaway below.

09/05/2024 1 EN

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LG Uplus

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Chris Hoare

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LG Uplus (Buy, TP: KRW 21,000, +110%) Q1 24 Quick Take: Better top line, but some pressure below EBITDA

LG Uplus (Buy, TP: KRW 19,000, +71%) New Corporate Value Up Plan, modestly positive

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

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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