New Street Research - LG Uplus (32640 KS) ... New Street: Korean telecoms: 2021 spectrum renewal unlikely to be a significant risk

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New Street Research

Alastair Jones

New Street: Korean telecoms: 2021 spectrum renewal unlikely to be a significant risk

Historically, spectrum has been a source of disappointment for the Korean telco industry with very competitive bidding in auctions.

16/09/2020 7 EN

Underlyings

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

Alastair Jones

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New Street: Korean telecoms: 2021 spectrum renewal unlikely to be a significant risk

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

Telia (Buy, TP: SEK33, +24%) Q1 24: Weak headline numbers, but due to phasing/one-offs

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

ADYEN (Buy, TP: EUR1,800, +44%) Adyen Q1 24 Trading Statement: Revenues slow (as per outlook) / INVITE

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