New Street: Korean Telcos - All Change SKT post-spin is another EM Telco double
We analyse the Enterprise opportunity in Korea. We see substantial upside to revenue over time, especially at SK Telecom although our forecasts remain substantially more conservative than guidance. Post-spin we issue a new price target of KRW 112,000 on SK Telecom (100% upside). We are also Buyers of KT and LG U-Plus; price targets rise to US$ 23 (ADR) and KRW 20,000 respectively.
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.
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.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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