New Street Research - SK Telecom Co. Ltd. (017670) SK Telecom (Buy, TP: KRW 116,000, +148%) Q2 23 Quick Take: Slower topline bucked by mobile

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New Street Research

Chris Hoare

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SK Telecom (Buy, TP: KRW 116,000, +148%) Q2 23 Quick Take: Slower topline bucked by mobile

SKT delivered slower topline growth driven by weaker mobile revenue growth off a steeper ARPU decline in Q2. As a result, EBITDA growth slowed to 0.9% YoY but was within expectations as weaker topline growth was offset by lower labour and commissions cost.

08/08/2023 1 EN

Underlying

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

Chris Hoare

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SK Telecom (Buy, TP: KRW 116,000, +148%) Q2 23 Quick Take: Slower topline bucked by mobile

SK Telecom (Buy, TP: KRW 100,000, +74%) Q3 24 Quick Take: Encouraging Enterprise growth and a decent improvement in EBIT

SK Telecom (Buy, TP: KRW 116,000, +101%) New Corporate Value Up Plan

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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