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Morningstar’s Analysis

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KT Reports Profit Growth with Lower Selling Expenses; FVE up to USD 15.15 on Stronger Currency

Dan Baker Senior Equity Analyst

Analyst Note

| Dan Baker |

KT’s second-quarter 2020 result was in line with our expectations with service revenue down 0.5% and operating income increasing by 18.6%, mainly due to a focus on costs and reduced expenditure on handset subsidies and selling commissions. We broadly retain our existing forecast assumptions but our fair value estimate increases to USD 15.15 per ADR from USD 14.70 previously due mainly to a stronger Korean won.

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Company Profile

Business Description

KT is South Korea's largest fixed-line telecom operator, with around 15 million customers. It is the largest broadband firm in the country, with 9 million customers, and the second- largest wireless operator with 22 million subscribers; the company also has 8.4 million pay-television customers. Additionally, it has about 30 nontelecom businesses. These nontelecom businesses, IPTV and wireless data are the focus of its growth strategy.

KT Gwanghwamun Building East, 33, Jong-ro 3-Gil, Jongno-gu
Seoul, 03155, Korea, Republic of
T +82 317270114
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 23,372