Regulatory Risks Rising for Korean Telcos

Korean Telecoms: Pressures Easing but Regulatory /Competition Risks Remain. Prefer SKT

LG U+ Spends to Win Share but Margins Are Down. We Remain Cautious.

SK Telecom's Focus on Profitability Is Bearing Fruit

KT (030200): Top Pick Among Korean Telcos

Korean Telcos Show Good Cash Flow Growth and Rising Shareholder Returns. A Rare Thing Indeed.

Korean Telcos: Free Cash Flow Stability. KT Now Our Preferred Pick

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New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

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
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

<p>With the three Korean telcos having reported 1Q17 numbers, we summarize the results and discuss the outlook for the sector in this note. Our key finding is that FCF generation remains supported by a benign operating environment with stable/falling capex.  There are risks ahead given the recent change politically and a new President who is on record as wanting to lower phone bills. However, we view declining leverage and rising shareholder returns as sufficient to allow some narrowing of…</p>

With the three Korean telcos having reported 1Q17 numbers, we summarize the results and discuss the outlook for the sector in this note. Our key finding is that FCF generation remains supported by a benign operating environment with stable/falling capex.  There are risks ahead given the recent change politically and a new President who is on record as wanting to lower phone bills. However, we view declining leverage and rising shareholder returns as sufficient to allow some narrowing of…

Korean Telcos Delivering Strong Cash Flow with Low Valuations.

KT Corp

Korean Telcos Delivering Strong Cash Flow with Low Valuations.