Equity Analysis /
South Korea

KR : KT Corp - Potential for growth in content business

    CGS-CIMB
    10 August 2022
    Published byCGS-CIMB

    KT reported 2Q22 revenue of W6.3tr and OP of W459bn; OP missed Bloomberg consensus by 9% but was in line with our forecast. We believe the company shows potential for revenue growth in its content business, while the core telco business is growing steadily. We reiterate our Add call with a higher TP of W43k (2.7x 12MF EV/EBITDA).