KR : LG Uplus Corp - Steady growth across all divisions

LG Uplus recorded a positive earnings surprise in 1Q21, thanks to steady growth across all business sectors amid a decrease in marketing expenses. We expect 82% yoy increase in 5G subscribers in FY21F, and its smart home/telephony and enterprise infrastructure businesses to support growth. Reiterate Add with a higher TP of W17k (3.9x 12MF EV/EBITDA).

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