星展银行：韩国电信行业研究报告2009年6月

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Korean Telcos: Cheap for a
reason?
• We are initiating coverage on the Korean telecoms
sector to round out our regional coverage
• The sector is cheapest in the region, trading at 30-
40% discount to regional sector average
• KT-KTF merger and higher competition are the key
sector concerns
• SK Telecom’s strong free cash flow may be under
appreciated
• LG Telecom is set to face challenges ahead
• Merger concerns may weigh upon LG Dacom
Korean Telecom sector is cheapest in the region. Korean
telecom sector is trading at 30-40% discount to regional
peers in term of EV/EBITDA and PER. However, we
concede that regulatory intervention and competitive
intensity are more erratic in Korea than the rest of the
region.
Key sector concerns. The merger of fixed line incumbent
KT and mobile player KT FreeTel (KTF) is the key sector
concern. In our view, the impact of merger would be felt
from 2010 onwards as bundling of multiple services
becomes more important. In the meantime, competitive
intensity has spiked up in Korea, as evident from more
people, switching their carriers in May 09.
SK Telecom is our top pick. We like SK Telecom for its
one of the highest free cash yield in the region and better
fundamentals than its Korean peers. The stock is cheap
on the back of its not-so-impressive track record in
international investments, which should be resolved now,
given its commitment to limit future investments in
existing markets only.
LG Telecom set to face key challenges ahead. While the
share price is cheap, it reflects the challenge of making a
smooth 4G transition. LGT needs to secure new spectrum
in 800 MHz, implying higher funding requirements.
Higher competition is the key concern in the near term.
LG Dacom acquiring LG Powercom may weigh on the
stock price. Growth in leased line, corporate data
business and reduction in VoIP losses are the key
attractions. However, potential merger with LG
Powercom may weigh on the stock price. Higher
competition from SK broadband and KT are the other
concerns over the long term.

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