2010年4月韩国电信行业研究报告

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【出版时间及名称】：2010年4月韩国电信行业研究报告
        【作者】：WOORI证券
        【文件格式】：pdf
        【页数】：30
        【目录或简介】：
Successful B2B/B2G case study: BT (British Telecom)
– Under the government’s “CIT (convergence IT) Korea” campaign, KT and SKT
are likely to enjoy a softening regulatory business environment.
– The wireless Internet and B2B/B2G markets are expected to grow under the
government’s campaign. We believe BT offers a good example of a successful
B2B/B2G model for telcos. Over 2001~2008, BT’s sales CAGR was 3%, while
revenue from fixed-line/broadband decreased. Almost all revenue growth came
from the company’s B2B and B2G divisions. Operating margin, which was
negative in 2001, hit 13~15% by 2008.
– The cap on marketing expenses, which marks the starting point of CIT Korea, is
expected to play a pivotal role in enhancing telcos’ profitability. Furthermore, an
earnings surprise could materialize in 2Q.
“Mobile office plus” solutions to lead B2B service growth
– “Mobile office plus” solutions are expected to lead the growth in B2B services.
Mobile office plus solutions refer to services that offer FMC (fixed-mobile
convergence) and customized solutions for different companies on top of
traditional mobile office solutions.
– The mobile office plus market is already growing quickly in Korea, as companies
are willing to pay for such solutions (which increase ARPU) as long as they
enhance productivity. Since corporate clients have a very low churn rate, having
more corporate customers should bolster telcos. We forecast the mobile office
plus solutions market to expand to W970bn by 2011 and W1.9tn by 2012.
Recommend overweighting telecom sector; KT and SKT to rally the most
– Based on the new business cycle, favorable regulatory conditions, and improving
profitability, we recommend overweighting the telecom sector. Wireless
broadband and M2M (machine-to-mobile) are also expected to positively
influence telcos’ outlooks. KT and SKT are our top picks.
Table of contents
I. Investment Summary ...................................................................................................
II. Valuation......................................................................................................................
III. Regulatory conditions turning favorable in 2010 ....................................................
1. Impact of regulation on telecom shares
2. CIT Korea and the changes in regulatory conditions
IV. B2B/B2G business as new growth drivers for telcos - BT
1. BT Healthcare - starting point of BT’s dramatic recovery story
2. BT secures number of B2B/B2G orders following BT Healthcare success
3. BT: rapid growth and earnings contribution of B2B/B2G
4. BT’s B2B/B2G growth led to share price increase
V. Mobile office plus, at the center of new telecom cycle
1. Corporate mobile services market in initial stages; massive growth potential
2. Mobile office plus, potential market size of W1.9tn by 2012
3. Telcos’ B2B businesses to benefit from corporate competition
[Company analysis]
KT (030200.KS, Buy, TP W67,000) ............................................................................
SKT (017670.KS, Buy, TP W250,000) .......................................................................
LGT (032640.KS, Buy, TP W10,000) .........................................................................
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关键词：行业研究报告 研究报告 行业研究 电信行业 Contribution 研究报告 行业 电信 韩国

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