External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>We expect KT to benefit from Korea’s accelerating data center buildout.</li><li>Because the company plans to add capacity based on actual customer demand, the risks associated with the expansion should be relatively limited.</li><li>It appears to already have a pipeline of prospective customers covering around 80% of its planned 1GW of new capacity. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect KT to benefit from Korea’s accelerating data center buildout.Because the company plans to add capacity based on actual customer demand, the risks associated with the expansion should be relatively limited.It appears to already have a pipeline of prospective customers covering around 80% of its planned 1GW of new capacity. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KT (030200 KS/Buy)Well-Positioned to Benefit from Data Center Expansion

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>4Q25 revenue expected at W6.8tn (+4% YoY), OP at W190bn (YoY turnaround)</li><li>Earnings should remain on an uptrend, excluding the pre-booked one-offs for SIM replacement and customer compensation</li><li>KT slated to reclaim sector leadership as uncertainties fade and share buybacks resume in Feb</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4Q25 revenue expected at W6.8tn (+4% YoY), OP at W190bn (YoY turnaround)Earnings should remain on an uptrend, excluding the pre-booked one-offs for SIM replacement and customer compensationKT slated to reclaim sector leadership as uncertainties fade and share buybacks resume in FebContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KT (030200 Ks Jan 9, 2025) - Trust to Rebuild, Shares to Recover

<ul><li>For 4Q25, we expect KT to report consolidated revenue of around W7tr (+6.7% YoY; 2% above consensus), operating profit of W191.0bn (turning positive YoY; 24.9% below the consensus), and an OP margin of 2.7%.</li><li>Operating profit likely declined 64.5% QoQ, due to costs related to a cybersecurity incident. Excluding one-off items, we estimate adjusted operating profit at W421.0bn.</li><li>We expect the earnings uptrend at major subsidiaries to continue, led by KT Cloud and KT Estate.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 4Q25, we expect KT to report consolidated revenue of around W7tr (+6.7% YoY; 2% above consensus), operating profit of W191.0bn (turning positive YoY; 24.9% below the consensus), and an OP margin of 2.7%.Operating profit likely declined 64.5% QoQ, due to costs related to a cybersecurity incident. Excluding one-off items, we estimate adjusted operating profit at W421.0bn.We expect the earnings uptrend at major subsidiaries to continue, led by KT Cloud and KT Estate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KT (030200 KS/Buy)Additional Costs and Subscriber Churn to Remain Limited

<ul><li>For 3Q25, KT posted consolidated revenue of around W7.1tr (+7.1% YoY; roughly 3% above the consensus), operating profit of W538.2bn (+16% YoY; approximately 5% above the consensus), and an OP margin of 7.6%.</li><li>Despite one-off expenses of roughly W47.5bn stemming from wage negotiations, operating profit expanded around 16% YoY, supported by: 1) solid earnings from telecom services;</li><li>2) strength at subsidiaries KT Estate and KT Cloud; and 3) proceeds from Lotte Castle Eastpole presales (housing project in Gwangjin-gu).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, KT posted consolidated revenue of around W7.1tr (+7.1% YoY; roughly 3% above the consensus), operating profit of W538.2bn (+16% YoY; approximately 5% above the consensus), and an OP margin of 7.6%.Despite one-off expenses of roughly W47.5bn stemming from wage negotiations, operating profit expanded around 16% YoY, supported by: 1) solid earnings from telecom services;2) strength at subsidiaries KT Estate and KT Cloud; and 3) proceeds from Lotte Castle Eastpole presales (housing project in Gwangjin-gu).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KT (030200 KS/Buy)Portfolio Competitiveness Remains Strong

Thematic (Sector/Industry)

<ul><li>MWC 2026- The official theme of MWC 2026 was “The IQ Era,” highlighting the convergence of AI with connectivity and the role of intelligence in driving digital transformation</li><li>The conference emphasized the transition toward AI-centric ecosystems across networks, enterprises, and broader society</li><li>- The telecom services industry has built core infrastructure around 5G and AI</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MWC 2026- The official theme of MWC 2026 was “The IQ Era,” highlighting the convergence of AI with connectivity and the role of intelligence in driving digital transformationThe conference emphasized the transition toward AI-centric ecosystems across networks, enterprises, and broader society- The telecom services industry has built core infrastructure around 5G and AIContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Takeaways from MWC 2026AI driving structural transformation of telecom

South Korea

KT Corporation provides telecommunication services including local, long distance, and international calling, satellite communication, data transmission, and wireless telephone services in South Korea.  The Company also offers network portal and high-speed Internet access services using asymmetric digital subscriber lines (ADSLs).

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KT Corp Sp Adr (KT US)

KT (030200 KS/Buy)Well-Positioned to Benefit from Data Center Expansion

We expect KT to benefit from Korea’s accelerating data center buildout. Because the company plans to add capacity based on actual customer demand...

Mirae Asset Securities

KT (030200 Ks Jan 9, 2025) - Trust to Rebuild, Shares to Recover

4Q25 revenue expected at W6.8tn (+4% YoY), OP at W190bn (YoY turnaround)Earnings should remain on an uptrend, excluding the pre-booked one-offs for...

Daishin Securities

KT (030200 KS/Buy)Additional Costs and Subscriber Churn to Remain Limited

For 4Q25, we expect KT to report consolidated revenue of around W7tr (+6.7% YoY; 2% above consensus), operating profit of W191.0bn (turning...

Mirae Asset Securities

KT (030200 KS/Buy)Portfolio Competitiveness Remains Strong

For 3Q25, KT posted consolidated revenue of around W7.1tr (+7.1% YoY; roughly 3% above the consensus), operating profit of W538.2bn...

Mirae Asset Securities

Takeaways from MWC 2026AI driving structural transformation of telecom

MWC 2026- The official theme of MWC 2026 was “The IQ Era,” highlighting the convergence of AI with connectivity and the role of intelligence in...

Mirae Asset Securities

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