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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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.

Equity Bottom-Up

<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

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>4Q24 revenue W6.6tn (-2% YoY), OP -W660bn (YoY swing to deficit)</li><li>4Q24 OP W350bn (+30% YoY); 2024 OP W1.8tn (+10% YoY), if removing oneoff labor costs </li><li>2025E OP W2.6tn (+222% YoY), TSR W750bn–W860bn, return 6.5%–7.6%</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.

4Q24 revenue W6.6tn (-2% YoY), OP -W660bn (YoY swing to deficit)4Q24 OP W350bn (+30% YoY); 2024 OP W1.8tn (+10% YoY), if removing oneoff labor costs 2025E OP W2.6tn (+222% YoY), TSR W750bn–W860bn, return 6.5%–7.6%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) - Stronger and Faster than Expected

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)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

KT (030200 KS) - Stronger and Faster than Expected

4Q24 revenue W6.6tn (-2% YoY), OP -W660bn (YoY swing to deficit). 4Q24 OP W350bn (+30% YoY); 2024 OP W1.8tn (+10% YoY), if removing oneoff labor costs

Daishin Securities

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