KT - KT: ARPU Turnaround And Strong Content Revenue
Investment highlights
KT's (KT) 2Q19 results were slightly below expectations but mobile service revenue inched up 1.1% QoQ on the back of a 5G-driven increase in mobile ARPU (+0.8% QoQ). More than 82% of KT's 5G subscribers have chosen 5G Super Plans which offer unlimited calls and data. As of end-June, the number of 5G subscribers totaled 420,000, representing 1.9% of total mobile subscribers and 31% of 5G subscribers. The expected addition of more 5G-enabled phones and wider network coverage from 2H19 will help further increase the number of 5G subscribers, accelerating ARPU