汇丰银行-韩国电信-korea telcos：downgrade lg uplus to hold national service looms-20170624-hsbc.pdfVIP

24 June 2017   Korea Telcos EQUITIES TELECOMS Downgrade LG Uplus to Hold: national service looms South Korea  Korean Telco stocks have had a good 2017, but an increase Neale Anderson* in the tariff discount rate is a risk Head of Asia Telecoms Research The Hongkong and Shanghai Banking Corporation Limited neale.anderson@.hk  Raising the tariff discount rate from 20% to 25% seems most +852 2996 6716 likely: this would impact revenue and profit from 4Q17 Aric Hui* Analyst, Asia Telecoms  No changes to estimates, but downgrade LG Uplus to Hold on The Hongkong and Shanghai Banking Corporation Limited ariccshui@.hk valuation; reiterate Hold SK Telecom and Buy KT Corp +852 2822 3165 * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is Stocks face uncertainty over the timing and ex