野村证券《韩国电信欧亿·体育（中国）有限公司研究报告》2007年1月(46页).rar Unhealthy　duplication Amid　an　overall　bearish　view　on　North　Asian　telecoms,　we　identify　multiplication　of technology　platforms　as　the　most　serious　threat　facing　Korea＇s　larger　two　mobile operators　—　SK　Telecom　(SKT)　and　KTF　—　over　the　next　few　years.　We　expect　profit margins　will　decline　from　FY08F　as　the　costs　of　platform　duplication　hit　home.　Hopes for　compensatory　gains　due　to　market　maturity　are　likely　to　be　disappointed,　given　that the　Korean　mobile　sector　passed　that　phase　in　FY99-01　and　penetration　is　now genuinely　too　high.　Our　lone　positive　call　on　LG　Telecom　(LGT)　rewards　the　one mobile　operator　that　will　stick　with　running　just　one　platform. ＆＃1048675；　Platform　multiplication　to　hurt　margins　at　SKT　and　KTF ＆＃1048676；　Impact　to　be　felt　from　FY08F ＆＃1048677；　Local　mobile　market　beyond　the　mature　stage ＆＃1048678；＆＃1048579；LGT　our　top　pick NEW THEME Stocks　for　action Our　top　pick　is　LGT　on　further　margin gains　as　it　stays　on　a　single　network. We　lower　our　ratings　for　SKT　and KTF　by　one　notch　each　on　concerns over　platform　multiplication. Stock Nomura rating Current price (W) Fair value (W) Up/ downside LG　Telecom (032640　KS) STRONG BUY 9,650　12,400　28 SK　Telecom (017670　KS) NEUTRAL　223,000　238,000　7 KTF (032390　KS) REDUCE　28,450　25,500　(10) Analysts Steve　Yoo,　CFA +822　3783　2316 steve.yoo@kr.nomura Andrew　Haskins +852　2536　1828 andrew.haskins@hk.nomura