South Korea’s two largest operators SK Telecom (SKT) and KT Corp (KT) have seen steady growth in share price over the past five years, while the laggard, LG Uplus, has been in a period of instability and tells a more complex story. SKT dominates mobile subscribers and is a leader in 5G in South Korea. In 2022 SKT had a share of 43% of mobile subscribers, KT had 31% and LG Uplus had 26%. While KT has the monopoly on landline infrastructure, with a share of around 63% of subscribers. LG Uplus has built an increasing portion of the market in recent years. As LG Uplus has grown, it took a larger share of subscribers from SKT than from KT,…