Mobile phone service isn't the business it used to be. High penetration rates in most markets and increasing price competition has damaged the growth prospects of the industry, while increasing ADR and ETF growth has given investors more plays on non-U.S. markets. All of that said, there may be a little more skepticism in the price of SK Telecom (NYSE:SKM) than the fundamentals really support.
Not a Great End to The Year
That's not to say that the end of 2011 was especially strong for South Korea's leading wireless carrier. Revenue fell 2% as average revenue per user (ARPU) dropped more than 3% on rate cuts and lower fees.
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