Ann: Change in substantial holding, page-3

Well lets see:

1. SKT is bleeding subscribers to Netflix.
2. Online streaming is about to get much more competitive, with global content providers (that have very deep pockets) starting to take on Netflix.
3. So customers are going to have even more choice going forward.
4. SKT's new CEO has indicated he is going to be much more aggressive in bidding for rights AND he is going to try to win back subscribers. So that means costs-of-sales going up AND subsription revenues going down.
5. So we can expect a double, and very painful, hit to margins, on structurally shrinking revenues. Ouch.
6. NZ's telco (Spark) is indicating an increasing willingness to take SKT's last hope (arguably) - sport. In fact, SKT lost the rights to the rugby world cup for 2019, to Spark. What's more, Spark has deeper pockets.
7. So SKT is being challenged by the likes of Netflix (with further friends to come), and its last hope is being challenged by the likes of Spark.

Did I miss anything (I'm sure I did).

So when you say it's cheap, I think some rationale might be in order.