kt alpha케이티알파

kt alpha's profit has recovered sharply on flat revenue, and the shares trade at low multiples, though the stock is down over the past year.

kt alpha runs a T-commerce shopping channel on IPTV, satellite and cable TV, plus the giftishow mobile voucher service. Trailing results to H1 2026 show revenue of about ₩392B, operating income of about ₩44B and a net margin near 11%, well above the 2022 to 2024 levels. At ₩4,830 the shares sit near the low end of their 52-week range of ₩4,220 to ₩6,100, with a P/E of 5.4 and a 5.8% dividend yield.

What stands out

• Full-year 2025 operating income reached about ₩44B versus ₩25B in 2024 and ₩12B in 2023, while revenue grew only 2%, so most of the gain came from margins rather than sales growth.
• Net income of about ₩44B in 2025 compares with a loss of about ₩9B in 2021, and ROE was 15.5% for 2025.
• Cash of about ₩149B and no reported borrowings in the trailing data; liabilities to equity is 54.6%.
• The data-based DCF fair value model gives a base of ₩8,110 with a bear case of ₩5,547 and a bull case of ₩12,586; these are model outputs, not forecasts or targets.
• Foreign ownership rose slightly to 1.6% from 1.4% over 60 days, while retail investors were net sellers over the last 20 days, and institutions were also net sellers.

What to watch

• The next quarterly and annual results, to see whether the 2025 and H1 2026 margin level holds given that revenue growth has been flat.
• Further filings on the large business group status, shareholder matters and the share cancellation decision from May 2026.
• The data includes no recent news headlines and no analyst coverage, so the outlook for T-commerce and voucher demand is not covered here.