KL-Net케이엘넷

KL-Net is a profitable logistics IT firm whose shares have fallen over the past year, trading at a low multiple.

KL-Net runs electronic document relay services for shipping, port and logistics, plus system integration and IT outsourcing, largely for government and logistics clients. Trailing results to H1 2026 show revenue of ₩45.5B, operating income of ₩9.7B and net income of ₩8.5B, with no borrowings reported. Revenue has drifted down since 2024 while margins have held near 21 to 22 percent, and the share price is down 14.1 percent over one year.

What stands out

• Revenue fell 5.2 percent in 2025 to ₩47.6B, but operating income still rose to ₩10.5B and the operating margin reached 22 percent.
• Trailing operating margin of 21.3 percent and ROE of 13.5 percent are steady, and the company reports no borrowings.
• At ₩2,490 the stock trades at about 6.7 times earnings and 0.9 times book, and the data shows a 4 percent dividend yield.
• The base-case discounted cash flow value is ₩6,627, above the current price, while the bear case of ₩5,012 is roughly twice the stock's 52-week low of ₩2,420. These are model outputs, not forecasts.
• Foreign ownership rose from 9.2 to 10.4 percent over about 60 days, while foreign investors were net sellers over the last 20 trading days.

What to watch

• The full-year 2026 results and any change in revenue trend, since sales have declined in 2025 and over the trailing period.
• Follow-up on the April 2026 buyback trust termination and the July status report on share acquisition, including any treasury share actions.
• The amended 2025 annual report filings from July 2026 and whether they change reported figures; the news data contains no headlines for the company.