kt millie seojaeKT밀리의서재

KT millie seojae's trailing profits are still solid, but the shares have fallen about a third over the past year.

The Korean e-book subscription company reported trailing twelve-month revenue of ₩95.3B and net income of ₩15.2B through H1 2026, with a 13.9% operating margin and ₩17.8B in cash. Revenue grew 21.5% in 2025, but 2026 trailing operating income is below the 2025 full-year level. The share price closed at ₩8,980 on 20 October 2026, near its 52-week low of ₩8,450 and well below its high of ₩16,050.

What stands out

• Revenue rose from ₩56.6B in 2023 to ₩88.2B in 2025, though growth in the 2025 figures was 21.5% against 28.3% in 2024.
• Operating margin has slipped from 18.4% in 2023 to 16.3% in 2025 and 13.9% on a trailing basis to H1 2026.
• Trailing net income of ₩15.2B exceeds operating income of ₩13.2B, so the gap is driven by items below operating profit that the data does not explain.
• The DCF fair value model gives a base value of ₩31,658 per share, well above the current price, but this is a model output and not a forecast.
• Valuation metrics are low: P/E of 5.0, P/B of 0.9 and a 6.1% dividend yield, while the company reports no borrowings.
• Foreign ownership rose from 6.2% to 7.6% over the past 60 days, while institutions were net sellers over the last 20 days.

What to watch

• The next results release and whether margins stabilise after the decline from 18.4% in 2023 to 13.9% trailing.
• The H1 2026 half-year report details and any changes after the May 2026 CEO change.
• The data contains no recent news headlines, so the reasons for the share price decline are not explained in the provided information.