KT Skylife (053210) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
KT Skylife is Korea's only paid satellite-broadcasting operator, transmitting TV channels via the Mugunghwa satellite. It earns money from satellite subscription fees at its core, plus bundled products combining broadband internet and MVNO service, transmission fees and advertising, and on a consolidated basis it holds the cable-TV subsidiary kt HCN and content subsidiaries, with KT as the largest shareholder (a 50.3% stake). In May 2026 the CEO was replaced alongside an extraordinary general meeting, and in June it filed a bond registration statement, raising funds through borrowing, which is a cost factor that increases interest expense. What stands out is that a P/B of 0.37x (a discount to less than half of net assets), a dividend yield of 8.4%, a return to net profit and a first-quarter operating-profit gain of +16.2% are strengths, while structural subscriber attrition typified by three straight years of revenue decline, higher financial costs and a still-low capital efficiency (ROE of 1.3%) mean a revenue rebound and control of financial costs need to be confirmed.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Media, Content & Advertising” (Games, Entertainment & Content), a type typically read first through P/E.
Media, content, and advertising companies see results fluctuate with hit titles and the ad market, but ultimately earn profits from the content and advertising they produce. That makes price-to-earnings (P/E) — the share price against earnings — the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 3.8% year over year (3-year trend: falling).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 1.6% lower than a year earlier.
- ROE is 1.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder KT 50.31% (corporate)
Controlling bloc incl. related parties 50.31%
With the controlling bloc holding 50%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
KT Skylife is Korea's only paid satellite-broadcasting operator, transmitting TV channels via the Mugunghwa satellite. Its core revenue is satellite subscription fees, but on top of this it retains subscribers with the 'skyTPS' bundle that ties together broadband internet and an MVNO (budget mobile) service, and adds transmission fees earned from carrying home-shopping channels plus advertising. On a consolidated basis it holds the cable-TV subsidiary kt HCN (a 100% stake) and a content-production subsidiary (now KT ENA), so satellite, cable and content revenue gather in one company's results. In short, it earns money through a paid-broadcasting bundle of satellite plus cable plus content, and its largest shareholder is KT with a 50.3% stake, a KT Group media affiliate with stable control.
The latest close is ₩4,145 and the market capitalization is ₩197.0 billion. The price sits above its 20-day moving average (₩4,085) and below its 60-day moving average (₩4,278). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.7, a neutral level. The one-month change is -2.0%, the three-month change is -13.0%, and the position relative to the 52-week high is -24.2%. Relative strength versus the KOSPI is 20 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 19% of all stocks. Over the past three months it outpaced the index by 3.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Viewing this company through a single metric is easy to misread. The P/B (how many times the price is of the company's net assets) is 0.36x, trading at less than 40% of book value per share (BPS) of ₩11,410. On an asset basis, that means the market has deeply discounted it, and the dividend yield (annual dividend relative to price) is 8.4% (₩350 per share), a large income appeal. The earnings-based metrics, by contrast, are weak. The P/E (how many times the price is of one year's profit) is 28.39x, not because the company is expensive but because last year's net profit (₩6.9 billion) is still thin in its first year back in the black. ROE (how much is earned in a year on equity) is low at 1.3%, and the operating margin (2.3%) and net margin (0.7%) are not thick. The debt ratio (debt relative to equity) is 180%, interest coverage (how many times operating profit can cover interest) is 3.2x and the current ratio is 169%, so there is a debt burden but short-term capacity is maintained. In sum, it is an asset/income-type stock that looks ordinary on earnings but cheap on assets and dividends.
Revenue slipped modestly for three straight years, from ₩1,025.6 billion in 2023 to ₩1,022.9 billion in 2024 and ₩984.2 billion in 2025 (-3.8%), directly reflecting the subscriber slowdown common to paid broadcasting as viewing shifts to IPTV and OTT. Net profit was a large loss of -₩97.9 billion in 2023 and -₩135.9 billion in 2024, then turned positive at +₩6.9 billion in 2025; much of the past loss was a one-off, non-cash cost such as goodwill impairment from subsidiary acquisitions. In the first quarter of 2026 revenue was ₩239.0 billion (-1.6%), so the revenue slowdown continued, but operating profit was ₩5.9 billion (+16.2%), a double-digit improvement in core profitability, a pattern of growing operating-level profit through cost efficiency even as revenue falls. However, net profit in the same quarter was ₩0.37 billion (-77.4%), as interest and financial costs offset the operating-level improvement. The P/E computed on last year's confirmed results is called trailing (based on the past year), and the one based on this year's expected earnings the forward P/E; for this company, this year's revenue slowdown and higher financial costs also eat into the operating improvement, so the pace of net-profit recovery is expected to be gradual, and the forward P/E is actually set higher than the trailing. In other words, this year's profit growth is modest, and the stock's center of gravity rests on asset value and dividends rather than earnings growth.
Recent disclosures concentrate on capital and governance events. In May 2026 the CEO was replaced alongside an extraordinary general meeting, marking a leadership transition, and in June it filed a debt-securities (corporate bond) registration statement, raising funds through borrowing. A bond issuance helps refinance maturing funds and secure investment resources but raises interest expense, a cost factor in the same direction as the net-profit pressure seen in the first quarter. A corporate governance report and a large-business-group status disclosure also came out, showing that governance oversight as a KT Group affiliate is carried out periodically.
This stock is assessed differently depending on the vantage point. From an asset/income view the appeal is clear: it trades at a P/B of 0.37x, a deep discount to less than half of net assets, and pays a dividend yield of 8.4%, thicker than paid-broadcasting peers. Add to this the return to net profit out of losses and the +16.2% first-quarter operating profit, a recovery in core profitability. From an earnings-growth view, by contrast, there are things to confirm: structural subscriber attrition typified by three straight years of revenue decline; financial costs that have grown large enough to pull net profit down even as operations improve (and can grow further via the bond issuance); and a still-low capital efficiency at ROE of 1.3%. In the end, to those looking at asset value and the high dividend it reads as cheap and stable, and to those looking at earnings growth and a revenue rebound the assessment rises only once a revenue recovery and control of financial costs are confirmed, a stock whose strengths and check-points are clearly divided.
🔎 Valuation vs peers Inconclusive
A cable/satellite peer set of the same paid-broadcasting (subscriber-based media) operators, sharing the same structural headwind of the shift to IPTV and OTT and a low P/B.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LG HelloVision | 72.70x | 0.28x | 0.40% |
Compared with LG HelloVision, which runs the same paid-broadcasting business, both companies trade below a P/B of 0.4x, with the market heavily reflecting paid broadcasting's subscriber decline in asset value. KT Skylife's P/E of 30.6x is lower than the peer (LG HelloVision at 90.9x), but that is because both companies' earnings are at an inflection where the trailing (past-year) P/E distorts the business reality. On an earnings basis both carry a trap of looking expensive, while on assets and dividends KT Skylife differentiates itself with a thicker dividend. On a forward view of this year's expected earnings, the operating improvement is offset by financial costs, so the recovery is expected to be gradual, a setup where asset/income appeal is set against a delayed earnings recovery. Since neither cheap nor expensive can be firmly declared, the verdict is left Inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩4,145 and the market capitalization is ₩197.0 billion. The price sits above its 20-day moving average (₩4,085) and below its 60-day moving average (₩4,278). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.7, a neutral level. The one-month change is -2.0%, the three-month change is -13.0%, and the position relative to the 52-week high is -24.2%. Relative strength versus the KOSPI is 20 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 19% of all stocks. Over the past three months it outpaced the index by 3.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +3.05% / 6M -31.97% / 12M -57.15%
Key metrics Computed vs sector median
Valuation
The P/E of 28.39x is in line with the sector median (25.35x). The P/B of 0.36x is in line with the sector median (0.34x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 1.0%, in line with the sector average (1.0%). The operating margin is 2.4%. The debt ratio is 75.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $720.5M | $718.6M | $691.4M | -3.78% ↓ slower |
| Operating profit | $9.9M | -$755,754 | $16.1M | — |
| Net profit | -$68.8M | -$95.5M | $4.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $536.2M | $726.6M | $720.5M | $718.6M | $691.4M |
| Operating profit | $51.3M | $44.4M | $9.9M | -$755,754 | $16.1M |
| Net profit | $42.3M | $15.7M | -$68.8M | -$95.5M | $4.9M |
| Revenue CAGR | 4-yr avg 6.56% | ||||
Revenue fell 3.8% year over year (2023 ₩1.0 trillion → 2024 ₩1.0 trillion → 2025 ₩984.2 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.6%. The two-year revenue CAGR is -2.0%. In the most recent quarter (Q1 2026), revenue was 1.6% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 8.4%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 3.8% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-06-05FilingFiled a debt-securities (corporate bond) registration statement, proceeding with funding through borrowingPositive for securing short-term liquidity, but the increase in interest expense puts downward pressure on net profit. A cost factor in the same direction as the sharp first-quarter drop in net profit. Source
- 2026-05-27FilingNotice of change of CEO (representative executive officer), a leadership transitionIn the medium term it affects the direction of business strategy and media-structure realignment. The direct short-term effect on results is limited. Source
- 2026-05-27FilingResults of the extraordinary general meeting, voting on director and management-related agenda itemsProcedural confirmation of governance and board-composition changes. An event linked to the CEO change. Source
- 2026-05-15EarningsFirst-quarter 2026 report, revenue ₩239.0 billion (-1.6%), operating profit ₩5.9 billion (+16.2%), net profit ₩0.37 billion (-77.4%)Core operating profitability improved, but net profit fell sharply due to financial and non-operating costs. A widening gap between operating and net profit. Source
- 2026-06-01FilingDisclosure of the corporate governance report, a periodic review of KT-affiliate governanceA periodic disclosure regarding governance transparency. The effect on results is neutral. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-05Disclosure
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02OwnershipOwnership-change filing
- 2026-06-01OwnershipLargest-shareholder ownership change report
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-27Disclosure
- 2026-05-27Shareholders' meeting notice
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.