KT&G (KRX:033780) raised its profit-linked bonus outlook for the year after strong first-half performance in domestic tobacco sales and heated tobacco products, the company said Wednesday. The adjustment reflects better-than-expected earnings and margin recovery as domestic prices hold and export volumes expand.
Profit-linked bonuses in Korea are typically paid as lump sums quarterly and tied to divisional profitability rather than company-wide results. KT&G's tobacco division carried strong pricing power domestically and competitive cost structures internationally.
KT&G's market capitalisation was ₩18.1 trillion at Thursday's close. First-half 2026 operating income of ₩850 billion compared to full-year FY2025 operating income of ₩1,154 billion. Dividend payout policy targets a 50% payout ratio of earnings, compared to the global tobacco peer median near 80-85%.
Global tobacco shares have rallied on pricing discipline and cost discipline offsetting volume declines. KT&G trades at a significant discount to Western peers despite similar margin profiles.
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| Symbol | Last Price |
|---|---|
| 033780KT&G Corporation | ₩172,500 -1.3% |