Share Buybacks: KT&G 

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November 2023

At the 2023 Investor Day, KT&G announced the plan to buy back ₩1Tn worth of stocks and cancel 15% of its outstanding shares (i.e. 7.5% new purchases + 7.5% existing treasury shares) in the 2024-26 period. This is a major step-up in share re-purchase & cancellation as KT&G cancelled only 2.5% of its outstanding shares in the 2021-23 period.

Moreover, KT&G will pay ₩1.8Tn in dividends in the same period – which implies a regular dividend of ₩5,000/share (plus an annual raise). Thereby, the interim dividend of ₩1,200/share (which was paid for the first time in 2023) will not be maintained. KT&G current yields around 5.5%.

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