  Neutral kaon photoproduction off the nucleon and deuteron has been
reinvestigated by utilizing the new experimental data on both targets. An
isobar model for elementary operator and impulse approximation for the reaction
on the deuteron have been used. The available free parameters in the elementary
model have been extracted from both elementary and deuteron data. In contrast
to the elementary reaction, fitting the deuteron data requires an inclusion of
weighting factor. The result indicates that the angular distribution of the
elementary $K^0\Lambda$ process does not show backward peaking behavior.
