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From what I can remember it's not rebranded but there has allegedly been some design input or collaboration with SP. Obvious differences were weight and one manufactured in China the other in Taiwan.
Friend has one for commuting, no complaints so far.
Edit: looks like both are now manufactured in Taiwan
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EDIT: £4 cheaper for a proper pd8 though...
http://www.spacycles.co.uk/m2b0s133p3037/SP-DYNAMO-PD-8-Disc
There don't seem to be any differences apart from the alpkit being marginally heavier.
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No, it's the new KT model. They used to make the hub shells and assemble for SP - hence looking very, very similar...
http://www.kt-hub.com.tw/
atk
dglshrn
Alb
@Heldring
Is this a rebranded PD-8? It's pretty cheap