GS Global is a general trading company that buys and sells industrial goods such as steel and metals, oil and chemicals, coal, biomass, and machinery and plant worldwide. Its revenue (₩4.1 trillion a year) is large, but because it operates on an intermediation and distribution model, margins are thin; it also runs imported-car logistics, refinery and power-plant equipment manufacturing, and resource and renewable-energy development, and as a GS Group affiliate, intra-group transactions form one pillar of its business. In the Q1 provisional results on May 12, revenue rose but profit fell; a corporate-governance report followed on May 29 and a large-business-group status disclosure on June 1, and several disclosures related to affiliate intra-group transactions were filed in April and May. The notable point is that a P/B of 0.40x (less than half of book equity) reflecting asset appeal, a ₩4.1 trillion revenue base, and the stable transaction footing of a GS Group affiliate are strengths, while thin margins leave ROE at 3.7%, below peers, net profit swings from year to year, and interest coverage is not ample.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 267.7%).
- Revenue rose 1.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 7.6% higher than a year earlier.
- ROE is 3.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.3%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder GS 50.7% (corporate)
Controlling bloc incl. related parties 50.78%
With the controlling bloc holding 51%, control is very secure but the free float is thin.
🔎 In-depth analysis
- GS Global is a general trading company that buys goods and resells them.
- In its largest trading and distribution segment, it buys and sells industrial goods worldwide such as steel and metals, oil and chemical products, coal, biomass (eco-friendly fuels such as wood pellets), machinery and plant, and cement.
- Transaction volumes are large, so revenue (₩4.1 trillion a year) is large, but because it intermediates and distributes others' goods, the profit (margin) left relative to revenue is inherently thin.
- On top of that, it has a logistics segment that inspects and transports imported cars before release at ports, a manufacturing segment that makes refinery and power-plant equipment, and resource and renewable-energy development businesses, so its results are driven not by a single product but by 'the volume and price of raw-material trading, plus exchange rates.' As a GS Group affiliate, intra-group transactions forming one pillar of revenue is also a defining feature.
- The latest close was ₩2,530 and the market cap is ₩208.8 billion.
- The price sits below both the 20-day line (₩2,796) and the 60-day line (₩3,443).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a gauge comparing recent upward and downward strength over the past 14 days on a 0-100 scale) is 36.3, a neutral level.
- The one-month change is -14.1%, the three-month change is -26.5%, and the position versus the 52-week high is -53.3%.
- Relative strength against the KOSPI is 35 (on a 1-99 scale, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 65% of all stocks by strength.
- Over the past three months it lagged the index by 45.8%.
- It is best to read the chart alongside trading volume and disclosure dates.
- The P/B (how many times book equity the share price is) is 0.40x, trading at less than half of book equity.
- In other words, relative to the value of the company's assets, the share price sits clearly low.
- On a profit basis, the P/E (how many times one year of profit the share price is) is 11.03x on last year's confirmed results and 12.18x on a forward basis using this year's expected profit.
- Given a trading company's thin margins, the P/E swings year to year with profit, so the P/B, which reflects asset value, is the more stable yardstick for reading this company.
- On profitability, ROE (how much is earned on equity in a year) is 3.7%, the operating margin is 1.3%, and the net margin is 0.5% — transaction volumes are large, but the money left in hand is thin.
- The debt-to-equity ratio of 267.7% looks high, but a trading company constantly carries short-term borrowings from buying and selling goods in bulk, so this figure should be understood as an industry characteristic.
- That said, with the interest-coverage ratio (how many times operating profit covers interest) at 2.13x, coverage is not ample, so a point to watch is that a further drop in profit could raise the interest burden.
- The top line is steady.
- Revenue rose each year — ₩3.92 trillion in 2023 → ₩4.07 trillion in 2024 → ₩4.11 trillion in 2025 — with the growth rate easing from 3.8% to 1.1%.
- Profit swings by year.
- Net profit jumped from ₩27.8 billion in 2023 to ₩54.2 billion in 2024 (+95%) before pulling back to ₩19.9 billion in 2025; since 2024 was an unusually strong year, this is largely a pullback off that base.
- In Q1 2026, revenue grew 7.6% as the top line kept expanding, while operating profit (-19.5%) and net profit (-57.5%) still trailed the prior year.
- The core business's strength is intact, however: annualizing Q1 operating profit (about ₩12.9 billion) tracks close to 2025 operating profit (₩52.3 billion), so operating-level earnings power itself has not collapsed; rather, net profit was pressed lower by items below it such as financial costs.
- That the forward-based P/E sits around 12.2x is in line with this flow, reflecting a picture where core revenue and margins are broadly maintained rather than profit sharply declining or rebounding.
- If raw-material trading volumes, prices, and exchange rates turn favorable, there is room for additional profit on top of thin margins, and where that recovery meets an asset-cheap share price is the point to watch for this stock.
- Recent disclosures are more routine and governance-oriented than new orders.
- The Q1 2026 provisional results (fair disclosure) on May 12 confirmed that revenue rose but profit fell; a corporate-governance report followed on May 29 and a large-business-group status disclosure on June 1.
- Meanwhile, several disclosures related to affiliate intra-group transactions were filed — a change in goods/services transactions with GS affiliates in late April, and a disposal of related-party shares in May — showing that one pillar of results is tied to intra-group transactions.
- No disclosure of a large new order or a company-provided results target was confirmed in this window.
- This stock's most distinct feature is that its price is very low relative to assets.
- A P/B of 0.40x sits below half of book equity, similar to fellow trading company Hyundai Corporation (0.42x) and far below POSCO International (1.27x).
- It amounts to buying a large business base of ₩4.1 trillion in revenue and the stable transaction footing of a GS Group affiliate below asset value.
- Points to note are profitability and volatility: thin margins leave ROE at 3.7%, below peers, net profit swings year to year, and interest coverage is not ample — all to be weighed together.
- Overall, it is strong when raw-material volumes, margins, and exchange rates turn favorable and profit recovers on top of thin margins, bringing the asset-cheap value into focus, and weak when weak profit and financial-cost burdens persist, delaying the point where that asset value is confirmed by results.
- Rather than concluding one way, this is a case for watching asset appeal and the pace of a profitability recovery together.
🔎 Valuation vs peers Overvalued
Uses Hyundai Corporation and POSCO International — fellow general trading companies engaged in raw-material and industrial-goods trade — as the direct peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Corporation | 3.43x | 0.43x | 12.53% |
| POSCO International | 13.97x | 1.28x | 9.15% |
On a price-to-profit basis there is some burden. The P/E of 12.5x is well above the most direct peer, Hyundai Corporation (3.8x), and below the larger POSCO International (16.1x). Yet GS Global's ROE of 3.7% is lower than Hyundai Corporation's (12.5%) and POSCO International's (9.2%), so it earns less while carrying a higher profit multiple. On an asset basis (P/B 0.46x) it clearly looks cheap, but on a profit basis it carries a premium versus peers. That said, the P/E of 12.5x is a trailing value on 2025 confirmed profit, so if 2025 net profit was a temporarily depressed bottom, the multiple could fall as profit recovers (the limit of trailing P/E at a profit inflection point). Asset value is appealing, but until a profitability recovery is confirmed, a profit-based valuation burden remains, so we view it as Overvalued.
Price history Close · MA20 · MA60
The latest close is ₩2,530 and the market capitalization is ₩208.8 billion. The price sits below its 20-day moving average (₩2,796) and below its 60-day moving average (₩3,443). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 36.3, a neutral level. The one-month change is -14.1%, the three-month change is -26.5%, and the position relative to the 52-week high is -53.3%. Relative strength versus the KOSPI is 36 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 35% of all stocks. Over the past three months it lagged the index by 45.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -45.81% / 6M -31.73% / 12M -60.75%
Key metrics vs sector median
Valuation
The P/E of 10.49x is in line with the sector median (9.68x). The P/B of 0.38x is below the sector median (0.80x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 3.7%, below the sector average (7.0%). The operating margin is 1.3%. The debt ratio is 267.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.6B | $2.7B | $2.7B | +1.05% ↓ slower |
| Operating profit | $50.7M | $51.6M | $34.7M | -32.84% ↓ slower |
| Net profit | $18.4M | $35.9M | $13.2M | -63.27% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.6B | $3.4B | $2.6B | $2.7B | $2.7B |
| Operating profit | $25.7M | $46.7M | $50.7M | $51.6M | $34.7M |
| Net profit | $15.5M | $46.5M | $18.4M | $35.9M | $13.2M |
| Revenue CAGR | 4-yr avg 1.65% | ||||
Revenue rose 1.1% year over year (2023 ₩3.9 trillion → 2024 ₩4.1 trillion → 2025 ₩4.1 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 32.8% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.7%. The two-year revenue CAGR is 2.4%. In the most recent quarter (Q1 2026), revenue was 7.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- Revenue rose 1.1% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-12EarningsQ1 2026 provisional results (fair disclosure): revenue rose year on year, but operating profit and net profit declinedShort term: profit declining despite revenue growth raises concern over a delayed profit recovery. Mid term: core operating profit holds at the prior-year level on an annualized basis, so the damage to earnings power is limited. Source
- 2026-05-29FilingCorporate-governance report disclosure: disclosing the operation of governance such as the board and shareholder rightsShort-term impact is limited, but it is mid-term reference material from the standpoint of shareholder returns and governance transparency. Source
- 2026-04-30FilingChange in goods/services transactions with the controlling person's investee affiliates (multiple items): adjustment of GS-affiliate intra-group transaction termsMid term: because a substantial part of revenue and profit is linked to intra-group transactions, changes in transaction terms could affect margins. Source
- 2026-06-01FilingLarge-business-group status disclosure (annual, for Q1): reporting the status of membership in the GS business groupA routine disclosure with little direct impact on results, but useful for understanding the group structure. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 results (revenue, operating profit, net profit) | revenue 1992, operating profit 128.5, net profit 37.5 | DART 1 (2026-05-12) (2026-05-14) | Confirmed | link |
| 2025 annual net profit | ₩19.9 billion | DART net profit | Confirmed | link |
| Business structure (general trading company, four segments) | /··· 4 | GS | Confirmed | link |
Recent filings
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-14PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-05-12EarningsFair-disclosure notice
- 2026-04-30Disclosure
- 2026-04-30Disclosure
- 2026-04-30Disclosure
- 2026-04-30Disclosure
- 2026-04-01OwnershipLargest-shareholder ownership change report
- 2026-04-01OwnershipOwnership-change filing
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.