Hyundai GF Holdings is the operating-holding company of the Hyundai Department Store Group, launched through a 2023 spin-off. It runs business-to-business retail and furniture and heavy-equipment operations directly, while holding stakes in affiliates that include eight listed companies such as Hyundai Department Store, Hyundai Home Shopping, and Hyundai Greenfood, so equity-method income makes up a large share of its profit. In the first half of 2026 a comprehensive share swap to bring Hyundai Home Shopping in as a wholly owned subsidiary was approved with 97.7% in favor at an April extraordinary general meeting and completed as of June 30; in May the company disclosed the implementation status of its corporate value-up plan. What stands out lately is that the value of its listed holdings alone accounts for about 102% of its market cap and that dividends and treasury-share cancellation are taking concrete shape, leaving room for the holding-company discount to narrow; the cautions are that net profit is heavily swayed by affiliates' equity-method income and that, with the share price up 92% over six months, one should also gauge how much expectation for the restructuring is already priced in.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 9.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.6% higher than a year earlier.
- ROE is 10.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.4%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2025-12-31
Largest shareholder Chung Ji-sun 39.7% (individual)
Controlling bloc incl. related parties 77.1%
With the controlling bloc holding 77%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Fairly valued
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Hyundai Home Shopping | 57.36% |
| Hyundai Everdigm | 45.17% |
| Hyundai Green Food | 39.3% |
| Hyundai Department Store | 35.06% |
| Hyundai FutureNet | 0% |
🔎 In-depth analysis
- Hyundai GF Holdings is the holding company of the Hyundai Department Store Group, launched through a 2023 spin-off.
- Rather than a pure holding company, it is an operating-holding company that also runs its own businesses, directly engaging in business-to-business (B2B) retail and furniture- and heavy-equipment-related operations while at the same time holding stakes in group affiliates.
- It presides over roughly 39 subsidiaries and associates, listed and unlisted, including its listed subsidiaries Hyundai Department Store (department stores and duty-free), Hyundai Home Shopping (TV and e-commerce), and Hyundai Greenfood (institutional catering and food materials), among eight listed companies.
- Accordingly, the company's profit consists of its own operating profit plus a large share of equity-method income that reflects affiliates' results in proportion to its ownership.
- Consolidated revenue is around ₩8.09 trillion, but because this is a holding company, the value of the stakes it holds matters more to enterprise value than revenue itself.
- The latest close is ₩12,870 and the market cap is ₩2.0 trillion.
- The price sits below its 20-day line (₩14,404) and below its 60-day line (₩14,186).
- Trading beneath both its short- and medium-term moving averages, the trend looks subdued.
- The RSI (an auxiliary gauge that measures upward versus downward momentum over the past 14 days on a 0-100 scale) is 39.0, a neutral level.
- The one-month change is -2.3%, the three-month change is -4.5%, and the position versus the 52-week high is -31.4%.
- Relative strength versus the KOSPI is 56 (on a 1-99 scale that weights the past year's return against the index with more emphasis on recent performance; higher means stronger than the market).
- That places it in roughly the top 43% of all stocks by strength.
- Over the past three months it has lagged the index by 22.7%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- The P/E ratio (how many times one year's profit the share price represents) is 4.87x and the P/B (how many times book net assets the share price represents) is 0.50x, low on the face of it.
- But for a holding company these two figures cannot be taken at face value.
- Book equity (BPS of ₩25,658) records affiliate stakes largely at acquisition cost, so it is booked below true market value, creating the illusion of a higher-than-actual P/B.
- ROE (how much it earns in a year on its equity) is 10.3%, sound for a retail holding company.
- The debt ratio (debt versus equity) is 79.6%, not heavy, with an interest-coverage ratio of 5.95x and a current ratio of 195%, leaving stable financial headroom.
- 2025 net profit of ₩412.0 billion fell 41% from the prior year, but that reflects a high base in earlier years when equity-method income and post-spin-off accounting effects were large; operating profit in fact rose 38%.
- That is why trailing P/E on last year's net profit alone cannot settle whether the stock is under- or overvalued.
- Over five years, revenue swings widely with the spin-off and changes in consolidation scope (₩2.63 trillion in 2023, ₩7.41 trillion in 2024, ₩8.09 trillion in 2025), but its own operating profit improved clearly, from a loss in 2023 to ₩198.1 billion in 2024 and ₩274.1 billion in 2025.
- On a cumulative Q1 2026 basis as well, operating profit rose 23.9% year on year, so the core business improvement continues.
- Cumulative Q1 net profit was ₩147.2 billion, down 27.6% year on year, reflecting base-effect movement in affiliates' equity-method income, a volatility characteristic of holding-company net profit.
- Given its own operating improvement and the retail peak seasons (Q1 and Q4), this year's results should hold a net profit similar to or slightly above last year's, barring a sharp collapse in affiliates' equity-method income, in which case the forward earnings multiple works out lower than at present.
- On top of that, bringing Hyundai Home Shopping in as a 100% wholly owned subsidiary means home-shopping profit and loss, previously reflected only in proportion to its stake, is fully attributed, broadening the equity-method income base.
- The core of the first half of 2026 is governance restructuring.
- The comprehensive share-swap proposal with Hyundai Home Shopping was approved with 97.7% in favor at an April extraordinary general meeting, and Hyundai Home Shopping was brought in as a wholly owned subsidiary as of June 30 (exchange ratio of 1:6.357).
- A follow-up procedure to split Hyundai Home Shopping into an investment company and an operating company is planned, further tidying up the holding structure.
- In May the company disclosed its corporate value-up plan with the 2025 implementation status, clarifying the direction of its shareholder returns, and regular disclosures such as the large-business-group status report and the corporate governance report followed.
- Such governance tidying and return policy carry medium-term significance from the standpoint of narrowing the holding-company discount.
- The observation points are clear.
- First, the value of listed holdings alone accounts for about 102% of the market cap, and adding unlisted subsidiaries and the value of its own operations makes it hard to see the stock as clearly overvalued from a net asset value (NAV) standpoint.
- Second, its own operating profit has improved for three straight years and shareholder returns such as dividend expansion and treasury-share cancellation are taking concrete shape, leaving room for the holding-company discount to narrow.
- The cautions are just as clear.
- Net profit is heavily swayed by affiliates' equity-method income, so quarterly results are volatile, and with Hyundai Department Store, its single largest asset, trading at a high earnings multiple, the sum of stake values does not read as undervalued alone.
- With the share price up 92% over six months, one should also examine how much expectation for the governance restructuring is already reflected.
- In short, this is a structure that is strong when return execution and affiliates' results hold up and weak when affiliates' profit wavers.
🔎 Valuation vs peers Fairly valued
Compared against holding companies and the group's listed subsidiaries (retail and home shopping), with the holding company viewed from a net asset value (NAV) standpoint rather than an individual P/E.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Department Store | 17.40x | 0.79x | 4.56% |
| Hyundai Home Shopping | 10.58x | 0.45x | 4.21% |
| Shinsegae | 423.56x | 1.32x | 0.31% |
For a holding company, consolidated P/E and P/B cannot be read at face value. Book equity records affiliate stakes at acquisition cost and thus low, making the P/B of 0.64x look higher than it really is, and net profit is swayed by equity-method income, so a trailing P/E of 6.25x cannot be trusted as is either. It must therefore be viewed on a net asset value (NAV) basis. The value of listed holdings explains about 102% of the market cap, so the listed portion alone carries almost no discount, and unlisted subsidiaries and the value of its own operations are added on top. On the other hand, with the highest earnings multiple attaching to Hyundai Department Store, its largest asset, the stake value does not read as undervalued alone, and it is offset by the relatively cheaper stakes in Hyundai Home Shopping and Hyundai Greenfood. On balance, this is neither clearly overvalued nor deeply undervalued but fairly valued, with return execution and affiliates' results steering the direction of any re-valuation.
Price history Close · MA20 · MA60
The latest close is ₩12,870 and the market capitalization is ₩2.0 trillion. The price sits below its 20-day moving average (₩14,404) and below its 60-day moving average (₩14,186). 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 39.0, a neutral level. The one-month change is -2.3%, the three-month change is -4.5%, and the position relative to the 52-week high is -31.4%. Relative strength versus the KOSPI is 56 (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 57% of all stocks. Over the past three months it lagged the index by 22.7%. 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 -22.71% / 6M -1.51% / 12M -37.28%
Key metrics vs sector median
Valuation
The P/E of 4.87x is below the sector median (6.67x). The P/B of 0.50x is in line with the sector median (0.49x).
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 8.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.114x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 10.3%, above the sector average (5.0%). The operating margin is 3.4%. The debt ratio is 79.6%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.7B | $4.9B | $5.4B | +9.21% ↓ slower |
| Operating profit | -$7.3M | $131.3M | $181.6M | +38.35% |
| Net profit | $747.1M | $463.2M | $273.1M | -41.05% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.3B | $2.6B | $1.7B | $4.9B | $5.4B |
| Operating profit | $38.8M | $39.8M | -$7.3M | $131.3M | $181.6M |
| Net profit | $28.8M | $37.0M | $747.1M | $463.2M | $273.1M |
| Revenue CAGR | 4-yr avg 23.43% | ||||
Revenue rose 9.2% year over year (2023 ₩2.6 trillion → 2024 ₩7.4 trillion → 2025 ₩8.1 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 38.4% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 23.4%. The two-year revenue CAGR is 75.4%. In the most recent quarter (Q1 2026), revenue was 0.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 10.3% points to solid profitability.
Points to watch
- Revenue rose 9.2% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-22FilingDecision on a comprehensive share swap and transfer, and related capital reduction, to bring Hyundai Home Shopping in as a wholly owned subsidiary (major management matter of a subsidiary, amended filing). Exchange ratio of 1:6.357, with completion expected on June 30.Over the medium term, Hyundai Home Shopping's profit and loss is fully attributed rather than in proportion to the stake, broadening the equity-method income base and tidying up the holding structure. Expectation for the governance restructuring is reflected in the short-term share price. Source
- 2026-05-08IRDisclosure of the corporate value-up plan (voluntary disclosure) with 2025 implementation status. Aiming for a shareholder-return ratio of 80% or higher on a standalone net-profit basis, achieving 82.5% in 2025. For 2026, a direction of about ₩100 billion in treasury-share purchases and cancellation during the year plus dividend expansion.Concrete return policy is positive for narrowing the holding-company discount and providing downside support. Treasury-share cancellation raises per-share value. Source
- 2026-05-08IRNotice of an investor-relations (IR) session and a fair disclosure related to ad hoc disclosure obligations. Explains Q1 results and shareholder-return plans to the market.Stronger communication on the direction of results and returns is an occasion for re-valuation of the holding company's valuation. Source
- 2026-05-15EarningsQ1 2026 quarterly report. Cumulative revenue of ₩2.08 trillion (up 0.6%), operating profit of ₩117.6 billion (up 23.9%), and net profit of ₩147.2 billion (down 27.6%).Core operating-profit improvement continues, but net profit declines on the base effect of affiliates' equity-method income. Confirms the volatility of holding-company net profit. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Market cap versus the value of listed holdings | ₩2.0 trillion | ₩2.0 trillion | Confirmed | link |
| 2025 shareholder-return ratio / treasury-share cancellation plan | 82.5%(2025), 2026 approx. ₩100.0 billion | — | Confirmed | link |
| Hyundai Home Shopping brought in as a wholly owned subsidiary (share swap) | 6 30 | — | Confirmed | link |
| 2026 net profit (forward) | approx. ₩460.0 billion(self-estimate) | — | Unverified | link |
Recent filings
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-22Material-fact report (amended)
- 2026-05-22Material-fact report (amended)
- 2026-05-22Material-fact report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-05-08Disclosure
- 2026-05-08Disclosure
- 2026-05-08Disclosure
- 2026-05-08Fair-disclosure notice
- 2026-05-08Disclosure
📖 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.
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