VenueG (019010) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
VenueG (formerly Grand Department Store) is a leisure and retail company that runs the VenueG Wedding hall in Gangseo-gu, Seoul, Hotel VenueG in Jongno-gu, the VenueG Country Club golf course in Gapyeong, and a department-store retail operation. On top of its core business, which generates roughly ₩48.2 billion in revenue and about ₩15.0 billion in operating profit (a 31% operating margin), it holds a portfolio of listed equities centered on Samsung Electronics and SK Hynix, which is why net profit of ₩93.7 billion runs more than six times its core operating profit. A February 2026 disclosure of a 30%-plus change in its profit-and-loss structure confirmed a swing back to profitability driven by valuation gains on those holdings, and a dividend of ₩70 per share was declared. In Q1 the company posted revenue of ₩10.4 billion (+13.9%), operating profit of ₩1.9 billion, and net profit of ₩57.8 billion, continuing a pattern in which both the core business and the mark-to-market swings on its equity holdings flow through quarterly earnings. What stands out most recently is that, when the value of the core operating business is combined with the net asset value of the listed holdings (a sum-of-the-parts view), the stock sits close to an undervalued zone at a P/B of 0.72x — though it is worth keeping in mind that both earnings and asset value move with the semiconductor cycle, coming to the fore during recoveries and giving back valuation gains during downturns.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Offline Retail (Asset Plays)” (Retail, Consumer Goods & Food · Distribution & Wholesale/Retail), a type typically read first through P/E.
Offline retail is a consumer-facing business that earns steady profits from running stores, so price-to-earnings (P/E) — the price against the profits it makes — is a natural starting point. Sales and margins tend to be relatively stable, which makes the earnings stream easier to read.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 0.8% year over year, and the pace is slowing (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 13.9% higher than a year earlier.
- ROE is 31.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 29.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Man-jin 7.66% (individual)
Controlling bloc incl. related parties 51.49%
With the controlling bloc holding 51%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
VenueG (formerly Grand Department Store) is a leisure and retail company that operates VenueG Wedding in Gangseo-gu, Seoul, Hotel VenueG in Jongno-gu, the VenueG Country Club golf course in Gapyeong, Gyeonggi Province, and a department-store retail business. Its core business generates roughly ₩48.2 billion in annual revenue and about ₩15.0 billion in operating profit — modest in scale, but efficient, with an operating margin reaching 31%. In addition, the company holds a sizeable portfolio of listed equities centered on Samsung Electronics and SK Hynix. That is why net profit of ₩93.7 billion is more than six times core operating profit, with most of the difference coming from valuation gains on those holdings. In short, it is a steady leisure-and-retail operator paired with a portfolio of large, blue-chip stocks, so value is created on both the core business and the asset side.
The latest close is ₩3,600 and the market capitalization is ₩173.5 billion. The price sits below its 20-day moving average (₩4,052) and below its 60-day moving average (₩4,904). 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 36.9, a neutral level. The one-month change is -26.9%, the three-month change is -34.4%, and the position relative to the 52-week high is -46.4%. Relative strength versus the KOSDAQ is 80 (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 81% of all stocks. Over the past three months it outpaced the index by 2.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Valuation metrics are low across the board. The P/E (how many times one year of earnings the price represents) is 1.85x, the P/B (how many times net assets the price represents) is 0.39x, and the forward P/E based on this year's expected earnings is below the peer median. Profitability is solid, with an ROE (annual return on shareholders' equity) of 24% and an operating margin of 31%, and the balance sheet is stable, with a debt ratio (debt to equity) of 71.9% and a current ratio of 201%. That said, because net profit is heavily blended with valuation gains and losses on the equity holdings, the forward P/E based on this year's expected earnings (3.08x) reflects the real picture better than the trailing P/E based on last year's reported earnings. That the forward P/E is clearly below peers reads as a signal that the stock is priced cheaply when the value of the core business and the asset holdings are considered together. The dividend is ₩70 per share, a dividend yield of about 1.3%, and because much of the valuation gain is a book gain, the payout ratio (3%) is kept low.
The core business rolls along at a steady pace. Revenue was ₩48.2 billion in 2025, about level with the prior year (+0.8%), and operating profit of ₩15.0 billion, while down year on year, held well above the ₩8.7 billion of 2023. Net profit swung widely — +₩13.8 billion in 2023, -₩12.6 billion in 2024, and +₩93.7 billion in 2025 — with the driver of that volatility being valuation gains and losses on the equity holdings. When semiconductor shares were weak in 2024, valuation losses produced a deficit, and as the semiconductor cycle recovered through 2025-2026, valuation gains rose sharply and swung the result back to profit. In Q1 2026, revenue rose 13.9% from the same period a year earlier, and net profit of ₩57.8 billion already filled 60% of last year's full-year figure in a single quarter. That is why this year's forward P/E comes out low: with a firm core business and holdings of Samsung Electronics and SK Hynix building asset value as the semiconductor cycle recovers, both core earnings and valuation gains are lifting this year's profit together. It is worth remembering, though, that these valuation gains track semiconductor prices, so in a year when the cycle weakens the profit margin can shrink.
Disclosures in 2026 have centered on routine reporting. In February, a 30%-plus change in the profit-and-loss structure was disclosed, confirming a large increase in net profit driven by valuation gains on the holdings (a swing from a 2024 deficit to a 2025 profit), and on the same day a cash-and-in-kind dividend of ₩70 per share was declared. In March, the annual general meeting and the 2025 business report were filed, and in May the Q1 report was submitted (Q1 revenue of ₩10.4 billion, +13.9%; operating profit of ₩1.9 billion; net profit of ₩57.8 billion). Rather than large new orders or investments, the disclosure narrative centers on core results and the quarter-by-quarter valuation swings on the listed holdings flowing through earnings.
The stock's strengths are clear. The core leisure-and-retail business throws off cash efficiently at a 31% operating margin, and on top of that sits a portfolio of large blue-chip stocks centered on Samsung Electronics and SK Hynix. A P/B of 0.72x and the forward P/E show that, once those holdings are added to the value of the core business, the stock is priced low relative to net assets and earnings. The balance sheet is stable on both debt and liquidity. What also has to be understood is the structural fact that this company's earnings and asset value move together with the semiconductor cycle. When semiconductors are strong, the asset value comes to the fore and earnings stand out; when they are weak, the valuation gains shrink. So rather than viewing it through a single operating P/E, the right lens is a sum-of-the-parts view that adds the net asset value (NAV) of the listed holdings to the operating value of the core business. On that basis, the current price sits close to an undervalued zone once both the core business and asset value are weighed, and it can be read more accurately by tracking together the conditions that bring its strengths to the fore (a semiconductor recovery and rising asset value) and those that dampen them (shrinking valuation gains in a semiconductor downturn).
🔎 Valuation vs peers Inconclusive
On a surface industry basis (department-store retail), Hyundai Department Store is a comparable, but in substance this is an asset-investment type whose earnings are driven by valuation gains and losses on equity holdings outside the core business, so a simple operating-P/E comparison does not hold; the surface-metric comparison is offered only to illustrate that limitation.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Department Store | 11.05x | 0.50x | 4.03% |
| Shinsegae International | 95.33x | 0.47x | 1.65% |
Hyundai Department Store, a same-industry department-store operator, trades at a P/E of about 21x with an ROE of 4.6%, while VenueG shows a P/E of 2.72x and an ROE of 24% — seemingly the opposite. But this gap is not because VenueG is the superior business; it is because its earnings are blended with valuation gains and losses on stocks rather than the core business, so the two cannot be measured on the same yardstick (the limitation of a P/E based on last year's reported earnings). The more meaningful operating-based metric, P/B, is 0.56x, low relative to assets — but because that asset value swings with semiconductor share prices, it is hard to call the stock outright cheap. Rather than a standard undervalued or overvalued verdict, this belongs in the inconclusive zone, where the value of the equity portfolio and the cash flow of the core business must be weighed together.
Price history Close · MA20 · MA60
The latest close is ₩3,600 and the market capitalization is ₩173.5 billion. The price sits below its 20-day moving average (₩4,052) and below its 60-day moving average (₩4,904). 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 36.9, a neutral level. The one-month change is -26.9%, the three-month change is -34.4%, and the position relative to the 52-week high is -46.4%. Relative strength versus the KOSDAQ is 80 (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 81% of all stocks. Over the past three months it outpaced the index by 2.8%. 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 +2.77% / 6M +34.58% / 12M +54.23%
Key metrics Computed vs sector median
Valuation
The P/E of 1.85x is below the sector median (11.05x). The P/B of 0.39x is below the sector median (0.47x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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.
Profitability & financials
Return on equity (ROE) is 31.8%, above the sector average (1.0%). The operating margin is 29.9%. The debt ratio is 62.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $28.3M | $33.6M | $33.9M | +0.75% ↓ slower |
| Operating profit | $6.1M | $12.9M | $10.6M | -18.38% ↓ slower |
| Net profit | $9.7M | -$8.9M | $65.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $35.8M | $41.4M | $28.3M | $33.6M | $33.9M |
| Operating profit | $2.0M | $7.9M | $6.1M | $12.9M | $10.6M |
| Net profit | $29.3M | -$14.0M | $9.7M | -$8.9M | $65.9M |
| Revenue CAGR | 4-yr avg -1.35% | ||||
Revenue rose 0.8% year over year (2023 ₩40.2 billion → 2024 ₩47.9 billion → 2025 ₩48.2 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 18.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.4%. The two-year revenue CAGR is 9.5%. In the most recent quarter (Q1 2026), revenue was 13.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 31.8% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 0.8% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-02-25FilingDisclosure of a 30%-plus change in the profit-and-loss structure — net profit rose sharply year on year on valuation gains on holdings (a swing from a 2024 deficit to a 2025 profit).In the near term this highlights the return to profitability, while also making clear that, because it rests on valuation gains, the earnings are highly volatile. Source
- 2026-02-25DividendCash-and-in-kind dividend declared — ₩70 per share (a dividend yield of about 1.3%); the payout ratio relative to net profit is a low 3%.A steady dividend continues, but because much of the profit is a book valuation gain, there is limited room to expand the dividend base. Source
- 2026-03-19FilingBusiness report (Dec 2025) filed — annual report covering the core leisure-and-retail operations (wedding hall, golf course, hotel, department store) and the listed-equity portfolio.Officially confirms a structure of flat core operating profit and net profit driven mainly by valuation gains. Source
- 2026-05-15EarningsQuarterly report (Mar 2026) filed — Q1 revenue of ₩10.4 billion (+13.9% YoY), operating profit of ₩1.9 billion (-10.3%), net profit of ₩57.8 billion (+411%).The surge in net profit came from valuation gains on the equity holdings rather than the core business, reconfirming how dependent quarterly earnings are on the portfolio. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-02-25DividendCash/stock dividend decision
- 2026-02-25EarningsEarnings filing
📖 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.