Gamsung Corporation licenses from Japan's Snow Peak to plan and sell the outdoor lifestyle apparel brand 'Snow Peak Apparel' directly in Korea, and most of its revenue comes from selling clothing, bags and shoes through department stores, outlets and online malls. On this single brand it delivers high profitability - ROE of 26% and an operating margin of 18% - Q1 net profit rose 49%, and a small mobile-accessories division (Actimon) was spun off in a physical split on July 1, 2026 to simplify the core business into apparel, while an interim dividend of ₩200 per share continued. The point worth watching is that if brand demand and thick margins persist, the forward P/E of 6.55x brings out low-versus-peer undervaluation appeal, but with revenue concentrated in a single (license-based) brand, results move together with the brand's popularity or the terms of the license if either wavers.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 13.5% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 25.3% higher than a year earlier.
- ROE is 26.4% (total-net basis). It is above the sector average.
- Operating margin is 17.8%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Ho-seon 23.98% (individual)
Controlling bloc incl. related parties 29.47%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Gamsung Corporation licenses from Japan's Snow Peak to plan and sell the outdoor lifestyle apparel brand 'Snow Peak Apparel' directly in Korea.
- Most of its revenue comes from this apparel division, which sells clothing, bags, shoes and gear through offline stores such as department stores and outlets and through several online malls, including its own site.
- Separately it had a mobile division (Actimon) that supplied phone accessories such as power banks and charging cables at wholesale and retail, but that segment's 2025 revenue of about ₩8.7 billion was small next to the core business (about ₩241.5 billion), and it was carved out into a separate company (Actimon Co., Ltd.) in a physical split on July 1, 2026.
- In other words, after the split the company is in effect organized around the Snow Peak Apparel clothing-brand business.
- The latest close is ₩4,050 and the market cap is ₩363.9 billion.
- The price sits below its 20-day line (₩4,351) and below its 60-day line (₩5,161).
- Trading beneath both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that scores the strength of up-moves versus down-moves over the past 14 days on a 0-100 scale) is 39.1, a neutral level.
- The one-month change is -19.8%, the three-month change is -21.7%, and the price is -45.1% from its 52-week high.
- Relative strength versus the KOSDAQ is 55 (1-99, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 45% of all stocks by strength.
- Over the past three months it edged the index by 0.3%.
- It is best to read the chart alongside volume and disclosure dates.
- On last year's confirmed results the P/E (how many times one year's net profit the price is) is 10.35x and the P/B (how many times net assets the price is) is 2.74x.
- ROE (how much is earned in a year on equity) is very high at 26.4%, and with an operating margin of 17.8% and a net margin of 14.2%, the margins are thick for an apparel brand.
- The debt ratio (debt against equity) is 138.0%, but with a current ratio of 346% and an interest-coverage ratio of 24x, short-term coverage and the ability to service interest are ample.
- The key point here is that for a stock like this, where earnings are growing fast, the P/E and P/B calculated on 'last year's confirmed profit' look more expensive than reality.
- The forward P/E (the price multiple re-measured on future earnings) reflecting this year's higher earnings is 6.55x, actually lower than peer apparel companies' P/Es (about 6-10x).
- Taken together with ROE far above the peer range (6-12%), it is hard to call the stock 'expensive' on last year's numbers alone.
- Five-year revenue grew more than fivefold, from ₩48.9 billion in 2021 to ₩250.2 billion in 2025 (a five-year average of 50.4%), and operating profit swelled from ₩1.2 billion to ₩44.6 billion over the same span.
- As the top line has scaled, growth rates have naturally steadied - last year's revenue was +13.5% - but with operating-profit growth (+23.8%) outpacing revenue growth, the quality of earnings actually improved.
- In the most recent quarter, Q1 2026, growth quickened again: revenue of ₩58.5 billion (+25.3%), operating profit of ₩9.5 billion (+38.3%) and net profit of ₩8.5 billion (+49.0%).
- The reasons this year's earnings come in this strong are clear.
- Snow Peak Apparel brand demand is alive, so revenue grows in double digits; running a single brand directly means costs rise less as revenue grows, so the operating margin holds and improves above 18%; and as a result profit growth outpaces revenue growth.
- Reflecting this year's higher earnings brings the forward P/E down to 6.55x.
- The fact that Q1 net profit rose 49% from the same period last year supports this flow.
- The core of recent developments is the company-split decision of April 16, 2026.
- The small mobile-accessories division (Actimon) is carved out in a physical split into a wholly owned subsidiary, and the parent is simplified to run only the apparel core business (split date 2026-07-01).
- Being a physical split, no new shares are allotted to existing shareholders, and the mobile segment is kept in consolidation.
- An extraordinary general meeting on June 4 passed this split agenda, and the process is under way toward the July 1 split date.
- Around the same time, on April 2, 2026 the company decided an interim cash dividend of ₩200 per share (a yield of 3.61% on the market price, totaling about ₩18.0 billion), sustaining shareholder returns (record date 2026-03-31, payment scheduled 2026-04-23).
- The quarterly report on May 13 confirmed the strong Q1, and otherwise most disclosures are routine, such as general meetings and ownership changes.
- This company's strengths show clearly in the numbers: high profitability on the single Snow Peak Apparel brand (ROE 26%, operating margin 18%), five years of top-line scaling, re-acceleration of Q1 earnings (net profit +49%), and shareholder returns including an interim dividend.
- In particular, the forward P/E of 6.55x on this year's earnings is even lower than that of same-sector companies (6-10x) whose ROE is less than half, so the price reads as set low relative to profitability and growth.
- The point to weigh together is the structural feature that revenue is concentrated in a single (license-based) brand, so results move together with the brand's popularity or the terms of the license if either wavers.
- The physical split points toward focus on the core business, but since the basis for comparing financial statements changes before and after the split, that should be kept in mind when reading quarterly results.
- In short, when brand demand and thick margins persist, the forward-basis undervaluation appeal comes alive; when reliance on the single brand weakens, that appeal wavers with it.
🔎 Valuation vs peers Overvalued
Although classified under KSIC as 'wholesale,' the business is really an apparel brand, so the peer set was set as domestic apparel and fashion brand/retail companies verifiable on the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Misto Holdings | 12.40x | 1.44x | 11.61% |
| Hansae | 6.29x | 0.49x | 7.79% |
| LF | 6.64x | 0.40x | 6.06% |
The apparel and fashion companies compared sit at P/Es of 6-10x and P/Bs of 0.4-1.2x, whereas Gamsung Corporation is at a last-year confirmed P/E of 9.17x and P/B of 2.43x. The trailing P/E is in line with the sector median (9.17x), but the P/B is clearly on the high side on an asset basis. The basis for this asset premium is profitability and growth that overwhelm the peer set - ROE of 26% and an operating margin of 18%. In other words, on an earnings basis it is less 'expensive' than a range that carries a profitability and growth premium. That said, the P/E of 9.17x is on last year's confirmed earnings (trailing), and applying this year's Q1 re-acceleration and a seasonal approximation brings the forward P/E down further, to the low 6x range (about 6.25x). Whether this forward basis is confirmed by actual Q4 peak-season results is the crux of the valuation judgment, and weighing the asset-basis P/B burden and the single-brand-reliance risk together, we view it as Overvalued.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩73.6 billion | approx. ₩16.1 billion | approx. ₩9.3 billion |
Price history Close · MA20 · MA60
The latest close is ₩4,050 and the market capitalization is ₩363.9 billion. The price sits below its 20-day moving average (₩4,351) and below its 60-day moving average (₩5,161). 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 39.1, a neutral level. The one-month change is -19.8%, the three-month change is -21.7%, and the position relative to the 52-week high is -45.1%. Relative strength versus the KOSDAQ is 55 (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 55% of all stocks. Over the past three months it outpaced the index by 0.3%. 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 +0.34% / 6M -12.93% / 12M -35.15%
Key metrics vs sector median
Valuation
The P/E of 10.35x is in line with the sector median (9.68x). The P/B of 2.74x is above 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.
Profitability & financials
Return on equity (ROE) is 26.4%, above the sector average (7.0%). The operating margin is 17.8%. The debt ratio is 138.0%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $117.9M | $146.1M | $165.8M | +13.52% ↓ slower |
| Operating profit | $21.4M | $23.9M | $29.6M | +23.79% ↑ faster |
| Net profit | $16.0M | $19.4M | $23.5M | +21.04% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $32.4M | $77.8M | $117.9M | $146.1M | $165.8M |
| Operating profit | $768,890 | $10.8M | $21.4M | $23.9M | $29.6M |
| Net profit | $186,494 | $10.0M | $16.0M | $19.4M | $23.5M |
| Revenue CAGR | 4-yr avg 50.37% | ||||
Revenue rose 13.5% year over year (2023 ₩177.9 billion → 2024 ₩220.4 billion → 2025 ₩250.2 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 23.8% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 50.4%. The two-year revenue CAGR is 18.6%. In the most recent quarter (Q1 2026), revenue was 25.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 26.4% points to solid profitability.
- Revenue grew 13.5% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-16FilingCompany-split decision - the mobile-accessories division (Actimon) is separated into a wholly owned subsidiary, 'Actimon Co., Ltd. (tentative name),' with the parent running the apparel core business (split date 2026-07-01).Medium term: the core business is organized into a single apparel line, simplifying the business structure. As a physical split, no new shares are allotted to existing shareholders and the mobile segment stays in consolidation. Since the basis for comparing separate financial statements changes after the split, care is needed when reading quarterly results. Source
- 2026-04-02DividendInterim cash dividend decision - ₩200 per common share, a yield of 3.61% on the market price, totaling about ₩17.97 billion (record date 2026-03-31, payment scheduled 2026-04-23).Short term: shareholder returns continue, adding to dividend appeal. A disclosure worth checking alongside cash flow and dividend capacity. Source
- 2026-05-13EarningsQ1 2026 quarterly report - revenue of ₩58.5 billion (+25.3%), operating profit of ₩9.5 billion (+38.3%) and net profit of ₩8.5 billion (+49.0%) confirmed the re-acceleration.Short to medium term: eases concern over a growth slowdown and confirms a flow where profit growth outpaces revenue. That said, with strong Q4-concentrated seasonality, the quarterly trend should be watched before simply annualizing. Source
- 2026-06-04FilingExtraordinary general meeting results - the company-split (physical split) agenda was processed.Medium term: the split process cleared the general-meeting stage and proceeds toward the July 1 split date. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Physical-split new company and split date | (2026-04-16) | 2026-07-01 | Confirmed | link |
| Interim dividend (per share / yield on market price) | base dps=null, dividend_yield=null | 1 ₩200, 3.61%, ₩17,972,588,800 | Mismatch | link |
| Q1 2026 operating profit | ₩9.5 billion(+38.3%) | DART ₩9,471,765,229 | Confirmed | link |
| Seasonal approximation of annual operating profit | ₩67.6 billion | — | Unverified | link |
Recent filings
- 2026-06-04Shareholders' meeting notice
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-20Disclosure
- 2026-05-20Shareholders' meeting notice
- 2026-05-13PeriodicQuarterly report
- 2026-05-08OwnershipOwnership-change filing
- 2026-04-24Shareholders' meeting notice
- 2026-04-16Disclosure
- 2026-04-16Material-fact report
- 2026-04-02DividendCash/stock dividend decision
- 2026-03-26Shareholders' meeting notice
- 2026-03-18Audit report (amended)
📖 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.