Hyundai Department Store (069960) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hyundai Department Store is a large integrated retailer centered on department stores, with duty-free operations and the mattress and furniture brand Zinus. Fees and direct-purchase sales at stores such as the Apgujeong flagship and The Hyundai Seoul form the backbone of revenue, and results hinge on consumer conditions, tourist inflows, and sales of high-margin fashion goods. The key event is a corporate value-up plan to raise ROE to around 6%, normalize P/B in stages up to 0.8x, and lift the shareholder-return ratio to over 80% of standalone net profit through a new interim dividend and treasury-share cancellation; in May 2026 the company disclosed an update on the plan's progress. What stands out lately is that if high-margin department-store sales, foreign-tourist inflows, sustained duty-free profitability, and on-schedule execution of dividends and treasury-share cancellation come together, a re-valuation is justified alongside a sub-1x P/B and improving ROE; yet a consumer slowdown, a swing back to losses at duty-free or Zinus, limited return capacity amid a 247% debt ratio, and a +143% three-month gain that already prices in expectations are all factors to note.
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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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 86.0%).
- Revenue rose 1.0% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 13.5% lower than a year earlier.
- ROE is 4.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.9%.
Ownership & governance As of 2025-12-31
Largest shareholder Hyundai GF Holdings 35.06% (corporate)
Controlling bloc incl. related parties 41.35%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis Reading
Hyundai Department Store is a large integrated retailer centered on department stores, with duty-free operations and the mattress and furniture brand Zinus. The backbone of revenue is the department-store business, earning money from fees (leasing and sales commissions) on goods sold by tenant brands and from direct-purchase merchandise sales at stores such as the Apgujeong flagship, the Pangyo store, and The Hyundai Seoul. Added to this are merchandise sales at the Incheon Airport and downtown duty-free stores and Zinus's mattress and furniture sales. In other words, results hinge on consumer conditions, tourist inflows, and how much high-margin fashion merchandise is sold. For reference, this company (069960) is the group's operating subsidiary, and the holding company — separately listed Hyundai GF Holdings — holds about 37%.
The latest close is ₩106,400 and the market capitalization is ₩2.3 trillion. The price sits below its 20-day moving average (₩135,700) and below its 60-day moving average (₩149,438). 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 28.0, near oversold territory. The one-month change is -39.6%, the three-month change is -1.2%, and the position relative to the 52-week high is -48.6%. Relative strength versus the KOSPI is 50 (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 50% of all stocks. Over the past three months it outpaced the index by 11.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many times one year's earnings the price represents) is 11.05x and the P/B (how many times book equity the price represents) is 0.50x, still below 1x. 2025 ROE (how much is earned in a year per unit of equity) is 4.6%, still on the low side, but this should be seen against the fact that it comes right after net profit returned to the black following net losses in 2023-2024. With an operating margin of 8.9% and a net margin of 4.9%, margins are not thick, as is typical of retail. The part to watch is the balance-sheet burden. The debt ratio (debt versus equity) is high at 247%, and the current ratio (assets that can be quickly converted to cash versus debt due within a year) is 82.5%, below 100%, so short-term liquidity is not ample. Interest coverage of 3.7x means there is capacity to cover interest, but not with much room to spare.
Over five years, revenue fell from ₩5.0 trillion in 2022 to the ₩4.2 trillion range and has since moved sideways, while net profit went from ₩189.4 billion in 2021 to ₩144.1 billion in 2022, through losses of -₩79.8 billion in 2023 and -₩35.9 billion in 2024, to a sharp rebound to a ₩207.7 billion profit in 2025. Operating profit also improved 33% to ₩377.9 billion in 2025. However, Q1 2026 consolidated results stepped back — revenue ₩950.1 billion (-13.5%), operating profit ₩98.8 billion (-12.2%), net profit ₩64.9 billion (-26.5%) — largely because it deliberately scaled back the low-margin duty-free business. In fact, the core department-store segment posted its highest-ever Q1 revenue (+7.4%) and, with expanded high-margin fashion sales, segment operating profit surged +39.7%, while duty-free stayed profitable for a third straight quarter. In other words, even as the top line shrinks, the quality of earnings (a larger share of high-margin department stores) is improving. This year's earnings are expected to come in near last year's, as department-store margin improvement largely offsets the pullback in duty-free and other segments.
The key event is the corporate value-up plan. The company laid out a plan to raise ROE to around 6%, above the department-store-industry average; normalize P/B in stages up to 0.8x, after 0.4x; and lift the shareholder-return ratio to over 80% of standalone net profit through a new interim dividend and expanded treasury-share cancellation and total dividends. In May 2026 it updated the plan's 2025 progress via fair disclosure, and the same month brought the quarterly report and disclosures of multiple IR sessions. Whether the dividends and treasury-share cancellation are actually executed determines the credibility of the re-valuation story.
The strong case is when three things come together. First, the core department stores' high-margin fashion sales and foreign-tourist inflows continue; second, duty-free maintains a profit footing and its loss risk disappears; and third, the value-up plan's dividends and treasury-share cancellation are executed as planned. In that case a sub-1x P/B, improving ROE, and expanding shareholder returns combine to justify a re-valuation. Conversely, the weak case is when a consumer slowdown breaks department-store growth, non-core segments such as duty-free and Zinus swing back to losses, or shareholder-return capacity falls short amid a high debt ratio (147%). With a +143% three-month gain already pricing in much of the expectation, from here real confirmation through quarterly results and return execution matters.
🔎 Valuation vs peers Fairly valued
Compared with large domestic department-store and integrated retailers (Shinsegae, Lotte Shopping, E-mart).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Shinsegae | 289.71x | 0.86x | 1.75% |
| Lotte Shopping | 62.83x | 0.21x | 1.16% |
| E-Mart | 16.49x | 0.19x | 1.14% |
Shinsegae and Lotte Shopping have negligible net profit, so their P/Es are distorted into the hundreds and are hard to compare directly, and E-mart at a P/B of 0.21x is extremely undervalued but with ROE at just 1.2%. By contrast, Hyundai Department Store leads on profitability with a return to profit and a 4.6% ROE, yet its P/B is still below 1x at 0.79x. Because of the 2023-2024 net losses, the P/E on past earnings has limited meaning, and it is closer to reality to view it on a forward basis reflecting the 2025 return to profit and department-store margin improvement. With the recent +143% three-month surge already pricing in much of the value-up and low-P/B-resolution expectation, the current level is judged a 'fairly valued' range where the improvement story is reflected in the price, rather than being flatly undervalued. Further upside depends on actual execution of shareholder returns and confirmation of quarterly results.
Price history Close · MA20 · MA60
The latest close is ₩106,400 and the market capitalization is ₩2.3 trillion. The price sits below its 20-day moving average (₩135,700) and below its 60-day moving average (₩149,438). 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 28.0, near oversold territory. The one-month change is -39.6%, the three-month change is -1.2%, and the position relative to the 52-week high is -48.6%. Relative strength versus the KOSPI is 50 (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 50% of all stocks. Over the past three months it outpaced the index by 11.2%. 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 +11.22% / 6M -9.77% / 12M -23.40%
Key metrics Computed vs sector median
Valuation
The P/E is 11.05x. The P/B of 0.50x is in line with the sector median (0.47x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 8.6%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.915x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 4.0%, above the sector average (1.0%). The operating margin is 8.9%. The debt ratio is 122.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $3.0B | $2.9B | $3.0B | +1.02% ↑ faster |
| Operating profit | $213.2M | $199.5M | $265.5M | +33.06% ↑ faster |
| Net profit | -$56.0M | -$25.3M | $145.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.5B | $3.5B | $3.0B | $2.9B | $3.0B |
| Operating profit | $185.7M | $225.5M | $213.2M | $199.5M | $265.5M |
| Net profit | $133.0M | $101.2M | -$56.0M | -$25.3M | $145.9M |
| Revenue CAGR | 4-yr avg 4.32% | ||||
Revenue rose 1.0% year over year (2023 ₩4.2 trillion → 2024 ₩4.2 trillion → 2025 ₩4.2 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 33.1% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.3%. The two-year revenue CAGR is 0.3%. In the most recent quarter (Q1 2026), revenue was 13.5% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-06FilingCorporate value-up plan 2025 progress (fair disclosure). ROE target of 6%, P/B normalization from 0.4x to 0.8x, and a shareholder-return ratio above 80% via an interim dividend and treasury-share cancellation.Over the mid term, expanded shareholder returns and resolution of the low P/B are the core grounds for a re-valuation. Actual execution of dividends and cancellation is the key. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed. Consolidated revenue ₩950.1 billion (-13.5%) and operating profit ₩98.8 billion (-12.2%) fell on the duty-free pullback, but the department-store segment posted its highest-ever Q1 revenue and an operating-profit surge.Despite a short-term top-line decline, confirms improving earnings quality centered on high-margin department stores. Whether duty-free stays profitable is the variable. Source
- 2026-05-08FilingDisclosures on planned trades in specific securities by executives and major shareholders, plus a prospectus and proxy-solicitation matters. Governance and funding procedures proceeding together.Governance and capital-policy procedures, to be checked alongside the credibility of shareholder-return execution. Source
- 2026-05-22IRNotice of IR session. Communicating Q1 results and progress on the corporate value-up plan to the market.The company's explanation of results and the return plan feeds into re-valuation expectations. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 consolidated revenue | ₩950.1 billion | ₩950.1 billion(-13.5%) | Confirmed | link |
| Q1 2026 consolidated operating profit | ₩98.8 billion | ₩98.8 billion(-12.2%) | Confirmed | link |
| 2025 return to net profit | ₩207.7 billion | — | Unverified | link |
| 2026 net profit (internal estimate) | approx. ₩190.0 billion | — | Unverified | — |
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-29Corporate governance report
- 2026-05-22Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Disclosure
- 2026-05-08Earnings disclosure
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-08Disclosure
- 2026-05-07Disclosure
- 2026-05-06Disclosure
- 2026-05-06Disclosure
📖 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.