GS Holdings (078930) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
GS is an operating holding company that earns money from dividends, brand royalties and consolidated results on its stakes in the group's core subsidiaries; its central axis is wholly owned GS Energy and the refiner GS Caltex, of which GS Energy holds 50%, joined by GS Retail, GS EPS, GS Power and GS P&L. International crude prices and refining margins at GS Caltex are the key swing factor for results, and in Q1 2026 a large earnings rebound was confirmed with operating profit of ₩1,258.6 billion (+56.7%) and net profit of ₩826.7 billion (+183.6%), while it continued returns by retiring its entire treasury stock through profit-cancellation (about ₩1.87 billion). What stands out lately is a balance: a clear recovery-phase undervalued, high-dividend holding-company profile — a P/B of 0.52x, a P/E of 9.5x, a dividend in the 3.7% range, treasury-share retirement and a large earnings rebound — set against the caution that the refining business at the core of profit swings widely with crude prices and refining margins, so earnings move with them when margins turn down.
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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 “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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
- 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 fell 0.3% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 9.9% higher than a year earlier.
- ROE is 8.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 13.1%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2017-12-31
Largest shareholder Huh Chang-soo 4.75% (individual)
Controlling bloc incl. related parties 6.86%
With the controlling bloc holding 7%, ownership is dispersed, leaving room for control-related or activist dynamics.
Net asset value (NAV) assessment
💡 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
| GS Retail | 58.62% |
| GS P&L | 58.62% |
🔎 In-depth analysis Reading
GS is less a company that makes and sells products directly than an operating holding company that earns money from dividends, brand royalties and consolidated results on its stakes in the group's core subsidiaries. The central axis of corporate value is wholly owned GS Energy and the unlisted refiner GS Caltex, of which GS Energy holds a 50% stake. GS Caltex is a leading domestic private refiner that buys crude oil and refines it into gasoline, diesel, jet fuel and petrochemical products for sale. International crude prices and refining margins (the gap between crude prices and product prices) are the key swing factor for results. Added to this is listed subsidiary GS Retail, which runs the GS25 convenience stores and GS The Fresh supermarkets. GS EPS and GS Power in power and LNG, GS P&L which houses the Parnas Hotel, and GS Global in trade and logistics are also subsidiaries. For reference, GS E&C — behind the 'Xi' apartment brand — is not a consolidated subsidiary of the holding company GS but an affiliate controlled directly by the owning family. So GS's corporate value comes less from any one division's revenue than from 'which subsidiaries it holds and how much', particularly the results of the refining subsidiary.
The latest close is ₩98,800 and the market capitalization is ₩9.2 trillion. The price sits above its 20-day moving average (₩86,585) and above its 60-day moving average (₩77,518). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 65.2, a neutral level. The one-month change is +23.4%, the three-month change is +28.5%, and the position relative to the 52-week high is +0.0%. Relative strength versus the KOSPI 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 80% of all stocks. Over the past three months it outpaced the index by 49.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
As a holding company, GS is easily misread if the P/E ratio (how many times one year's earnings the price is) and P/B (how many times book net assets) are taken at face value. On last year's (2025) finalized results the P/E is 9.5x and the P/B is 0.52x, meaning it trades at half its net assets — noticeably low even versus similar holding companies. There is a reason the P/B is low in particular: holding companies often carry their subsidiary stakes at low original acquisition cost, so actual net asset value (NAV) is larger than book, meaning the true discount is deeper than this number. ROE (the rate earned in a year on equity) is 5.4% and the operating margin is 11.7%. The debt ratio (debt relative to equity) is 242.9%, high on the number alone, but because GS consolidates asset-heavy, high-borrowing subsidiaries such as refining and power, it cannot be judged by the same yardstick as ordinary manufacturing (interest coverage of 6.1x means operating profit comfortably covers interest). Debt-inclusive measures make the picture clearer: EV/EBIT (enterprise value divided by operating profit — a P/E-equivalent that also reflects debt) is 4.75x and EV/EBITDA is 3.27x, both low. Add a dividend yield of about 3.7%, a dividend of ₩3,000 per share and a payout ratio (share of net profit paid as dividends) of 35.6%, and the shareholder-return appeal grows. One point to note is that this P/E is on 'last year's finalized earnings'. With Q1 earnings up sharply this year, the forward valuation on this year's expected earnings (see the forecast below) is a notch lower than the trailing basis.
Over five years, revenue jumped from ₩20.2 trillion in 2021 to ₩28.8 trillion in 2022 as crude prices spiked, then settled in the ₩25 trillion range at ₩25.9 trillion in 2023, ₩25.2 trillion in 2024 and ₩25.2 trillion in 2025. Operating profit also eased from ₩5.0 trillion in 2022 to ₩2.9 trillion in 2025 — better read not as the company underperforming but as abnormally high refining margins returning to normal levels. And in the most recent quarter the flow clearly turned. Q1 2026 net profit of ₩826.7 billion already exceeded the full-year 2025 net profit (₩798.7 billion). Operating profit of ₩1,258.6 billion rose 56.7% year over year, and subsidiary dividend income alone was ₩345.7 billion, 2.3 times the prior year. The key to the improvement is GS Caltex: as refining margins revived amid rising international crude prices, GS Caltex's results improved and flowed through GS Energy into the holding company's earnings. That said, a good part of the Q1 improvement is inventory-valuation gains from the crude-price surge, so it is hard to assume this effect repeats identically every quarter, and the remaining quarters are reasonably expected to normalize below Q1. Even so, full-year 2026 net profit looks set to far exceed 2025. This recovery is a factor that should meaningfully lower the current P/E, which looks high because of last year's low earnings.
Recent disclosures cluster on shareholder returns and earnings confirmation. The May 13 preliminary-results fair disclosure and the May 15 quarterly report confirmed the Q1 earnings rebound (operating profit +56.7% YoY, net profit +183.6%) in formal financial statements, and the matching preliminary and finalized figures supported the credibility of the results. On May 8 the company decided to retire its entire treasury stock (19,883 common shares and 5,150 preferred shares, about ₩1.87 billion) through profit-cancellation — reducing share count by cancelling treasury shares — and completed the retirement on the 14th, continuing a return that raises per-share value (the size itself is small). On April 30 an IR (investor presentation) was announced, giving the company a venue to explain its business and results directly. The May 29 corporate governance report, the June 1 large business-group status disclosure, and the June 4 large-holding report are periodic disclosures for checking group governance and stake changes. All are based on original filings the company submitted directly to the exchange and electronic disclosure system, not press articles. As a holding company, subsidiaries' results, dividends and return policy are more important stock catalysts than individual product events.
The core strength is that GS is a holding company undervalued relative to asset value. The price sits well below net asset value (NAV), and the dividend yield is a high 3.7%. Add returns via treasury-share retirement and this year's large Q1 earnings rebound (net profit +183.6%). The forward valuation on this year's earnings coming out lower than the trailing basis points the same way. The variable that defines its character is the core refining business. While refining margins hold up, profit and dividend capacity grow together and the undervaluation appeal shows clearly; conversely, when crude prices and margins turn down, earnings move with them. In particular, the Q1 improvement carries one-off factors such as inventory effects, so its size is hard to sustain every quarter. And holding companies structurally carry a 'holding discount' in which subsidiary value is not fully reflected in the share price, so whether the return policy is sustained is the key to narrowing that discount. In sum, this is a stock that is strong when refining margins and shareholder returns hold, and weaker when crude prices and margins cool quickly.
🔎 Valuation vs peers Undervalued
The peer set is domestic operating holding companies whose core subsidiaries are in refining and energy, chosen by the business reality that 'subsidiary stakes are the core of corporate value' rather than by a simple industry code.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SK Inc. | 23.10x | 1.25x | 26.75% |
| LG Corp. | 21.86x | 0.53x | 1.69% |
| CJ Corporation | 29.70x | 0.80x | 3.47% |
As a holding company, GS is more accurately viewed through the actual value of its subsidiary stakes (NAV, or a sum-of-the-parts adding subsidiary stake value and operating value) than through consolidated P/E and P/B. On that view GS is the most undervalued among large domestic holding companies. Its P/E of 9.5x is far below LG (21.4x), SK (27.6x) and CJ (27.4x), and its P/B of 0.52x is also on the low side versus those peers. In particular, because holding companies carry subsidiary stakes at low acquisition cost on the books, actual NAV exceeds book net assets, so the real discount is deeper than the P/B suggests. Its dividend yield (3.7%) is also among the higher ones in the peer set. That said, rather than reading this gap simply as 'unconditionally cheap', there are points to weigh alongside: ROE of 5.4% is on the low side, which partly justifies the low P/B, and because the core of profit is refining, earnings swing widely with the crude-price and refining-margin cycle. The P/E looks higher than reality because last year's earnings were low, but since Q1 2026 net profit already exceeded the full-year 2025 figure, the valuation falls further on a forward basis. Even accounting for the refining-cycle dependence and the holding discount, weighing the discount to asset value and the dividend together, we judge it undervalued.
Price history Close · MA20 · MA60
The latest close is ₩98,800 and the market capitalization is ₩9.2 trillion. The price sits above its 20-day moving average (₩86,585) and above its 60-day moving average (₩77,518). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 65.2, a neutral level. The one-month change is +23.4%, the three-month change is +28.5%, and the position relative to the 52-week high is +0.0%. Relative strength versus the KOSPI 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 80% of all stocks. Over the past three months it outpaced the index by 49.5%. 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 +49.53% / 6M +20.60% / 12M +2.65%
Key metrics Computed vs whole-market median
Valuation
The P/E of 11.49x is in line with the whole-market median (12.97x). The P/B of 0.60x is below the whole-market median (0.84x). 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.
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 9.8%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 2.266x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 8.7%, above the whole-market average (3.0%). The operating margin is 13.1%. The debt ratio is 111.3%, 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 | $18.2B | $17.7B | $17.7B | -0.26% ↑ faster |
| Operating profit | $2.6B | $2.2B | $2.1B | -4.59% ↑ faster |
| Net profit | $913.7M | $398.3M | $561.1M | +40.87% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $14.2B | $20.2B | $18.2B | $17.7B | $17.7B |
| Operating profit | $1.9B | $3.5B | $2.6B | $2.2B | $2.1B |
| Net profit | $1.0B | $1.5B | $913.7M | $398.3M | $561.1M |
| Revenue CAGR | 4-yr avg 5.71% | ||||
Revenue fell 0.3% year over year (2023 ₩25.9 trillion → 2024 ₩25.2 trillion → 2025 ₩25.2 trillion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit fell 4.6% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.7%. The two-year revenue CAGR is -1.4%. In the most recent quarter (Q1 2026), revenue was 9.9% 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.
- The dividend yield, at 3.0%, is on the high side.
Points to watch
- Revenue fell 0.3% year over year (3-year trend: falling).
- The price is near its 52-week high, so chasing it warrants caution around volatility.
Recent news & events searched · sourced
- 2026-05-13EarningsOperating (preliminary) results on a consolidated basis via fair disclosure — Q1 2026 revenue ₩6.8 trillion, operating profit ₩1.26 trillion (+56.7% YoY), net profit ₩826.7 billion (+183.6%)Short term: a disclosure that flagged the earnings rebound to the market first, highlighting the undervaluation appeal. Medium term: improved GS Caltex refining results on higher crude prices flow into the holding company's earnings; durability needs separate confirmation. Source
- 2026-05-15FilingQ1 2026 quarterly report filed — preliminary and finalized figures match, subsidiary dividend income of ₩345.7 billion confirmedShort term: the Q1 earnings rebound is confirmed in formal financial statements. Medium term: expanded subsidiary dividend funding supports the shareholder-return stance. Source
- 2026-05-08UpdateDecision to retire the entire treasury stock (19,883 common shares and 5,150 preferred shares, about ₩1.87 billion) through profit-cancellation, retirement completed May 14Short term: a shareholder return that raises per-share value by reducing share count (small in scale, so limited supply-demand impact). Medium term: whether the return policy continues alongside dividends is the key to narrowing the holding discount. Source
- 2026-04-30IRIR (investor presentation) — the company explains Q1 results and business status to investors directlyShort term: eases information asymmetry. Medium term: an opportunity to confirm the company's official stance on each subsidiary's industry conditions and return plans. Source
- 2026-06-01FilingLarge business-group status disclosure — reveals the GS group's affiliate and governance statusShort term: a periodic disclosure for checking the group's overall affiliate structure. Medium term: reference material on the subsidiary stake structure needed to value the holding company GS. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 operating profit | ₩1.26 trillion | 1₩258.6 billion | Confirmed | link |
| Q1 2026 net profit | ₩826.7 billion | ₩826.7 billion | Confirmed | link |
| Subsidiary structure (GS Caltex held via GS Energy; GS Retail, GS EPS, GS Power, GS Global) | — | GS | Confirmed | link |
| Dividend per share / dividend yield | ₩3,000 / approx. 3.7% | ₩3,000 | Confirmed | link |
| 2026 annual net profit (forward) | approx. ₩1.8 trillion(self-estimate) | — | Unverified | — |
Recent filings Source
- 2026-06-04OwnershipOwnership-change filing
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-14OwnershipOwnership-change filing
- 2026-05-13EarningsFair-disclosure notice
- 2026-05-08Disclosure
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30Disclosure
- 2026-04-30Disclosure
📖 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.