GS P&L (499790) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
GS P&L is a holding company that was spun off from GS Retail and listed in December 2024. It consolidates the results of its subsidiaries, chiefly Parnas Hotel, which operates the five-star Grand InterContinental Seoul Parnas and Westin Seoul Parnas next to COEX in the Gangnam district, along with Freshmeat, a food-ingredient processor. In March 2026 the company voluntarily disclosed a corporate value-up plan, paid its first dividend for 2025 with a total payout of ₩6.9 billion and a payout ratio of 35.7%, and pledged to raise the total dividend by more than 10% annually; in May its preliminary first-quarter results confirmed an earnings recovery. What stands out most recently is that the picture is strong while the renovated hotels' profits rebound, highlighting a P/E of roughly 14x on this year's earnings and a P/B of 0.89x, but investors should also weigh that profit hinges heavily on hotel performance and is sensitive to swings in tourism and business-travel demand, while renovation spending still leaves cash flow negative.
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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 rose 1157.0% year over year, and the pace is holding steady (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 38.0% higher than a year earlier.
- ROE is 2.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 16.8%.
- 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 GS 58.62% (corporate)
Controlling bloc incl. related parties 58.62%
With the controlling bloc holding 59%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
GS P&L is a holding company spun off from GS Retail and listed on the KOSPI in December 2024. Rather than selling products directly, it holds subsidiaries and consolidates their results. Its largest subsidiary is Parnas Hotel, which runs two five-star properties next to COEX in Gangnam: the Grand InterContinental Seoul Parnas and the Westin Seoul Parnas. It also owns Freshmeat, a food-ingredient processor. As a result, the company's earnings and value effectively depend on how well the hotel business performs.
The latest close is ₩44,100 and the market capitalization is ₩874.5 billion. The price sits above its 20-day moving average (₩39,320) and above its 60-day moving average (₩42,344). 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 60.7, a neutral level. The one-month change is +5.4%, the three-month change is -19.1%, and the position relative to the 52-week high is -31.7%. Relative strength versus the KOSPI is 31 (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 31% of all stocks. Over the past three months it lagged the index by 8.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
This is a stock whose valuation metrics look different on the surface than underneath. On last year's earnings the P/E (how many times a year's profit the share price is) is 45.15x, which looks high. But that figure reflects a period when profit was depressed because the hotels were closed for renovation, so it cannot be taken at face value. The P/B (how many times book net assets the share price is) is 1.02x, meaning the shares trade below book value. However, the hotel real estate and subsidiary stakes on the books are recorded at low, long-ago acquisition cost, so the actual asset value is likely larger than the book figure. ROE (how much is earned on equity in a year) is a low 2.3%, again a figure from a year when profit was squeezed by renovation. On the debt side, net debt (total borrowings minus cash) is about ₩635.5 billion. With large sums going into hotel renovation, recent free cash flow (FCF, the cash actually left in hand) is negative. As the renovation wraps up, the investment burden is set to ease.
Profit revived clearly in the first quarter of 2026: revenue of ₩130.4 billion (up 38.0% year on year), operating profit of ₩24.2 billion (up 58.8%), and net profit of ₩14.1 billion (up 68.7%). This came as the renovated hotels reopened in September 2025. Room count fell, but because the rooms were refurbished, room rates rose, so revenue and profit grew together. First-quarter net profit of ₩14.1 billion already equals about three-quarters of last year's full-year net profit of ₩19.4 billion. Since hotels typically peak around year-end, there is room for profit to continue in the remaining quarters. Extending this trajectory, this year's net profit looks set to more than double last year's. That would put this year's P/E on earnings at around 14x — a completely different picture from 39x on last year's basis.
The company voluntarily disclosed a corporate value-up plan in March 2026. It recorded its first dividend for 2025, with a total payout of ₩6.9 billion and a payout ratio (the share of net profit paid out as dividends) of 35.7%, and pledged to raise the total dividend by more than 10% each year. That said, only a year after the spin-off, it has yet to present specific targets for figures such as revenue and profit, saying it will set them after watching the business stabilize. In May it announced preliminary first-quarter results through a fair disclosure, confirming the earnings improvement. Parnas Hotel's completed renovation and reopening sit at the center of all of these developments.
The strengths are clear. This is an asset-based business that owns and operates five-star hotels in prime Gangnam locations, and profit at the renovated hotels is visibly recovering. Even though last year's P/E looks high, on this year's earnings it is around 14x, so once the earnings inflection is factored in, the burden is actually not large. Because it is a holding company whose book net assets carry subsidiary stakes at low cost, a P/B of 0.89x effectively values the shares even lower relative to true asset value. There are cautions too. Profit hinges heavily on the subsidiary hotels' performance and is sensitive to swings in tourism and business-travel demand. It carries net debt and cash flow is still negative because of renovation spending, so the pace of investment recovery is a key point to watch. In short, the structure is strong while renovation effects flow through to earnings, and weak if hotel demand falters or additional investment burdens grow.
🔎 Valuation vs peers Undervalued
Because operating asset-based five-star hotels is the core business, it is compared with domestically listed premium hotel and leisure operators.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hotel Shilla | 0.00x | 1.51x | -15.63% |
| Hana Tour | 15.44x | 3.59x | 31.18% |
The headline P/E of 39.2x on last year's basis is hard to use as is, since it comes from a year when profit was depressed by hotel renovation. Reflecting this year's flow, in which profit more than doubles as it recovers, the P/E falls to around 14x. Compared with pure premium-hotel operator Hotel Shilla at a P/B of 1.78x, GS P&L's P/B of 0.89x is about half, and once the hotel real estate carried at acquisition cost is taken into account, it trades even lower relative to true asset value. Because it is a holding company, it is better viewed by the value of assets held than by consolidated P/E, and on that basis the current share price looks low against both asset value and recovering earnings.
Price history Close · MA20 · MA60
The latest close is ₩44,100 and the market capitalization is ₩874.5 billion. The price sits above its 20-day moving average (₩39,320) and above its 60-day moving average (₩42,344). 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 60.7, a neutral level. The one-month change is +5.4%, the three-month change is -19.1%, and the position relative to the 52-week high is -31.7%. Relative strength versus the KOSPI is 31 (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 31% of all stocks. Over the past three months it lagged the index by 8.6%. 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 -8.61% / 6M -30.32% / 12M -39.94%
Key metrics Computed vs sector median
Valuation
The P/E of 45.15x is above the sector median (8.18x). The P/B of 1.02x is above the sector median (0.53x). 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 8.6%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 2.9%, below the sector average (4.0%). The operating margin is 16.8%. The debt ratio is 139.9%, 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 | — | $26.9M | $338.4M | +1156.95% |
| Operating profit | — | -$26,836 | $54.8M | — |
| Net profit | — | -$654,881 | $13.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | $26.9M | $338.4M |
| Operating profit | — | — | — | -$26,836 | $54.8M |
| Net profit | — | — | — | -$654,881 | $13.6M |
| Revenue CAGR | 1-yr avg 1156.95% | ||||
Revenue rose 1157.0% year over year, and the three-year trend is 'mixed'. In the most recent quarter (Q1 2026), revenue was 38.0% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 1157.0% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-19IRDisclosure of a corporate value-up plan. For 2025, a total dividend of ₩6.9 billion and a payout ratio of 35.7%, with a goal to grow the total dividend by more than 10% a year going forward. In its first year after the spin-off, it did not present quantitative revenue or profit targets.It spells out the direction of shareholder-return policy (dividend expansion). However, because no specific profit target was given, earnings must be judged by the subsidiary hotels' performance. Source
- 2026-05-06EarningsFair disclosure of preliminary first-quarter 2026 results: consolidated revenue of ₩130.4 billion, operating profit of ₩24.2 billion, and net profit of ₩14.1 billion, a large year-on-year increase.It confirms in figures the profit recovery at the renovated hotels — the basis for the earnings inflection. Source
- 2026-05-15FilingFiling of the first-quarter 2026 report. Officially confirms the results and financial position of consolidated subsidiaries such as Parnas Hotel and Freshmeat.A regular disclosure that lets one confirm the makeup (hotel-centered) of the holding company's consolidated results. Source
- 2026-03-11FilingFiling of the 2025 business report. Discloses the first full fiscal-year results after the spin-off (revenue of ₩481.7 billion, operating profit of ₩78.0 billion, net profit of ₩19.4 billion) along with governance and subsidiary details.It fixes the baseline financials of the newly established spin-off entity — the starting point for gauging the subsequent recovery. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-06EarningsFair-disclosure notice
- 2026-04-29EarningsEarnings disclosure
- 2026-03-19Disclosure
- 2026-03-19Shareholders' meeting notice
- 2026-03-19OwnershipLargest-shareholder ownership change report
- 2026-03-19Disclosure
- 2026-03-19Disclosure
- 2026-03-11PeriodicAnnual business report
- 2026-03-10Audit report
📖 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.