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JONBUR Research · Initiation

Hyundai Department Store · 069960 · Retail & Trade

Hyundai Department Store: Sharp Share Price Drop Alongside Recovering Profits and Low Book Multiple

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Hyundai Department Store closed at ₩84,400 on 2026-10-12, down 46.5% over three months and 14.7% over one month, while still up 2.2% over one year. Filed financials show profit recovering since 2024, with P/B of 0.4 and P/E of 8.2.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of recovering earnings and a low valuation against book value. Net income was ₩207.7B in 2025 after losses in 2023 and 2024, and trailing net income to H1 2026 is ₩231.6B. The share price is ₩84,400 against a 52-week high of ₩222,000 and a low of ₩74,100, so it sits near the bottom of its range after a steep fall. The data does not explain the fall. Revenue has been flat at about ₩4.2T for three years, so the profit recovery comes from margins rather than growth. ROE of 5.1% is modest, which may relate to the low P/B. Borrowings of ₩2.46T are large relative to cash of ₩158.0B. Investor flows, foreign ownership and short balance data are not available, so we cannot say who has been trading the stock.

Business overview

Hyundai Department Store is a KOSPI-listed company in the Retail & Trade sector, listed on 2002-11-25, with 22,628,813 listed shares. Market capitalisation is about ₩1.91T and enterprise value is about ₩4.22T. It is led by co-CEOs 정지선 and 정지영. Revenue was ₩3.57T in 2021, ₩5.01T in 2022 (up 40.4%), ₩4.21T in 2023 (down 16.1%), ₩4.19T in 2024 and ₩4.23T in 2025 (up 1.0%). Trailing revenue to H1 2026 is ₩4.07T. The data gives no segment breakdown. One recent news headline mentions it exclusively selling a US wine brand in Korea.

Financial analysis

These figures come from filed financial statements (DART). Operating income was ₩264.4B in 2021, ₩320.9B in 2022, ₩303.5B in 2023, ₩284.0B in 2024 and ₩377.9B in 2025. Operating margin moved from 6.8% in 2024 to 8.9% in 2025. Net income was ₩144.1B in 2022, a loss of ₩79.8B in 2023, a loss of ₩35.9B in 2024 and a profit of ₩207.7B in 2025. Trailing figures to H1 2026: revenue ₩4.07T, operating income ₩356.7B (8.8% margin), net income ₩231.6B (5.7% margin), ROE 5.1%. ROE was 123.1% in 2022 and 161.8% in 2021, figures that look unusual and are not explained in the data. Liabilities to equity is 87.6%, borrowings are ₩2.46T, cash is ₩158.0B and trailing free cash flow is ₩497.5B.

Valuation

Current multiples are P/E 8.2, P/B 0.4, P/S 0.5 and a dividend yield of 2.4%. EV/EBITDA is not available. Year-end 2025 P/E was 9.7 and P/B 0.4, so P/B is unchanged and P/E is a little lower; earlier year-end multiples are not available. Among listed peers, Samsung C&T has P/E 19.1 and P/B 0.5, POSCO International 11.6 and 1.4, ISC 52.3 and 7.0, Youngone 5.5 and 0.7, and Shinsegae 17.3 and 0.5. Hyundai Department Store's P/E is below most of these peers, though the peers are in differing businesses. The valuation model estimate (fair_value_model) could not be worked out and is null, so there is no model estimate per share to compare with the ₩84,400 price.

Catalysts

  • The half-year report for June 2026 was filed on 2026-08-14 and showed trailing net income of ₩231.6B.
  • The company held several investor relations events between 2026-08-20 and 2026-10-02, which may give more information on its outlook.
  • A 5%+ holding report was filed on 2026-10-02 and an insider shareholding report on 2026-10-06, which may point to changes in ownership.
  • A news item dated 2026-10-13 reports an exclusive wine sales deal, though the data gives no sign of its financial size.
  • The next financial results will update the profit trend and show whether margins near 8.8% hold.

Risks

  • The share price fell 46.5% in three months for reasons the data does not explain.
  • Revenue has been flat around ₩4.2T since 2023, so earnings depend on margins staying near current levels.
  • Borrowings of ₩2.46T are far above cash of ₩158.0B, which exposes the company to financing costs.
  • ROE of 5.1% is low, and losses in 2023 and 2024 show profits have not been steady.
  • Investor flow, foreign ownership and short interest data are unavailable, and no model estimate could be produced, so important context is missing.

Closing view

The filed numbers show a company that has returned to profit with margins near 8.8% and positive free cash flow, trading at 0.4 times book value and 8.2 times earnings. Against that, revenue is flat, returns on equity are modest, debt is high and the share price has fallen sharply with no explanation in the data. With no valuation model estimate and no flow data, the evidence is mixed and does not settle whether the price drop reflects concern or an overreaction.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Hyundai Department Store: Sharp Share Price Drop Alongside Recovering Profits and Low Book Multiple

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information