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JONBUR Research · Initiation

GS P&L · 499790 · Holding companies

GS P&L: Profits Recovering After 2024 Spin-Off, but Shares Trade Near 52-Week Low

Why this report

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GS P&L, a KOSPI-listed holding company, has built a sizeable earnings base since its December 2024 listing, with trailing revenue of ₩564.4B and an operating margin of 18.6%. The shares have fallen 16.5% over one year and sit close to the 52-week low, while a model estimate sits well below the current price.

Written Oct 29, 2026 · Data as of Oct 28, 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 company whose operations scaled quickly: revenue rose from ₩38.3B in 2024 to ₩481.7B in 2025, and trailing operating income reached ₩104.8B. Net income is much smaller at ₩32.3B, so the net margin is only 5.7% and ROE is 3.8%. Free cash flow is slightly negative at -₩8.9B and borrowings of ₩309.9B far exceed cash of ₩34.9B. The share price at ₩33,750 is 49.6% below the 52-week high of ₩67,000 and only 4.8% above the low of ₩32,200, and it fell 14.3% in the last month. The data does not show the reasons for the decline, and no news headlines are available. The model estimate for the base case is below the market price, but the range is very wide.

Business overview

GS P&L is classified as a holding company on the KOSPI. It was founded on 2024-12-02 and listed on 2024-12-23, with 19,830,841 listed shares and a market capitalisation of about ₩669.3B. The company is led by CEO 박민수. Its history in the data is short: 2024 was essentially a start-up year with revenue of ₩38.3B and a small loss, and 2025 was the first full year with revenue of ₩481.7B. The data does not describe individual business lines or subsidiaries.

Financial analysis

Figures come from filed financial statements. For 2025, revenue was ₩481.7B, operating income ₩78.0B (16.2% margin) and net income ₩19.4B, with ROE of 2.3%. In the twelve months to H1 2026, revenue rose to ₩564.4B, operating income to ₩104.8B (18.6% margin) and net income to ₩32.3B (5.7% margin), with ROE of 3.8%. Liabilities to equity stand at 93.1%. Cash is ₩34.9B against borrowings of ₩309.9B. Free cash flow over the period was -₩8.9B. The gap between operating and net income suggests sizeable costs below the operating line, though the data does not break them down.

Valuation

The shares trade at a P/E of 20.7, P/B of 0.8, P/S of 1.2 and a dividend yield of 1.0%; enterprise value is about ₩944.2B and EV/EBITDA is not available. At the end of 2025 the P/E was 43 and the P/B 1.0, so earnings multiples have come down while book value is now priced below 1.0. Peers shown are much larger: SK Square (P/E 3.7, P/B 2.2), KB Financial (8.7, 0.9), Shinhan (7.7, 0.7), SK (4.9, 1.1) and Hana (7.6, 0.7). GS P&L's P/E is higher than all of them. The valuation model (5-year discounted cash flow, 5.8% rate) gives a base case of ₩10,238 per share, a bear case of ₩0 and a bull case of ₹74,912, compared with a price of ₩33,750. This is a model estimate based on the assumptions shown, not a target or a reason to buy or sell. The very wide range shows how sensitive it is to inputs for a young company with thin cash flow.

Catalysts

  • An advance notice of earnings results disclosure was filed for 2026-10-29, pointing to a new earnings release shortly after the data date.
  • A 5%+ holding report was filed on 2026-10-02, showing a change in a major shareholding position.
  • Foreign investors were net buyers of about ₩5.3B over 20 days, and foreign ownership rose from 10.6% to 11.4% over 60 days.
  • The half-year report filed on 2026-08-14 gave the latest financial detail behind the trailing profit and cash flow figures.
  • Institutions were net sellers of about ₩9.3B over 20 days, so the next earnings release may influence whether that flow continues.

Risks

  • Net margin of 5.7% and ROE of 3.8% are low relative to the 18.6% operating margin, so profit conversion is weak.
  • Borrowings of ₩309.9B are about nine times cash, and free cash flow is negative.
  • The company has only about two years of history, which limits how reliably past trends can be read.
  • The model's bear case of ₩0 and base case below the market price show high uncertainty about intrinsic value.
  • The share price is down 14.3% in one month and near its 52-week low, with institutional selling over the last 20 days.

Closing view

The evidence is mixed. Operations have grown quickly and operating profit is substantial, and the shares trade below book value at a P/B of 0.8. Against that, returns on equity are low, leverage is meaningful, free cash flow is negative, and the model estimate is below the current price with an extremely wide range. The P/E is also higher than the listed peers, though those peers are much larger and may not be directly comparable. The upcoming earnings release will add information on whether profit conversion and cash flow are improving.

Model estimate of fair value

Bear
₩0
-100%
Base
₩10,238
-70%
Bull
₩74,912
+122%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 5.8%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 29, 2026InitiationStart of coverage (reader request)GS P&L: Profits Recovering After 2024 Spin-Off, but Shares Trade Near 52-Week Low

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