GSE지에스이

GSE's shares have fallen about a third over the past year, while its half-year 2026 profits sit well above its 2024 level.

GSE is a small city gas supplier serving households and businesses in parts of Gyeongsang-nam-do, buying its gas from Korea Gas Corporation. On a trailing twelve-month basis to H1 2026 it reports revenue of ₩173B, operating income of ₩7.5B and net income of ₩4.5B, with a 4.3% operating margin. The share price is ₩1,785, down 34% over one year, and the company's own fair value model gives a base value of ₩539, well below the current price.

What stands out

• Revenue for 2025 rose 9.3% to ₩170B, and trailing revenue to H1 2026 is ₩173B.
• Operating income for 2025 was ₩7.3B, up from ₩4.9B in 2024, with a 4.3% operating margin.
• Net income fell from ₩5.6B in 2023 and ₩5.9B in 2022 to ₩3.9B in 2025, and the trailing figure is ₩4.5B.
• Balance sheet is leveraged: borrowings of ₩48.7B against cash of ₩14.6B, and liabilities at 119% of equity.
• Valuation metrics look low (P/E 11.8, P/B 0.5, dividend yield 2.2%), and the 2026 filings include a cash dividend decision, but the data gives no analyst ratings or price targets.
• Foreign ownership fell from 5.1% to 4.2% over the past 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• The cash dividend amount and record date following the August 2026 dividend decision filing.
• The full-year 2026 results and any further amendments to filings, since the 2025 annual report was amended in July 2026.
• Debt levels and interest costs relative to the modest operating profit, as the data shows no news headlines to explain recent price moves.