GS P&LGS피앤엘

GS P&L is a young Seoul hotel and meat holding company whose shares have fallen sharply, while its half-year profit is thin relative to revenue and debt.

GS P&L is a holding company formed in December 2024 by a spin-off from GS Retail. Its main businesses are luxury and business hotels run through Parnas Hotel, office leasing and a shopping mall, and livestock processing through Fresh Meat. On trailing twelve-month figures to H1 2026 it had revenue of ₩564B, operating income of ₩105B and net income of ₩32B, with ₩310B of borrowings against ₩35B of cash.

What stands out

• Trailing operating margin is 18.6% but net margin is only 5.7%, so a large share of operating profit does not reach shareholders in the data.
• Trailing free cash flow is negative at about -₩8.9B, and liabilities are 93.1% of equity.
• The share price closed at ₩35,400, down 12.6% over one year and 6.7% over one month, and sits well below its 52-week high of ₩67,000.
• The 2025 annual revenue of ₩482B compares with ₩38B in 2024, a jump that reflects the company's first full year after its late 2024 formation; the data does not explain the change in detail.
• Over the last 20 days institutions were net sellers of about ₩6.8B, while foreign and retail investors were net buyers; foreign ownership rose slightly to 10.9%.

What to watch

• The fair value model in the data gives a base value of ₩8,488 and a bull value of ₩70,263, far from the current price and with a very wide range; the data does not explain this gap, so treat it with caution.
• The next scheduled results and filings after the half-year report, and whether borrowings and negative free cash flow improve.
• The filing dated 2026-10-02 reports a 5%+ holding; the data gives no news headlines to explain it, so check the filing for who holds the stake and why.