Board Change • May 15
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Executive VP of Finance Headquarters, CFO, Representative Director, President & CSSO Tae-Jin Kim was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩35,950, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Construction industry in South Korea. Total returns to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩17,489 per share. Annonce • Apr 23
GS Engineering & Construction Corporation to Report Q1, 2026 Results on Apr 30, 2026 GS Engineering & Construction Corporation announced that they will report Q1, 2026 results on Apr 30, 2026 Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₩36,300, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Construction industry in South Korea. Total returns to shareholders of 72% over the past three years. Price Target Changed • Apr 11
Price target increased by 10% to ₩29,105 Up from ₩26,368, the current price target is an average from 19 analysts. New target price is 23% below last closing price of ₩37,650. Stock is up 131% over the past year. The company is forecast to post earnings per share of ₩3,448 for next year compared to ₩1,073 last year. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (15% average weekly change). Profit margins are more than 30% lower than last year (0.7% net profit margin). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to ₩31,650, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Construction industry in South Korea. Total returns to shareholders of 64% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩19,504 per share. Price Target Changed • Mar 20
Price target increased by 7.6% to ₩26,105 Up from ₩24,263, the current price target is an average from 19 analysts. New target price is 18% below last closing price of ₩31,800. Stock is up 81% over the past year. The company is forecast to post earnings per share of ₩3,367 for next year compared to ₩1,073 last year. New Risk • Mar 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.8% Last year net profit margin: 1.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Dividend is not well covered by earnings (123% payout ratio). Profit margins are more than 30% lower than last year (0.8% net profit margin). Buy Or Sell Opportunity • Mar 18
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to ₩25,600. The fair value is estimated to be ₩19,504, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.0% per annum. Earnings are forecast to grow by 58% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩18,750, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Construction industry in South Korea. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩19,504 per share. Buy Or Sell Opportunity • Feb 25
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ₩23,850. The fair value is estimated to be ₩19,504, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.4% per annum. Earnings are forecast to grow by 59% per annum over the same time period. Annonce • Feb 24
GS Engineering & Construction Corporation, Annual General Meeting, Mar 24, 2026 GS Engineering & Construction Corporation, Annual General Meeting, Mar 24, 2026, at 09:01 Tokyo Standard Time. Location: future hall, 33, jong-r, jongro-gu, seoul South Korea Major Estimate Revision • Feb 10
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₩12.5b to ₩11.7b. EPS estimate also fell from ₩4,120 per share to ₩3,517 per share. Net income forecast to grow 1,145% next year vs 34% growth forecast for Construction industry in South Korea. Consensus price target down from ₩25,050 to ₩24,400. Share price rose 11% to ₩21,400 over the past week. Declared Dividend • Feb 08
Dividend increased to ₩500 Dividend of ₩500 is 67% higher than last year. Ex-date: 26th February 2026 Payment date: 1st January 1970 Dividend yield will be 2.6%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is not covered by earnings (123% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 8 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 37% to bring the payout ratio under control. EPS is expected to grow by 214% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Annonce • Feb 07
GS Engineering & Construction Corporation announces Annual dividend GS Engineering & Construction Corporation announced Annual dividend of KRW 500.0000 per share, ex-date on February 26, 2026 and record date on February 27, 2026. Annonce • Jan 30
GS Engineering & Construction Corporation to Report Fiscal Year 2025 Results on Feb 06, 2026 GS Engineering & Construction Corporation announced that they will report fiscal year 2025 results on Feb 06, 2026 Reported Earnings • Nov 16
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ₩1,060 (down from ₩1,398 in 3Q 2024). Revenue: ₩3.21t (up 3.2% from 3Q 2024). Net income: ₩89.9b (down 24% from 3Q 2024). Profit margin: 2.8% (down from 3.8% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) also surpassed analyst estimates by 84%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Nov 07
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ₩1,446 to ₩1,647. Revenue forecast steady at ₩12.6b. Net income forecast to grow 414% next year vs 22% growth forecast for Construction industry in South Korea. Consensus price target broadly unchanged at ₩25,763. Share price fell 3.2% to ₩18,090 over the past week. New Risk • Aug 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 244% The company is paying a dividend despite having no free cash flows. Dividend yield: 1.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 244% Paying a dividend despite having no free cash flows. Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues miss analyst expectations Second quarter 2025 results: Revenue: ₩3.13t (down 5.1% from 2Q 2024). Net loss: ₩36.7b (down 236% from profit in 2Q 2024). Revenue missed analyst estimates by 2.1%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jul 31
Consensus EPS estimates fall by 35% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩2,758 to ₩1,807 per share. Revenue forecast steady at ₩12.6b. Net income forecast to grow 37% next year vs 32% growth forecast for Construction industry in South Korea. Consensus price target broadly unchanged at ₩24,447. Share price fell 3.4% to ₩19,370 over the past week. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩22,850, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Construction industry in South Korea. Total loss to shareholders of 38% over the past three years. Reported Earnings • Mar 18
Full year 2024 earnings: Revenues in line with analyst expectations Full year 2024 results: Revenue: ₩13t (down 4.3% from FY 2023). Net income: ₩263.9b (up ₩745.8b from FY 2023). Profit margin: 2.1% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 2.1% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Annonce • Feb 21
GS Engineering & Construction Corporation, Annual General Meeting, Mar 25, 2025 GS Engineering & Construction Corporation, Annual General Meeting, Mar 25, 2025, at 10:00 Tokyo Standard Time. Location: future hall, 33, jong-ro, jongro-gu, seoul South Korea Annonce • Jan 23
GS Engineering & Construction Corporation to Report Fiscal Year 2024 Results on Feb 05, 2025 GS Engineering & Construction Corporation announced that they will report fiscal year 2024 results on Feb 05, 2025 Price Target Changed • Jul 30
Price target increased by 7.8% to ₩18,365 Up from ₩17,040, the current price target is an average from 20 analysts. New target price is 7.0% below last closing price of ₩19,740. Stock is up 36% over the past year. The company is forecast to post earnings per share of ₩3,297 next year compared to a net loss per share of ₩5,677 last year. Reported Earnings • Jul 28
Second quarter 2024 earnings released: EPS: ₩484 (vs ₩3,517 loss in 2Q 2023) Second quarter 2024 results: EPS: ₩484 (up from ₩3,517 loss in 2Q 2023). Revenue: ₩3.30t (down 5.7% from 2Q 2023). Net income: ₩38.0b (up ₩336.6b from 2Q 2023). Profit margin: 1.2% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.9% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.6% to ₩16,280. The fair value is estimated to be ₩13,553, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: ₩1,626 (vs ₩1,622 in 1Q 2023) First quarter 2024 results: EPS: ₩1,626 (up from ₩1,622 in 1Q 2023). Revenue: ₩3.07t (down 13% from 1Q 2023). Net income: ₩138.0b (flat on 1Q 2023). Profit margin: 4.5% (up from 3.9% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Board Change • Apr 11
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Representative Director Yoon-Hong Huh was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 26
Full year 2023 earnings released: ₩5,677 loss per share (vs ₩3,997 profit in FY 2022) Full year 2023 results: ₩5,677 loss per share (down from ₩3,997 profit in FY 2022). Revenue: ₩13t (up 9.2% from FY 2022). Net loss: ₩481.9b (down 242% from profit in FY 2022). Revenue is expected to decline by 2.4% p.a. on average during the next 3 years, while revenues in the Construction industry in South Korea are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. New Risk • Mar 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.9% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Reported Earnings • Feb 02
Full year 2023 earnings released: ₩4,936 loss per share (vs ₩3,997 profit in FY 2022) Full year 2023 results: ₩4,936 loss per share (down from ₩3,997 profit in FY 2022). Revenue: ₩13t (up 9.3% from FY 2022). Net loss: ₩419.0b (down 224% from profit in FY 2022). Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Construction industry in South Korea are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,300 per share at 8.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 8.4%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (2.9%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩3.00 (vs ₩1,701 in 3Q 2022) Third quarter 2023 results: EPS: ₩3.00 (down from ₩1,701 in 3Q 2022). Revenue: ₩3.11t (up 5.2% from 3Q 2022). Net income: ₩309.2m (down 100% from 3Q 2022). Profit margin: 0% (down from 4.9% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Construction industry in South Korea are expected to grow by 2.7%. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. New Risk • Nov 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.9% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Price Target Changed • Nov 04
Price target decreased by 8.4% to ₩16,647 Down from ₩18,167, the current price target is an average from 19 analysts. New target price is 21% above last closing price of ₩13,710. Stock is down 39% over the past year. The company is forecast to post a net loss per share of ₩1,425 compared to earnings per share of ₩3,997 last year. New Risk • Aug 04
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 9.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Price Target Changed • Jul 28
Price target decreased by 13% to ₩19,529 Down from ₩22,353, the current price target is an average from 17 analysts. New target price is 39% above last closing price of ₩14,100. Stock is down 53% over the past year. The company is forecast to post earnings per share of ₩4,383 for next year compared to ₩3,997 last year. Buying Opportunity • Jul 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be ₩17,804, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 2.9% in 2 years. Earnings is forecast to grow by 26% in the next 2 years. Major Estimate Revision • Jul 12
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩4,765 to ₩4,248 per share. Revenue forecast steady at ₩13.7b. Net income forecast to grow 18% next year vs 2.9% growth forecast for Construction industry in South Korea. Consensus price target down from ₩27,382 to ₩24,294. Share price fell 21% to ₩14,220 over the past week. Price Target Changed • Jul 07
Price target decreased by 11% to ₩24,765 Down from ₩27,912, the current price target is an average from 17 analysts. New target price is 80% above last closing price of ₩13,750. Stock is down 53% over the past year. The company is forecast to post earnings per share of ₩4,490 for next year compared to ₩3,997 last year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩14,520, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Construction industry in South Korea. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩18,862 per share. Buying Opportunity • Jun 29
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.9%. The fair value is estimated to be ₩23,886, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 3.4% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Major Estimate Revision • May 04
Consensus EPS estimates fall by 15%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ₩12.6b to ₩13.1b. EPS estimate fell from ₩4,932 to ₩4,190 per share. Net income forecast to grow 1.3% next year vs 18% growth forecast for Construction industry in South Korea. Consensus price target broadly unchanged at ₩28,531. Share price fell 3.1% to ₩20,650 over the past week. Reported Earnings • Mar 22
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ₩3,997 (down from ₩4,834 in FY 2021). Revenue: ₩12t (up 36% from FY 2021). Net income: ₩339.3b (down 17% from FY 2021). Profit margin: 2.8% (down from 4.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 3% per year. Buying Opportunity • Feb 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.3%. The fair value is estimated to be ₩29,076, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.1%. Revenue is forecast to grow by 8.2% in 2 years. Earnings is forecast to decline by 12% in the next 2 years. Major Estimate Revision • Feb 01
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ₩11.6b to ₩12.1b. EPS estimate fell from ₩5,113 to ₩4,566 per share. Net income forecast to shrink 17% next year vs 1.5% growth forecast for Construction industry in South Korea . Consensus price target of ₩31,000 unchanged from last update. Share price was steady at ₩23,100 over the past week. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improved over the past week After last week's 15% share price gain to ₩23,150, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Construction industry in South Korea. Total loss to shareholders of 10% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩1,300 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 23% and the cash payout ratio is 83%. Trailing yield: 5.8%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (3.2%). Price Target Changed • Nov 26
Price target decreased to ₩33,000 Down from ₩35,706, the current price target is an average from 18 analysts. New target price is 40% above last closing price of ₩23,550. Stock is down 39% over the past year. The company is forecast to post earnings per share of ₩6,273 for next year compared to ₩4,834 last year. Reported Earnings • Nov 17
Third quarter 2022 earnings released Third quarter 2022 results: Net income: (down ₩128.6b from profit in 3Q 2021). Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Construction industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 9% per year. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent External Director Ho-Young Lee was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 30
Price target decreased to ₩38,625 Down from ₩43,656, the current price target is an average from 16 analysts. New target price is 73% above last closing price of ₩22,350. Stock is down 46% over the past year. The company is forecast to post earnings per share of ₩6,567 for next year compared to ₩4,834 last year. Major Estimate Revision • Oct 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ₩6,092 to ₩7,526. Revenue forecast steady at ₩10.8b. Net income forecast to grow 19% next year vs 11% growth forecast for Construction industry in South Korea. Consensus price target down from ₩43,656 to ₩42,719. Share price was steady at ₩22,650 over the past week. Price Target Changed • Sep 30
Price target decreased to ₩44,969 Down from ₩49,324, the current price target is an average from 16 analysts. New target price is 99% above last closing price of ₩22,550. Stock is down 46% over the past year. The company is forecast to post earnings per share of ₩6,068 for next year compared to ₩4,834 last year. Price Target Changed • Jul 11
Price target decreased to ₩49,656 Down from ₩53,969, the current price target is an average from 18 analysts. New target price is 72% above last closing price of ₩28,950. Stock is down 35% over the past year. The company is forecast to post earnings per share of ₩6,075 for next year compared to ₩4,834 last year. Board Change • May 09
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent External Director Ho-Young Lee was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 28
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩9.84b to ₩9.53b. EPS estimate also fell from ₩6,110 per share to ₩5,385 per share. Net income forecast to grow 11% next year vs 15% growth forecast for Construction industry in South Korea. Consensus price target of ₩55,075 unchanged from last update. Share price rose 3.0% to ₩42,600 over the past week. Reported Earnings • Jan 30
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ₩5,007 (up from ₩3,919 in FY 2020). Revenue: ₩9.04t (down 11% from FY 2020). Net income: ₩425.0b (up 37% from FY 2020). Profit margin: 4.7% (up from 3.1% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 6.8%, compared to a 28% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jan 28
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩10.3b to ₩9.79b. EPS estimate also fell from ₩6,657 per share to ₩5,812 per share. Net income forecast to grow 41% next year vs 20% growth forecast for Construction industry in South Korea. Consensus price target broadly unchanged at ₩54,521. Share price was steady at ₩39,250 over the past week. Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,200 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.9%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (2.1%). Upcoming Dividend • Dec 22
Upcoming dividend of ₩1,200 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.9%. Within top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (2.1%). Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ₩1,689 (vs ₩1,219 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₩2.17t (down 6.2% from 3Q 2020). Net income: ₩143.3b (up 48% from 3Q 2020). Profit margin: 6.6% (up from 4.2% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Annonce • May 11
An unknown buyer acquired 5% stake in Gyeonggi Pyeongtaek Global Co., Ltd from GS Engineering & Construction Corporation (KOSE:A006360). An unknown buyer acquired 5% stake in Gyeonggi Pyeongtaek Global Co., Ltd from GS Engineering & Construction Corporation (KOSE:A006360) on May 10, 2021. GS Engineering & Construction Corporation will acquire 0.04 million shares.
An unknown buyer completed the acquisition of 5% stake in Gyeonggi Pyeongtaek Global Co., Ltd from GS Engineering & Construction Corporation (KOSE:A006360) on May 10, 2021. Reported Earnings • May 01
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ₩2.01t (down 18% from 1Q 2020). Net income: ₩166.0b (up 29% from 1Q 2020). Profit margin: 8.3% (up from 5.3% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Annonce • Feb 27
GS Engineering & Construction Corporation, Annual General Meeting, Mar 26, 2021 GS Engineering & Construction Corporation, Annual General Meeting, Mar 26, 2021, at 10:00 Korea Standard Time. Price Target Changed • Jan 27
Price target raised to ₩45,980 Up from ₩42,800, the current price target is an average from 24 analysts. The new target price is 12% above the current share price of ₩41,150. As of last close, the stock is up 41% over the past year. Price Target Changed • Jan 13
Price target raised to ₩39,200 Up from ₩36,215, the current price target is an average from 25 analysts. The new target price is 8.4% below the current share price of ₩42,800. As of last close, the stock is up 42% over the past year.