Major Estimate Revision • Aug 11
Consensus EPS estimates fall by 27% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ₩2,804 to ₩2,050 per share. Revenue forecast steady at ₩8.40b. Net income forecast to grow 25% next year vs 24% growth forecast for Trade Distributors industry in South Korea. Consensus price target down from ₩19,500 to ₩19,000. Share price was steady at ₩11,780 over the past week. New Risk • Jul 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.1% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding). Announcement • Jul 02
Hyundai G.F. Holdings Co., Ltd. (KOSE:A005440) completed the acquisition of remaining 42.64% stake in Hyundai Home Shopping Network Corporation (KOSE:A057050). Hyundai G.F. Holdings Co., Ltd. (KOSE:A005440) entered into a exchange transfer contract to acquire remaining 42.64% stake in Hyundai Home Shopping Network Corporation (KOSE:A057050) for approximately KRW 290 billion on February 11, 2026. The consideration consists of common equity of Hyundai G.F. Holdings Co., Ltd. at a price of KRW 60,709 per common equity of Hyundai Home Shopping Network Corporation. Upon completion, Hyundai G.F. Holdings Co., Ltd. will own 100% stake in Hyundai Home Shopping Network Corporation. Following the completion Hyundai Home Shopping will proceed with delisting procedures in accordance with this comprehensive stock swap. Following the comprehensive stock exchange, Hyundai Home Shopping Network Corporation plans a spin-off to create two entities: an operating company focused on the home shopping business and an investment company managing subsidiaries and new investments. This restructuring aims to enhance competitiveness and decision-making efficiency. The spin-off is currently under review and pending finalization by the Board of Directors.
The transaction is subject to approval of offer by Hyundai G.F. Holdings Co., Ltd. shareholders and approval of offer by Hyundai Home Shopping Network Corporation shareholders.
The expected completion of the transaction is June 30, 2026.
Hyundai G.F. Holdings Co., Ltd. (KOSE:A005440) completed the acquisition of remaining 42.64% stake in Hyundai Home Shopping Network Corporation (KOSE:A057050) on June 30, 2026. 
