External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

GS Engineering & Construction / Equity Bottom-Up

<ul><li>For 3Q25, GS E&amp;C announced consolidated revenue of W3.21tr (+3.2% YoY) and operating profit of W148.5bn (+82% YoY), with the latter beating the consensus (W103bn) by 44%.</li><li>Despite the absence of one-off contract value increases, building/housing gross margin rose 4.5%p YoY to 11.8%, driving bottom-line growth.</li><li>However, the SG&amp;A expense ratio increased to 7.5% (above historical levels), due to higher advertising expenses and costs arising from order acquisition efforts.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, GS E&amp;C announced consolidated revenue of W3.21tr (+3.2% YoY) and operating profit of W148.5bn (+82% YoY), with the latter beating the consensus (W103bn) by 44%.Despite the absence of one-off contract value increases, building/housing gross margin rose 4.5%p YoY to 11.8%, driving bottom-line growth.However, the SG&amp;A expense ratio increased to 7.5% (above historical levels), due to higher advertising expenses and costs arising from order acquisition efforts.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GS E&C (006360 KS/Buy)Solid Results, but Some Concerns Remain

<ul><li>For 3Q25, we expect GS E&amp;C to report consolidated revenue of W2.97tr (-4.3% YoY) and operating profit of W104.4bn (+27.6% YoY), with the latter being broadly in line with the consensus (W107.1bn).</li><li>Building/housing revenue likely continued falling amid reduced presales, but plant revenue likely increased sharply YoY on revenue recognition for the Saudi Fadhili project and contributions from domestic affiliate projects.</li><li>We estimate consolidated operating profit improved YoY on an improved housing mix (reduced contributions from high-cost projects). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, we expect GS E&amp;C to report consolidated revenue of W2.97tr (-4.3% YoY) and operating profit of W104.4bn (+27.6% YoY), with the latter being broadly in line with the consensus (W107.1bn).Building/housing revenue likely continued falling amid reduced presales, but plant revenue likely increased sharply YoY on revenue recognition for the Saudi Fadhili project and contributions from domestic affiliate projects.We estimate consolidated operating profit improved YoY on an improved housing mix (reduced contributions from high-cost projects). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GS E&C (006360 KS/Buy)In-Line Results Expected

South Korea

GS Engineering & Construction Corp. contracts civil engineering and architectural works, residential and commercial building constructions, and plant installations.  The Company also builds educational, leisure, distribution, and environmental facilities.

GS Engineering & Construction (006360 KS)

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GS Engineering & Construction (006360 KS)

GS E&C (006360 KS/Buy)Solid Results, but Some Concerns Remain

For 3Q25, GS E&C announced consolidated revenue of W3.21tr (+3.2% YoY) and operating profit of W148.5bn (+82% YoY), with the latter beating the...

Mirae Asset Securities

GS E&C (006360 KS/Buy)In-Line Results Expected

For 3Q25, we expect GS E&C to report consolidated revenue of W2.97tr (-4.3% YoY) and operating profit of W104.4bn (+27.6% YoY), with the latter...

Mirae Asset Securities

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