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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

GS Engineering & Construction / Equity Bottom-Up

GS Engineering & Construction (006360 KS)

<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><p><em>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.</em></p>

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