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, 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><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, 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