Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 25 years of experience in analyzing hundreds of companies, especially in Asia. Deep expertise in the following sectors:
- Technology (E-commerce, SaaS, Internet)
- Consumer 
- Special Situations/Deep Value Plays
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Shorting Alert Amid Korea NPS Negative Screening on Coal: KEPCO, GS, OCI, Kumho P, LG Int, & POSCO

Korea NPS: Asset Allocation Targets & Negative Screening on Coal

NPS New Benchmarks for Local Stocks: NPS-KR250 (Direct) & KOSPI+KOSDAQ 150 (Consignment)

Weekly Oil Views: Resurgent Virus Dominates Frail Demand Support

Korea M&A Spotlight: A Merger Between GS Retail and GS Home Shopping

Buffett's Investments in Japanese Trading Companies - Positive Boost to Korean Trading Companies?

Weekly Oil Views: Crude Turns Political, Gyrating to US Stimulus Drama

Equity Bottom-Up

<div class="content-highlight">In this insight, we provide a sum-of-the-parts (SoTP) valuation analysis of <a href="https://www.smartkarma.com/entities/gs-holdings" target="_blank" data-smartkarma-citation="entities:18524:1" rel="noopener">Gs Holdings (078930 KS)</a>. Our SoTP valuation analysis suggests a target price of 50,783 won per share for GS Holdings, representing a 34% upside from the current levels. We are including GS Holdings in our model portfolio. </div>The SoTP valuation is broken down into 5 major components:A) Value of Public Companies (2.1 trillion won)B) Value of Private Companies (3.2 trillion won) C) Value of GS Holdings' Core Business (1.5 trillion won) D) Net Debt (571 billion won)E) Holdco Discount (25%)<div class="content-highlight">
The three key catalysts of GS Holdings are as follows:
<ul>
<li>The merger between GS Retail and GS Home Shopping</li>
<li>Insiders have been actively buying shares of GS Holdings in 2020</li>
<li>Turnaround of the GS Energy business in 2021</li>
</ul>
</div>

In this insight, we provide a sum-of-the-parts (SoTP) valuation analysis of Gs Holdings (078930 KS). Our SoTP valuation analysis suggests a target price of 50,783 won per share for GS Holdings, representing a 34% upside from the current levels. We are including GS Holdings in our model portfolio. The SoTP valuation is broken down into 5 major components:A) Value of Public Companies (2.1 trillion won)B) Value of Private Companies (3.2 trillion won) C) Value of GS Holdings' Core Business (1.5 trillion won) D) Net Debt (571 billion won)E) Holdco Discount (25%)
The three key catalysts of GS Holdings are as follows:

The merger between GS Retail and GS Home Shopping
Insiders have been actively buying shares of GS Holdings in 2020
Turnaround of the GS Energy business in 2021



GS Holdings SoTP Valuation Analysis & Three Key Catalysts