[Click e-Stock] "Gamsung Corporation Enters High-Growth Phase in Korea and China"

On November 6, NH Investment & Securities analyzed that Gamsung Corporation has entered a phase of high growth, driven by a recovery in domestic performance and a full-fledged entry into the Chinese market.

Baek Junki, a researcher at NH Investment & Securities, stated in a report released on this day, "In the third quarter of this year, sales are expected to reach 46 billion won, up 6.8% year-on-year, and operating profit is projected to be 6 billion won, an increase of 18.3%." He added, "Despite the negative base effect from 3 billion won in B2B sales in the third quarter of last year, the company's performance is expected to be favorable compared to competing brands. As the weather turns colder earlier, domestic sales are likely to rebound sharply after October."

He particularly analyzed, "With price increases for new products in the best-selling lightweight padding and heavy outerwear categories, their contribution to sales will rise."

Significant growth is also anticipated in overseas business. Baek explained, "In China, based on a partnership with Company B, it is expected that, in addition to the Shanghai Taikoo Li Department Store, additional large-scale stores will be secured within the year. In the initial stage of entering China, the focus will be on opening large stores."

He continued, "Exports to China in 2026 are expected to exceed 30 billion won, and considering that Chinese customers account for 60% of purchases at domestic duty-free shops, expectations for expanding exports to China remain valid. By the end of 2026, the number of stores in China is projected to increase to more than 30."

Gamsung Corporation is expected to deliver outstanding results within the industry this year. Baek commented, "Annual sales this year are forecast to reach 265.5 billion won, up 20.4% from the previous year, and operating profit is expected to grow 19.3% to 43 billion won. With domestic performance rebounding rapidly and a full-scale expansion into China anticipated in 2026, the current stock price level is attractive."

He also emphasized, "The company is steadily executing the value enhancement plan announced at the end of last year, and with a shareholder return rate-including share buybacks, cancellations, and dividends-exceeding 50%, it is an attractive company from a value-up perspective as well."