S-1 stock target raised to KRW 115,000 after Q3 growth
Published on 10/31/2026 at 00:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSAnalyst upgrade and shareholder returns
- LS Securities lifted its rating on S-1 to Buy after third-quarter results met consensus.
- The company plans further buybacks and share cancellations through 2028.
- Building management growth helped offset weaker order conversion in the high-margin security business.
S-1 Corporation's third-quarter performance reinforced the case for shareholder returns, according to ChosunBiz. On October 16, LS Securities raised its rating from Hold to Buy and increased its target price from KRW 88,000 to KRW 115,000.
Results support the upgrade
S-1 reported third-quarter revenue of KRW 716.7 billion, up 2.6 percent from a year earlier. Operating profit rose 5.3 percent to KRW 65.4 billion and matched the market consensus cited by the broker.
LS Securities said the high-margin security business faced weaker top-line momentum as order conversion lagged and backlogs declined. Building management, however, maintained double-digit growth and helped defend the overall result. The broker expects steady security-service growth to lift revenue and profit next year.
Buybacks reshape the outlook
The target-price increase reflected revised earnings-per-share assumptions after the planned cancellation of shares tendered into the buyback. S-1 has also presented a cumulative three-year shareholder-return ratio of 134 percent through additional repurchases and cancellations by 2028, alongside dividends.
That policy could support per-share earnings if the planned reductions in share count are completed. Investors must still weigh the slower order conversion in the security division against the stronger building-management business and the prospect of a broader earnings recovery.
S-1's security and property operations
Headquartered in Seoul, South Korea, S-1 provides physical and information-security services, including alarm monitoring, access control, smart video systems, security integration and facility protection. Its building-management activities cover property and facility management, real-estate consulting and related infrastructure services, while additional operations include traffic, parking, call-center and personal-safety solutions.
S-1 operates in Korea's security and facility-services market alongside providers such as SK Shieldus and Secom. Its profile combines security monitoring and integrated systems with building-management services, giving it a broader mix than a provider focused only on alarm or access services.
S-1 Corporation at a glance
- Company: S-1 Corporation
- ISIN: KR7012750006
- Ticker: 012750
- Exchange: Korea Exchange
- Sector: Industrials
- Industry: Security and Protection Services
South Korean equities remain sensitive to the outlook for corporate earnings, shareholder returns and domestic interest rates; follow the KOSPI market overview.
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