Corporate Logo(source: s-oil.com)
Shares of S-Oil (010950) and GS (078930) reached fresh 52-week highs on November 12, as brokerage firms issued optimistic assessments citing robust refining margins.
As of 10:44 a.m., S-Oil was trading at ₩84,100, up ₩1,900 (2.31%) from the previous session, while GS rose ₩3,500 (6.16%) to ₩60,300. Earlier in the session, S-Oil and GS climbed to intraday highs of ₩84,400 and ₩60,800, respectively, marking new yearly peaks.
Analysts attributed the gains to sustained improvement in refining margins.
Lee Dong-wook, analyst at IBK Investment & Securities, stated, “Refining margins are being supported by rising heating demand in China amid continued weakness in crude oil prices. The Asian refining margin has climbed to its highest level in about 20 months, maintaining a stable upward trend.”
IBK Investment & Securities raised its target price for S-Oil from ₩92,000 to ₩100,000.
Hwang Sung-hyun of Eugene Investment & Securities commented, “GS Caltex delivered stronger-than-expected third-quarter results, with operating profit increasing by ₩629.6 billion quarter-on-quarter, driven by higher refining margins and favorable currency effects.” He added, “We are revising up our earnings forecast for GS and raising the target price from ₩50,000 to ₩60,000.”
As a holding company, GS has also benefited from being classified as a likely winner of the third Commercial Act reform, which has contributed to its recent share price strength.
*[KOSPI]S-Oil(010950) is one of the four major oil refining companies in South Korea, with diversified businesses including oil refining, petrochemicals, and lube base oil. Market capitalization is 9.238 trillion won (as of November 11, 2025, closing price).
*[KOSPI] GS(078930) has subsidiaries including GS Energy, GS Retail, GS Sports, GS Global, GS EPS, and GS E&R, engaging in business sectors such as gas power, distribution, trade, investment, and hotels. Market capitalization is 5.269 trillion won (as of November 11, 2025, closing price).
Corporate Logo(source: s-oil.com)
Shares of S-Oil (010950) and GS (078930) reached fresh 52-week highs on November 12, as brokerage firms issued optimistic assessments citing robust refining margins.
As of 10:44 a.m., S-Oil was trading at ₩84,100, up ₩1,900 (2.31%) from the previous session, while GS rose ₩3,500 (6.16%) to ₩60,300. Earlier in the session, S-Oil and GS climbed to intraday highs of ₩84,400 and ₩60,800, respectively, marking new yearly peaks.
Analysts attributed the gains to sustained improvement in refining margins.
Lee Dong-wook, analyst at IBK Investment & Securities, stated, “Refining margins are being supported by rising heating demand in China amid continued weakness in crude oil prices. The Asian refining margin has climbed to its highest level in about 20 months, maintaining a stable upward trend.”
IBK Investment & Securities raised its target price for S-Oil from ₩92,000 to ₩100,000.
Hwang Sung-hyun of Eugene Investment & Securities commented, “GS Caltex delivered stronger-than-expected third-quarter results, with operating profit increasing by ₩629.6 billion quarter-on-quarter, driven by higher refining margins and favorable currency effects.” He added, “We are revising up our earnings forecast for GS and raising the target price from ₩50,000 to ₩60,000.”
As a holding company, GS has also benefited from being classified as a likely winner of the third Commercial Act reform, which has contributed to its recent share price strength.
*[KOSPI]S-Oil(010950) is one of the four major oil refining companies in South Korea, with diversified businesses including oil refining, petrochemicals, and lube base oil. Market capitalization is 9.238 trillion won (as of November 11, 2025, closing price).
*[KOSPI] GS(078930) has subsidiaries including GS Energy, GS Retail, GS Sports, GS Global, GS EPS, and GS E&R, engaging in business sectors such as gas power, distribution, trade, investment, and hotels. Market capitalization is 5.269 trillion won (as of November 11, 2025, closing price).