TBH GlobalTBH글로벌

TBH Global posted a much higher H1 operating profit, but trailing net income is still slightly negative and the shares have risen sharply over the past year.

TBH Global is a Korean apparel company selling its own brands such as MIND BRIDGE and JUCY JUDY, plus a licensed Aquascutum line via home shopping. On trailing twelve-month figures to H1 2026 it has revenue of about ₩194.7B, an operating margin of 2.5% and a small net loss of about ₩0.1B. Its share price closed at ₩2,180 on 2026-10-23, up 63.1% over one year but down 1.8% over one month.

What stands out

• Trailing operating income is about ₩4.9B, while net income is a small loss of about ₩0.1B, so profit is not yet reaching the bottom line.
• Trailing free cash flow of about ₩17.6B is well above operating income, though the filings in this pack do not explain the gap.
• Borrowings of about ₩20.2B exceed cash of about ₩15.6B, and liabilities are 78.7% of equity.
• The company's own headline reports H1 operating profit up 176%, with a strategy review ahead of the 'Timeout' launch.
• Foreign ownership rose from 1.7% to 2% over 60 days, while 20-day foreign flows were net selling of about ₩33M.

What to watch

• Whether the 'Timeout' brand launch and wider strategy review, which news reports place around 30 days after mid-October, lift sales and margins.
• Upcoming H2 or full-year results, to see if the trailing net loss turns into a profit.
• Continued shareholder and insider holding filings, plus the share price against the 52-week range of ₩1,073 to ₩2,460.