Golfzon Holdings골프존홀딩스

Golfzon Holdings shows shrinking annual revenue and thinner margins, with a 2026 tender offer and a failure-to-disclose designation in the recent filings.

Golfzon Holdings is a Korean holding company with golf course, golf equipment and screen golf operations. Trailing twelve-month revenue to H1 2026 is ₩354.6B, with operating income of ₩27.3B and net income of ₩15.7B. Shares closed at ₩7,640 on 2026-10-15, within a 52-week range of ₩4,090 to ₩8,440.

What stands out

• Revenue has fallen for three straight years, from ₩488.8B in 2022 to ₩354.3B in 2025, and TTM revenue is roughly flat at ₩354.6B.
• Operating margin has narrowed from 19.3% in 2022 to 7.7% on a trailing basis, and net income fell from ₩134.8B in 2021 to ₩24.0B in 2025.
• The 2024 net income of ₩43.6B was higher than its operating income, so the figures in the data do not explain that gap.
• Valuation metrics show a P/E of 20.9, P/B of 0.4 and a 3.3% dividend yield; the DCF base value in the data is ₩6,139, below the current price.
• Filings include a tender offer, a tender offer opinion and two designations as an unfaithful disclosure company for failure to disclose, all in August and September 2026. The data contains no news headlines for the company.

What to watch

• The tender offer outcome and any follow-up filings, since the results report was filed on 2026-09-04 and the data does not explain its terms.
• Whether the unfaithful disclosure designation leads to further exchange action or penalties, which the data does not describe.
• The next annual or half-year results, to see whether margins and free cash flow hold near the trailing levels; borrowings of ₩84.3B against cash of ₩19.7B are also worth tracking.