Global Tax Free글로벌텍스프리

Global Tax Free shows strong profitability and growth over the last two years, but its shares are well below the 52-week high and recent flows are mixed.

The company is Korea's tax refund agent for foreign tourists buying goods at duty-free shops, earning fees on refunds it processes. Trailing twelve-month revenue is ₩157.2B with operating income of ₩30.5B and net income of ₩36.7B as of H1 2026, after a return to profit in 2024 and 2025. At ₩5,610 the stock trades at about 10.7 times earnings and 2.4 times book value, with no dividend.

What stands out

• Revenue grew 18.8% in 2025 to ₩154.1B, after 38.9% growth in 2024, and operating margin was 18.8% in 2025.
• Net income in the trailing period (₩36.7B) exceeds operating income, which the data does not explain.
• Cash of ₩149.5B is shown against no borrowings, and liabilities are 24.3% of equity.
• The fair value model gives a base of ₩1,773, below the current price, with a bear of ₩1,027 and a bull of ₩2,742; this is a model output, not a forecast.
• Foreign ownership rose from 12.2% to 22% over about 60 days, while retail and institutional investors were net sellers over the last 20 days.

What to watch

• Upcoming results and any amendments to filings, since the half-year report was amended and attached later.
• Share price is 3.9% lower over one month and 22% below its 52-week high of ₩7,230, with a 52-week low of ₩3,955.
• The data contains no news headlines and no analyst coverage, so the outlook beyond the filings is not available here.