JTCJTC

JTC's 2025 revenue and profit surged after several loss-making years, but the share price has fallen sharply over the past year.

JTC runs 24 duty-free retail stores in Japan that mainly serve foreign tour groups, with health supplements, cosmetics and watches among its main products. Filed results show revenue of ₩34.0B in 2025 and net income of ₩8.5B, compared with losses in 2021 to 2023. The share price is at ₩4,070, about 39% lower over one year and well below its 52-week high of ₩6,730.

What stands out

• Full-year 2025 revenue was ₩34.0B, up 109.2% from 2024, and operating income was ₩5.2B at a 15.4% margin.
• Trailing twelve-month figures to Q1 2026 show revenue of ₩28.9B and net income of ₩7.8B, which is higher than operating income, so non-operating items or other factors contributed; the data does not explain the gap.
• The company reports ₩6.2B in cash and no borrowings, but liabilities are 98.7% of equity.
• Valuation is high relative to the listed peers in the data, with a P/E of 25.5 and P/B of 11.2, and the company pays no dividend.
• Recent filings include a share cancellation decision, a treasury stock acquisition results report, a change of largest shareholder and a loan extension decision.

What to watch

• The next quarterly report, which is not yet in the data, will show whether revenue and margins hold after the strong 2025.
• Follow-up on the share cancellation decision and the change of largest shareholder, including any effect on the free float.
• The data has no recent news headlines and no foreign ownership or short-selling figures, so sentiment and investor flows cannot be assessed from it.