[Click eStock] "Global Tax Free, Record-Breaking Performance... Strengthening Fundamentals"

On the 29th, SK Securities analyzed that Global Tax Free has recorded its highest-ever performance, significantly strengthening its fundamentals.

Heo Seon-jae, a researcher at SK Securities, stated in a report on the same day, “Global Tax Free's consolidated results for the second quarter of this year showed sales of 22.9 billion KRW (130% year-on-year) and an operating profit of 3.4 billion KRW (turning to profit), marking the highest quarterly performance ever,” and added, “The main factors driving this growth are the increase in domestic arrivals and improvements in the cost structure.”

Researcher Heo explained, “The reason to focus on the company now is that the second quarter results were achieved without a full recovery in the number of tourists, and with the resumption of group tours from China and the continued recovery of tourists from outside China, the growth trend in performance is expected to expand significantly.”

Heo said, “Applying a simple average PER of 19 times from 2018 to 2019 to the expected results for next year, the estimated market capitalization range is around 600 billion to 700 billion KRW,” and judged, “Despite the recent stock price increase, there is still considerable upside potential.”

He added, “The short-term stock price trigger will be the surge in Chinese tourists during China’s largest holiday, National Day (9/29?10/6), and the resulting sharp increase in the company’s average daily refund sales,” and further noted, “Additionally, due to the recent issue of Japan’s contaminated water discharge, cancellations of group travel reservations to Japan within China have appeared, and the rising anti-Japanese sentiment in China is a positive factor for the company’s performance.”

This content was produced with the assistance of AI translation services.