[Click eStock] "Global Tax Free, Dramatic Turnaround Starting March"

DS Investment & Securities analyzed on the 26th that Global Tax Free has seen a noticeable increase in foreign tourists this month, raising expectations for a dramatic turnaround.

Kim Suhyun, a researcher at DS Investment & Securities, explained in a report on the same day, “Based on the domestic refund business standards (excluding France, Singapore, and Japan), monthly sales peaked at 5.9 billion KRW (190 million KRW daily average) in October last year and declined until February,” adding, “This was partly due to seasonal winter factors and an increased preference for Japan as a travel destination among Southeast Asian and Chinese tourists.”

However, since this month, there has been a noticeable presence of Chinese group tourists mainly in Myeongdong, and a significant increase in the number of individual Chinese tourists in their 20s and 30s, as well as Southeast Asian tourists, in the Hongdae commercial area (Hapjeong, Yeonnam, Yeonhui), Gwanghwamun commercial area (Seochon, Bukchon, Samcheong), and Gangnam commercial area, creating an atmosphere of growing expectations. In fact, the number of arrivals on Chinese routes in February recorded a high growth rate of 8.9% compared to January.

Researcher Kim Suhyun stated, “The company’s domestic daily average sales this month are around 200 million KRW on weekdays and exceed 250 million KRW on weekends, marking the highest performance ever,” and forecasted, “The estimated domestic sales for this month are 6.5 billion KRW, surpassing the peak of 5.9 billion KRW in October last year. Considering the current trend, the estimated daily average sales for April are 240 million KRW (7.2 billion KRW monthly), and for May, 250 million KRW (7.7 billion KRW monthly), with a high possibility of exceeding these figures.”

He also added, “We expect benefits from the Paris Olympics for the French subsidiary during the domestic off-season in July and August,” and projected, “Sales in the tax refund sector this year will reach 115 billion KRW, and operating profit will be 32 billion KRW, representing growth of 62% and 104% respectively compared to the same period last year, indicating continued strong performance.”

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