Global Tax Free (204620) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Global Tax Free operates a tax-refund service that returns value-added tax and individual consumption tax to foreign tourists visiting Korea when they shop at partner stores. Its core revenue is the refund fee collected at airport and downtown counters, so results track foreign arrivals and shopping spending almost directly. A February 2026 disclosure confirmed a turn to profit in 2025, revenue has grown for four straight years, and with ROE of 24.8% the company outpaces comparable fee-based operators, so the forward P/E is hard to declare expensive given double-digit growth and high ROE. The notable point is that in a phase where inbound tourism recovers and expands and partner stores and locations increase, high profitability and growth shine together, while results are tied directly to the external variables of foreign arrivals and shopping spending, and there have recently been capital- and governance-structure changes such as a change in the largest shareholder and a withdrawn rights offering.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Other Financial Services” (Financials), a type typically read first through P/E.
These financial-service businesses tend to earn steady fees or operating income, so price-to-earnings (P/E) — the price against those profits — is an intuitive starting point. Earning power is the core of value here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 42.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 21.2% higher than a year earlier.
- ROE is 22.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 18.5%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Moon Yang-geun 18.98% (individual)
Controlling bloc incl. related parties 23.1%
With the controlling bloc holding 23%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Global Tax Free operates a tax-refund (Tax Free) service that returns value-added tax and individual consumption tax to foreign tourists visiting Korea when they shop at partner stores such as department stores, duty-free-linked outlets and cosmetics shops. It refunds tax to tourists through refund counters at airports and ports and downtown instant-refund kiosks, and the refund fee collected in that process is its core revenue. That is, this company's results track foreign arrivals and per-capita shopping spending almost directly, with a wide partner-store network and refund-processing infrastructure underpinning its competitiveness. More recently it has broadened into fintech services linking refunds and payments and into overseas business.
The latest close is ₩5,090 and the market capitalization is ₩357.7 billion. The price sits above its 20-day moving average (₩4,678) and above its 60-day moving average (₩4,891). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 59.6, a neutral level. The one-month change is +2.9%, the three-month change is -9.9%, and the position relative to the 52-week high is -29.9%. Relative strength versus the KOSDAQ is 70 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 70% of all stocks. Over the past three months it outpaced the index by 29.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On the prior confirmed full-year (2025) basis, the P/E (how many times one year's profit the price represents) is 10.30x and the P/B (how many times net assets the price represents) is 2.35x. ROE (how much is earned in a year on shareholders' equity) is 24.8%, on the high side for profitability, and with an operating margin of 18.8% and a net margin of 22.5%, margins are thick as befits a fee-based business. The debt ratio (debt against equity) is 131%, which looks high on the number alone, but given a business structure that briefly carries refund funds before returning them to tourists, settlement-pending liabilities are booked large, so it is easy to misread if measured by the same yardstick as ordinary manufacturing. Rather, the current ratio of 432% and interest coverage ratio of 16.7x show ample short-term solvency. One point to note is that 2025 was the year it turned from a prior loss to profit, so the trailing P/E of 9.5x is a value snapping one point in time of a company that has just entered a profitable phase. For such profit-inflection stocks, forward metrics that reflect this year's estimated profit are closer to reality, and the forward P/E is not at an unreasonable level compared with peer payment and settlement operators. Viewing profitability and margins together, its financial strength is on the solid side.
Over five years revenue grew a rung each year, from ₩38.1 billion in 2021 to ₩49.4 billion in 2022, ₩81.7 billion in 2023, ₩108.4 billion in 2024 and ₩154.1 billion in 2025, and operating profit turned completely around over the same period from a loss of -₩13.8 billion to a profit of ₩29.0 billion. This maps precisely to the flow in which foreign tourism, blocked by COVID, reopened and refund transactions recovered and expanded. In 2025 revenue rose 42.2% and operating profit rose 34.3% from the prior year, and net profit improved sharply from a loss to a profit of ₩34.7 billion. The most recent quarter, Q1 2026, also continued top-line growth with revenue of ₩35.5 billion (+21.2%) and operating profit of ₩5.8 billion (+12.8%). Net profit came to ₩5.0 billion, down 11.4% from a year earlier, but this owes largely to the drop-out of a one-off gain in the same quarter last year, not to the profit itself wavering. A forward P/E based on this year's estimated profit can be derived because the growth phase of inbound tourism — rising foreign arrivals, recovering per-capita shopping spending, and expanding partner stores and refund locations — continues this year too, and because a fee-based business is structured so that profit follows fairly directly when revenue grows. Riding a phase where tourism demand recovery is in full swing, the driver of top-line growth is on the clear side.
The past year has seen frequent governance- and capital-related disclosures alongside results. A February 2026 disclosure of a revenue-and-profit-structure change of 30% or more officially confirmed the 2025 turn to profit, and around the same time the largest shareholder changed through a share purchase-and-sale agreement (change of largest shareholder confirmed in March). In December 2025 it decided on a rights offering (material-fact report) and then withdrew it immediately, and this disclosure reversal led into a procedure for designation as an unfaithful-disclosure corporation, which concluded with a final non-designation (deferred designation) in January 2026. In February 2026 a subsidiary's rights offering was made known via voluntary disclosure. Quarterly, semiannual and annual reports come out on schedule and IRs are held each quarter, so the channels to check results and capital policy are in place.
The strengths are clear. Riding the large trend of a foreign-tourism recovery, revenue has grown for four straight years, and with ROE of 24.8% the company outpaces comparable fee-based operators (payment processing 15.4%, payment fintech 5.4%) in profitability, with a simple, cash-generating revenue structure in refund fees. The valuation, too, is hard to declare expensive on a forward P/E basis given this year's estimated profit, double-digit growth and high ROE. The points to view together come from the nature of the business. Results are tied directly to the external variables of foreign arrivals and shopping spending, so the tourism economy is this company's biggest variable, and given recent capital- and governance-structure changes — a change of largest shareholder, a withdrawn rights offering, and a disclosure reversal — the new major shareholder's direction on capital policy is a part to confirm in later disclosures. In sum, in a phase where inbound tourism recovers and expands and partner stores and locations increase, high profitability and growth shine together, while the flow weakens when tourism demand turns down or capital events that shake the focus on the core business coincide.
🔎 Valuation vs peers Fairly valued
Tax refund is close to a payment-and-settlement infrastructure service, so the peer set is listed payment and fintech service companies whose business character is adjacent; earning money through fees generated at partner stores is the shared trait, making payment-processing and settlement operators the closest.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| NHN KCP | 11.61x | 1.75x | 17.11% |
| Hecto Financial | 27.48x | 1.45x | 7.33% |
| Inca Financial Service | 7.26x | 2.37x | 35.74% |
Within the payment-and-settlement infrastructure peer set, the P/E of 9.4x is lower than NHN KCP (13.3x) and Hecto Financial (35.3x), and profitability (ROE 24.8%) is actually higher. Being a same-type fee business with good margins is a premium factor, but revenue being tied directly to foreign arrivals, with large volatility, and reliability variables such as the recent disclosure reversal and change of largest shareholder are discount factors. Also, the P/E of 9.4x (trailing) uses as its denominator the 2025 net profit that rebounded from a prior loss, so in a profit-inflection zone it is hard to apply straight to the future. With no official company forecast, converting via a DART seasonality approximation of net profit (about ₩31.3 billion) gives a forward P/E not much different from trailing. Putting these together, rather than declaring it cheap or expensive one way, it is reasonable to view it as fairly valued.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩43.6 billion | approx. ₩12.7 billion | approx. ₩8.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩5,090 and the market capitalization is ₩357.7 billion. The price sits above its 20-day moving average (₩4,678) and above its 60-day moving average (₩4,891). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 59.6, a neutral level. The one-month change is +2.9%, the three-month change is -9.9%, and the position relative to the 52-week high is -29.9%. Relative strength versus the KOSDAQ is 70 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 70% of all stocks. Over the past three months it outpaced the index by 29.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +29.27% / 6M +49.81% / 12M -25.83%
Key metrics Computed vs sector median
Valuation
The P/E of 10.30x is below the sector median (60.81x). The P/B of 2.35x is above the sector median (1.03x).
Profitability & financials
Return on equity (ROE) is 22.4%, above the sector average (1.0%). The operating margin is 18.5%. The debt ratio is 24.0%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $57.4M | $76.1M | $108.2M | +42.17% ↑ faster |
| Operating profit | $6.9M | $15.2M | $20.4M | +34.29% ↓ slower |
| Net profit | -$6.2M | $3.9M | $24.4M | +522.53% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $26.8M | $34.7M | $57.4M | $76.1M | $108.2M |
| Operating profit | -$9.7M | -$1.9M | $6.9M | $15.2M | $20.4M |
| Net profit | -$18.2M | -$7.9M | -$6.2M | $3.9M | $24.4M |
| Revenue CAGR | 4-yr avg 41.76% | ||||
Revenue rose 42.2% year over year (2023 ₩81.7 billion → 2024 ₩108.4 billion → 2025 ₩154.1 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 34.3% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 41.8%. The two-year revenue CAGR is 37.3%. In the most recent quarter (Q1 2026), revenue was 21.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 22.4% points to solid profitability.
- Revenue grew 42.2% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-02-26EarningsDisclosure confirming a 2025 revenue-and-profit-structure change of 30% or more from the prior year (turn to profit)Short term, the turn from loss to profit is officially confirmed, changing the valuation reference point. But a rebound from the prior-year loss base is mixed in, so care is needed in interpreting trailing metrics. Source
- 2026-03-31FilingChange of largest shareholder via share purchase-and-sale agreement (contract signed December 2025 → change confirmed March 2026)Over the medium term, it affects governance and management direction. What business the new largest shareholder prioritizes and how it runs capital policy need to be confirmed in later disclosures. Source
- 2025-12-23UpdateRights offering (material-fact report) decision withdrawn the same month — leading to a disclosure reversalShort-term uncertainty over the fund-raising plan. The disclosure reversal is a burden on reliability, and it connected to a procedure for designation as an unfaithful-disclosure corporation. Source
- 2026-01-22FilingConcluded with non-designation (deferred designation) as an unfaithful-disclosure corporation over the disclosure reversalThe short-term risk has been cleared for now, but the consistency of future disclosure policy is a matter to watch. Source
- 2026-02-04FilingSubsidiary's rights offering decision disclosed voluntarily (material management matter of a subsidiary)Over the medium term, a signal of subsidiary business expansion and capital reinforcement. The effect on consolidated results and the ownership structure needs to be checked. Source
- 2026-05-15UpdateQ1 2026 quarterly report — revenue ₩35.5 billion (+21.2%), operating profit ₩5.8 billion, net profit ₩5.0 billion (-11.4%) confirmedShort term, top-line growth continued but net-profit decline slowed the earnings momentum. Whether it recovers from Q2 onward is the point to watch. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 net profit turn to positive | ₩34.7 billion | revenue· 30% | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue ₩35.5 billion(+21.2%), operating profit ₩5.8 billion(+12.8%) | (2026.03) | Confirmed | link |
| Latest closing price | ₩5,090 | — | Unverified | link |
| 2026 operating profit (seasonality approximation) | approx. ₩46.6 billion | — | Unverified | link |
Recent filings Source
- 2026-06-08OwnershipOwnership-change filing
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-19Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-14Disclosure
- 2026-04-10OwnershipOwnership-change filing
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOwnership-change filing
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.