Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩5,220, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Professional Services industry in Asia. Total returns to shareholders of 51% over the past three years. Announcement • Mar 17
Global Tax Free Co., Ltd., Annual General Meeting, Mar 31, 2026 Global Tax Free Co., Ltd., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 131, toegye-ro, jung-gu, seoul South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩4,095, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Professional Services industry in Asia. Total returns to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩5,180, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Professional Services industry in Asia. Total returns to shareholders of 62% over the past three years. Announcement • Dec 24
Global Tax Free Co., Ltd. announced that it expects to receive KRW 13.99999798 billion in funding from Eyesvision Corp., MDS Tech Inc. Global Tax Free Co., Ltd. announced a private placement to issue 3,079,630 shares at an issue price of CNY 4,546 for gross proceeds of CNY 13,999,997,980 on December 22, 2025. The transaction includes participation from new investor, Eyesvision Corp. for 1,539,815 shares and MDS Tech Inc. for 1,539,815 shares. The transaction has been approved by the board of directors of the company. The payment date of the transaction is March 31, 2026. The transaction is subject to lock up period of one year, Announcement • Dec 23
Moon Yang Geun acquired 32.15% stake in Finger Story CO., LTD. (KOSDAQ:A417180) from Global Tax Free Co., Ltd. (KOSDAQ:A204620). Moon Yang Geun acquired 32.15% stake in Finger Story CO., LTD. (KOSDAQ:A417180) from Global Tax Free Co., Ltd. (KOSDAQ:A204620) on December 22, 2025. A cash consideration will be paid by the buyer. As part of consideration, an undisclosed value is paid towards common equity of Finger Story CO., LTD. The transaction will be financed through equity investment of KRW 9.84 billion.
Moon Yang Geun completed the acquisition of 32.15% stake in Finger Story CO., LTD. (KOSDAQ:A417180) from Global Tax Free Co., Ltd. (KOSDAQ:A204620) on December 22, 2025. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩5,410, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Professional Services industry in Asia. Total returns to shareholders of 119% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩4,755, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Professional Services industry in Asia. Total returns to shareholders of 87% over the past three years. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩6,830, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Professional Services industry in Asia. Total returns to shareholders of 208% over the past three years. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩5,500, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Professional Services industry in Asia. Total returns to shareholders of 157% over the past three years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩5,830, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the Professional Services industry in Asia. Total returns to shareholders of 149% over the past three years. Major Estimate Revision • Aug 16
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩172.0m to ₩175.0m. EPS estimate increased from ₩381 to ₩429 per share. Net income forecast to grow 58% next year vs 19% growth forecast for Professional Services industry in South Korea. Consensus price target down from ₩9,500 to ₩6,100. Share price was steady at ₩4,680 over the past week. New Risk • Aug 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (45% accrual ratio). Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to ₩5,030, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Professional Services industry in Asia. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩6,940, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 18x in the Professional Services industry in Asia. Total returns to shareholders of 234% over the past three years. Announcement • Jun 03
An undisclosed buyer agreed to acquire an 72.58% stake in Swanicoco Co., Ltd. from Global Tax Free Co., Ltd. (KOSDAQ:A204620) for KRW 26.1 billion. An undisclosed buyer agreed to acquire an 72.58% stake in Swanicoco Co., Ltd. from Global Tax Free Co., Ltd. (KOSDAQ:A204620) for KRW 26.1 billion on June 2, 2025. A cash consideration of KRW 26.13 billion will be paid by Global Tax Free Co., Ltd. Following the transaction, Global Tax Free holds 1.4 million shares in Swanicoco.
The expected completion of the transaction is July 4, 2025. New Risk • May 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 45% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Price Target Changed • Apr 16
Price target increased by 24% to ₩8,100 Up from ₩6,527, the current price target is provided by 1 analyst. New target price is 53% above last closing price of ₩5,300. Stock is down 9.8% over the past year. The company is forecast to post earnings per share of ₩368 for next year compared to ₩223 last year. Announcement • Mar 08
Global Tax Free Co., Ltd., Annual General Meeting, Mar 31, 2025 Global Tax Free Co., Ltd., Annual General Meeting, Mar 31, 2025, at 09:30 Tokyo Standard Time. Location: conference room, 131, toegye-ro, jung-gu, seoul South Korea Major Estimate Revision • Mar 06
Consensus EPS estimates fall by 34% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₩309 to ₩204 per share. Revenue forecast steady at ₩130.0m. Net income forecast to grow 580% next year vs 22% growth forecast for Professional Services industry in South Korea. Consensus price target broadly unchanged at ₩6,487. Share price was steady at ₩4,465 over the past week. New Risk • Apr 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Shareholders have been diluted in the past year (3.5% increase in shares outstanding). New Risk • Nov 30
New major risk - Revenue and earnings growth Earnings have declined by 59% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 59% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Shareholders have been diluted in the past year (8.4% increase in shares outstanding). New Risk • Oct 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (8.0% increase in shares outstanding). Announcement • May 11
Global Tax Free Co., Ltd. announced that it expects to receive KRW 5 billion in funding from WIZIT Co., Ltd., Powernet Technologies Corporation Global Tax Free Co., Ltd. announced a private placement of series 6th unregistered unsecured privately placed convertible bond for gross proceeds of KRW 5,000,000,000 on May 10, 2023. The transaction will include participation from new investors WIZIT Co., Ltd. for KRW 2,500,000,000, and Powernet Technologies Corporation for KRW 2,500,000,000. The bonds carry a coupon rate of 0% and yield to maturity of 0%. The maturity date of bonds is June 25, 2028. The bonds are 100% convertible into 1,259,763 common shares at a fixed conversion price of KRW 3,969 from Jun 15, 2024, to May 15, 2028. The transaction has been approved by board of directors of the company. The payment date is June 15, 2023. The bonds are restricted to hold period of 1 year. Reported Earnings • Apr 03
Full year 2021 earnings released: ₩556 loss per share (vs ₩151 loss in FY 2020) Full year 2021 results: ₩556 loss per share (down from ₩151 loss in FY 2020). Revenue: ₩38.1b (up 275% from FY 2020). Net loss: ₩25.9b (loss widened 371% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Announcement • Aug 14
Global Tax Free Co., Ltd. announced that it has received KRW 1.2 billion in funding On August 13, 2021, Global Tax Free Co., Ltd. closed the transaction. Announcement • Aug 11
Global Tax Free Co., Ltd. announced that it expects to receive KRW 1.2 billion in funding Global Tax Free Co., Ltd. announced a private placement of series 4th Unregistered nonguaranteed private exchangeable bond for gross proceeds of KRW 1,200,000,000 on August 9, 2021. The transaction will include participation from Jin Frontier Investment Association. The bonds carry a coupon rate of 0% and yield to maturity of 0%. The maturity date of bonds is January 05, 2024. The bonds are 100% convertible into 347,021 common shares for a stake of 0.71% of the company at a conversion price of KRW 3,458 from September 13, 2021 to December 05, 2023. The transaction has been approved by board of directors of the company. The payment date is August 13, 2021. Announcement • Mar 10
Global Tax Free Co., Ltd. announced that it has received KRW 3.499988338 billion in funding On March 8, 2021, Global Tax Free Co., Ltd. (KOSDAQ:A204620) closed the transaction. Announcement • Feb 18
Global Tax Free Co., Ltd. announced that it has received KRW 3.48 billion in funding On February 18, 2021, Global Tax Free Co., Ltd. (KOSDAQ:A204620) closed the transaction. Announcement • Feb 08
Global Tax Free Co., Ltd. announced that it has received KRW 23.29999772 billion in funding On February 8, 2021, Global Tax Free Co., Ltd. (KOSDAQ:A204620) closed the transaction. Announcement • Dec 10
Global Tax Free Co., Ltd. (KOSDAQ:A204620) acquired additional 7.5% stake in Swanicoco Co., Ltd. from Brain Contents CO., LTD. (KOSDAQ:A066980) for KRW 25.7 billion. Global Tax Free Co., Ltd. (KOSDAQ:A204620) acquired additional 7.5% stake in Swanicoco Co., Ltd. from Brain Contents CO., LTD. (KOSDAQ:A066980) for KRW 25.7 billion on December 8, 2020. Global Tax Free acquired 3.1 million shares and now owns 3.5 million shares of Swanicoco. The transaction was self-funded and payment was paid in full on the delivery date.
Global Tax Free Co., Ltd. (KOSDAQ:A204620) completed the acquisition of additional 7.5% stake in Swanicoco Co., Ltd. from Brain Contents CO., LTD. (KOSDAQ:A066980) on December 8, 2020. Announcement • Dec 04
Global Tax Free Co., Ltd. announced that it expects to receive KRW 19.999997577 billion in funding Global Tax Free Co., Ltd. announced a private placement of 7,254,261 common shares at a price of KRW 2,757 per share for gross proceeds of KRW 19,999,997,577 on December 3, 2020. The transaction will include participation from JSI Global Co., Ltd. The company is raising funding through third party allotment method. The payment date is February 16, 2021. All securities issued in the transaction have a hold period of one year. The transaction has been approved by the board of directors. Is New 90 Day High Low • Nov 12
New 90-day high: ₩2,950 The company is up 2.0% from its price of ₩2,900 on 14 August 2020. The South Korean market is also up 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Professional Services industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: ₩2,910 The company is up 6.0% from its price of ₩2,750 on 16 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Professional Services industry, which is flat over the same period. 
