[Featured Stock] Golfzon Rises for Fourth Day on Strong Q3 Earnings... Hits New High

[Asia Economy Reporter Song Hwajeong] Golfzon has continued its strong performance for four consecutive days following robust third-quarter results this year. It hit a new 52-week high during trading.

As of 9:40 AM on the 3rd, Golfzon was trading at 167,800 KRW, up 900 KRW (0.54%) from the previous day. During the session, it rose to 169,900 KRW, marking a new 52-week high for the second consecutive day.

The strong third-quarter results and growth expectations in China are interpreted as the driving forces behind the stock price increase. Golfzon recorded third-quarter sales of 123.1 billion KRW, a 54.6% increase compared to the same period last year, and operating profit of 37.2 billion KRW, up 138.5%, exceeding market expectations. Baek Joon-gi, a researcher at NH Investment & Securities, said, "Despite the impact of the Level 4 social distancing measures, the three core business areas?franchise store growth, round fees, and Golfzon Driving Range (GDR)?all grew steadily, resulting in another earnings surprise following the second quarter." He added, "In particular, third-quarter sales in China reached 6.5 billion KRW, leading us to revise the export ratio to 10% by the end of this year. The high growth in China will serve as a new investment point for Golfzon."