[Click eStock] "Global Tax Free, Time to Regain Interest... Target Price Up"

On the 8th, SK Securities analyzed that it is time to regain interest in Global Tax Free due to sufficient stock price adjustment. The target price was raised to 5,600 KRW.

Heo Seonjae, a researcher at SK Securities, stated in a report on the same day, "The current stock price of Global Tax Free is trading at about 50% lower than the peak of 7,200 KRW in April," and analyzed, "The main reasons for the stock price decline are ▲the suspension issue of the French tax refund business ▲stagnation in the monthly increase of tourists (April to June) ▲minor concerns about a summer COVID-19 resurgence."

Researcher Heo explained, "From now on, it is reasonable to expect a stable stock price recovery trend," adding, "This is because the French business suspension issue has been sufficiently reflected in the current stock price, and the overwhelming domestic performance growth is expected to offset the gap in French performance, continuously achieving record-high results."

Furthermore, he said, "The results of entering the Thai market, worth 40 billion KRW, to be confirmed within the year, will act as additional factors for performance and valuation upgrades," and analyzed, "Global Tax Free's consolidated operating profit for this year and next year is expected to grow by 49% and 29% year-on-year, reaching 22 billion KRW and 28.4 billion KRW, respectively."