매출 성장 + 마진 확대 + FCF 양수
Positive매출이 +38.9% 성장하면서 영업이익률이 -3.2%에서 15.8%로 확대되었다. FCF도 양수를 유지하여 질적 성장이 확인된다.
Evidence
매출 YoY +38.9%영업이익률 -3.2%→15.8%FCF 16,599
Global Tax Free
A204620 · KOSDAQ₩4,740+13.13%
2026-08-03 closeGlobal Tax Free — pricey right now, or cheap? And what signals are flashing today?
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AI Insight
Why these signals fired — only backtest-proven edge, told honestly
Strong-buy signal — the real recordrecord · not a prediction
Not this one stock, but every strong-buy pick we actually published (Korea market). When this stock flashes the signal, it is treated by the same rule.(as of 2026-08-03)
Last 30 sessions
648 picks
Next-day win rate
49.2%
Avg next-day
-0.17%
vs market
+0.72%p
Beat the market on 62.1% of picks (each pick vs its own day’s market average).
Recent publish days (next-day win rate)
07-31 0%07-30 66.7%07-29 0%07-28 45%07-27 20%07-25 36.4%07-21 55.6%07-20 53.8%07-16 53.3%07-15 50%07-14 71.4%07-13 31.2%
This stock has not flashed this signal recently — the record above is the signal’s own, not this stock’s.
Entry is the latest close at publish time; next-day is the following close. “Market” is the equal-weighted average of every stock in the same market that day; delisted names are excluded from both. Fees, taxes and slippage are not included. An observed record over a short window, not a pre-registered backtest. Not investment advice.
Valuation Grades
Relative to 35 은행 peers · not investment advice
Valuation in its own history
PER 59.73 · PBR 3.04 — own history (2014-11~) percentiles 81/100 · 19/100
PER81/100
PBR19/100
Higher indicates lower valuation relative to its history (based on earnings and book yields).
Earnings percentiles can fluctuate for cyclical companies (including loss periods), so the book basis is shown alongside. Companies with large share buybacks can have structurally high PBR. Factual information, not investment advice.
Financial safety
Reference indicatorAs of 2024Safe zoneFinancial-metric reference signal
Altman Z'' zoneZ'' 5.55
Distress
Grey
Safe
- Altman Z''
- 5.55
- Beneish M-Score
- -2.69
- Sloan accrual
- -5.12%
No statistical flag
부실·조작 위험을 나타내는 사실 지표입니다. 투자 조언이 아니며, 검증 전이라 참고용입니다.
Factual information, not investment advice.
Why has this company moved this way?
Auditable observations with the original numeric evidence.
Factual information, not investment advice.
Earnings quality · Piotroski F-Score
9/9Strong
Piotroski measures year-over-year financial improvement, not absolute quality.
Financial improvement score9/9
Profitability
- Positive ROAPass
- Positive OCFPass
- Improving ΔROAPass
- Accruals (OCF > net income)Pass
Leverage & liquidity
- Lower debtPass
- Higher current ratioPass
- No new sharesPass
Efficiency
- Higher gross marginPass
- Higher asset turnoverPass
Calculation note: F7(신주)은 equity/asset 유지로 근사
Already-stable companies may score lower when year-over-year improvement is limited.
Factual information, not investment advice.
Forensic signals
Anomaly and structural signals observed in the financial statements.
Margin trendWarning
영업외손익 급변 (영업이익 대비 44% 규모 변동) — 일회성 손익 주의. 통계적 정황 신호이며 회계부정 단정이 아닙니다.
Factual information, not investment advice.
Industry structure
KRAs of 2026-08-03은행
This stock is in 은행: revenue rank 9 of 21, share 1.6%.
9 / 211.6%revenue share
Who dominates this industry?
- 1삼성카드55.4%
- 2SK디앤디11%
- 3상상인11%
- 4리드코프5.3%
- 5한국토지신탁3%
- 6글로벌텍스프리1.6%
Concentration
ConcentratedCR3 77.4%HHI and CR3 are separate industrial-organization facts; they are not the polarization verdict.
Polarization
MixedConsistentPolarization measures industry gaps and structure, not valuation, forecast, or investment advice.
Margin lens
- IQR%p
- 10.26
- Direction
- 축소
- Level
- 보통
- Years
- 6
Value lens
- P90/P10
- 5.9
- Median P/B
- 0.94
- Level
- 보통
- n
- 21
Survivorship note: 현재 산업 멤버십을 과거 연도에 소급 적용 — 과거 진입·퇴출 기업 미반영(복원 불가)
Factual information, not investment advice.
Risk sensitivity — adverse assumptions
Metric changes under stated assumptions; not a forecast or investment advice.
Base metrics
- Operating margin
- 15.8%
- Interest coverage
- 18x
- Return on equity (ROE)
- 5.1%
Operating margin −5pp
TolerableInterest coverageBase 18x adverse case 12.4x
Return on equity (ROE)Base 5.1% adverse case 11.8%
Revenue −15%
TolerableInterest coverageBase 18x adverse case 15.3x
Return on equity (ROE)Base 5.1% adverse case 14.9%
Interest rate +2pp
TolerableInterest coverageBase 18x adverse case 8.4x
Return on equity (ROE)Base 5.1% adverse case 16.5%
Interest coverage limit
Current margin 15ppInterest coverage limit at an operating margin of 0.9%
Interest expense coverage threshold
Financials at a glance
Global Tax Free's latest results and balance sheet. The bars track the last three periods.
Who held it · filings
Filed recordA historical record from curated-guru 13F filings and DART 5%+ major-holding disclosures.
US 13F는 분기 공시이며 최대 45일 뒤 제출될 수 있습니다.
5%+ major-holding disclosures
- 지티에프홀딩스24.58%2026-06-16 · 증감 +0.30%p
- 브이아이피자산운용9.93%2026-04-10 · 증감 +2.98%p
- 국민연금공단6.61%2026-07-01 · 증감 +1.61%p
- 김진서5.26%2026-05-27 · 증감 +5.26%p
Connections
AI-extracted related companies · for reference
Customers
알리페이플러스WeChat PayUnionPay롯데면세점신라면세점현대백화점면세점
Competitors
Same theme
Korea Tourism Organization인천국제공항
Recent filings
Global Tax Free's latest filings on Korea's DART. Open a headline for a reference summary and the original.
Source: DART (Korea electronic disclosure)
Signal history (last ~2 years)
Every occurrence on this stock, with the return 20 trading days later. Small sample — a record, not a prediction.
Golden cross×1
26-05-26+2.8%
New MA alignment×2
26-05-14-18.2%26-05-07-23.1%
“·” = fewer than 20 trading days since the event. Cup-and-handle entries are days our board actually showed the badge (archive grows daily since 2026-05-12); others are recomputed from price data.
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