What Happened?
VIP Asset Management sold a significant portion of its Global Tax Free shares between September 17th and 24th, 2025, decreasing its stake from 6.36% to 4.70%. This substantial divestment could be interpreted as a negative signal by the market.
Analyzing the Divestment and Fundamentals
While the specific reasons behind VIP Asset Management’s sale haven’t been disclosed, it’s crucial to analyze the company’s fundamentals and the macroeconomic environment to formulate an effective investment strategy.
- Solid Fundamentals: Global Tax Free reported strong performance in the first half of 2025, with both revenue and operating profit increasing by over 30% year-on-year. The steady growth of its tax refund business and the profitability of its webtoon platform, FingersTory, are key drivers. The company also maintains a healthy financial position.
- Subsidiary Risks: Despite revenue growth, the cosmetics subsidiary, Swanicoco, continues to report operating losses, requiring improvements in profitability.
- Macroeconomic Influences: Fluctuations in the KRW/USD and KRW/EUR exchange rates can impact the company’s performance, but current volatility is limited. The prevailing interest rate cut environment is a positive factor.
Investment Strategies
While this divestment may increase short-term stock price volatility, it could present an opportunity for long-term investors.
- Short-Term Investors: A cautious approach is recommended, monitoring the market’s absorption of the sold shares. Pay close attention to potential further selling and the overall market reaction. Consider a staggered buying strategy after confirming support around 3,000 KRW.
- Long-Term Investors: Considering Global Tax Free’s growth potential, the price drop could be a buying opportunity. Continuous monitoring of FingersTory’s growth trajectory and Swanicoco’s profitability is crucial.