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[Alpha Biz=(Chicago) Reporter Paul Lee] Hana Securities Co. on the 23rd predicted the arrival of a new clothing purchase cycle in the second half of this year for Handsome and offered an "buy" investment opinion. However, the target price has been lowered from 31,000 won to 26,000 won. The closing price of the previous day is 20,000 won.
"We usually haven't experienced a contraction in clothing consumption for more than two years," Hana Securities said. "We expect a new clothing purchase cycle to arrive in the second half of this year because clothing consumption has been sluggish below the growth rate of private consumption from the second half of 2022."
"Considering that the performance momentum of department stores and clothing companies has always been in the same direction, the rebound seems to be clear in the second half of the year," Hana Securities said. "The growth rate of existing department stores, the main sales channel, is expected to gradually improve from the first quarter."
Hana Securities also said, "Handsome's consolidated operating profit for the first quarter is expected to be sluggish at 40.2 billion won, but it is expected to shift to a full-fledged increase from the second quarter."
This year's annual sales rose 3% year-on-year to 1.582 trillion won and operating profit rose 18% to 118.6 billion won.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
