Equity Analysis /
South Korea

KR : Fila Holdings - Growth potential tied up everywhere

    Jiwon LEE
    CGS-CIMB
    25 March 2022
    Published by

    Fila Holdings’ share price fell 5% today after disappointing 4Q21 results and cautious topline guidance for FY22F. We project sluggish topline growth for all divisions in FY22F due to weak brand identity and cost pressures from its rebranding exercise. We reiterate Hold as we await its rebranding exercise to be completed before turning positive. Our TP of W32k is based on 10x FY22F P/E.