KR : Handsome Co Ltd - Offline growth encouraging

Buoyed by strong sales growth from department stores, we forecast Handsome’s offline sales to climb 9.4% in FY21F (vs. -12% in FY20). An increase in the proportion of online sales should improve the company’s overall OP margin in FY21F/FY22F (+9.4%/+9.9% vs. +8.5% in FY20). Reiterate Add; TP raised to W50,000, based on Handsome’s five-year historical P/E of 11.7x. This note marks the transfer of coverage to Jiwon Lee.

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