[Edaily Reporter Kwon Oh Seok ] HANWHA INVESTMENT & SECURITIES announced on the 22nd that it is maintaining its “Buy” rating on HandsomeCorporation(020000)and raising its target price from 28,000 won to 36,000 won.

Previously, HandsomeCorporation announced a new shareholder return policy aiming to distribute dividends of at least 20% of standalone operating profit (with a minimum dividend of 800 won) and to repurchase and cancel 10 billion won worth of treasury stock annually. The policy will be in effect from 2026 to 2028.
In response, Lee Jin-hyeop, an analyst at HANWHA INVESTMENT & SECURITIES, emphasized, “Compared to the previous shareholder return policy (aiming for dividends of at least 15% of standalone operating profit), the total shareholder return rate has been raised from approximately 20% to 40%. Based on a dividend discount model, the potential for a stock price revaluation resulting from this increase in the shareholder return policy is approximately 60%.”
He also assessed that share price momentum beyond shareholder returns is strengthening. “First, earnings are solid,” the analyst noted. “Fashion sales growth, which had fueled concerns about a slowdown in domestic consumption in June, appears to have bottomed out and begun rebounding in July. In September, as the company enters the fall/winter season in earnest, it is expected to post double-digit growth rates.”
Accordingly, he projected third-quarter revenue of 331.3 billion won (up 7% year-over-year) and operating profit of 7.9 billion won (up 218%). He analyzed, “Expectations for fourth-quarter earnings, when the income effect strengthens, may also rise, and the recent appreciation of the won is positive for the future improvement of HandsomeCorporation’s gross profit margin (GPM).”
He added, “Momentum for overseas expansion is also strengthening. System has achieved milestones by opening stores at Paris’s Galeries Lafayette and Harrods in the UK (pop-up stores).
Paris, which has achieved milestones by entering stores such as Lafayette in Paris and Harrods in the UK (pop-up), will make a full-scale entry into the Japanese market starting with an opening at Hankyu Department Store in 2027. HandsomeCorporation plans to open a total of 10 stores by 2030.”
Momentum from new overseas brands is also worth watching. The domestic launch of three brands—including the wellness brand Skims and Satisfy, often referred to as the “Hermès of the running world”—is scheduled for 2027. The analyst added, “Since this marks the first entry into the Asian market for both brands, there is a high likelihood that they will attract not only domestic demand but also demand from inbound foreign tourists.”