I. Investment Points......................................................................................................
II. Indicators point to an apparel sector recovery .....................................................
􀁺 Apparel spending to grow in line with resilient private consumption
􀁺 Rsing trend of CSI on apparel spending
􀁺 Apparel sales growth at department stores
􀁺 Resilient BSI
III. Changes in distribution paradigm favorable for earnings structure..................
􀁺 Domestic brands shifting away from department stores
􀁺 New shops to lead to lower distribution costs
IV. Top Picks: Handsome and LG Fashion .................................................................
[Company Analysis]
Handsome (Buy, TP W23,000) ..................................................................................
LG Fashion (Buy, TP W33,000) .................................................................................
Youngone Corp (Buy, TP W13,500) ..........................................................................
Cheil Industries (Buy, TP W60,000) ..........................................................................
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