Added to YB: 2026-09-07
Pitch date: 2026-09-03
020000.KS [neutral]
HANDSOME Corporation
Author Info
Sung Capital is an alternative asset management firm run by Oliver Sung. We invest capital for families, registered investment advisors, and accredited investors through a private investment fund. We pick underpriced stocks, usually in pockets of the market where large pools of capital (funds and institutions) can’t or won’t invest, but we flip every stone. We pick stocks only, use no leverage, and require a significant margin of safety in every investment. Sign up for the newsletter.
Company Info
HANDSOME Corporation manufactures and sells women’s apparel in Korea, China, and Europe. The company offers luxury and casual apparels for men and women under the brand names TIME, MINE, Lanvin Collection, OBZEE, the CASHMERE, LATT, SYSTEM, SJSJ, O'2nd, SJYP, rouge & lounge, TIME Homme, SYSTEM HOMME, TOMMY HILFIGER, TOMMY JEANS, CLUB MONACO, DKNY, BALLY, LANVIN, ROCHAS, 3.
Market Cap
KRW 331.4B
Pitch Price
N/A
Price Target
31.1K
Dividend
N/A
EV/EBITDA
2.05
P/E
5.91
EV/Sales
0.19
Sector
Textiles, Apparel and Luxury Goods
Category
value
All Korean net nets #2: who’s holding the keys? - HANDSOME Corporation
020000.KS (quick overview): Handsome trades at 0.65x NCAV and 0.24x book; after net cash, investments, leases, tax and appraised investment property, adjusted EV is roughly zero. A recovery to a 6% operating margin would produce about KRW90bn of operating income versus a KRW340bn market cap. However, margins have structurally eroded, KRW573bn of fashion inventory remains vulnerable to write-downs, and the board appears to prefer real estate to special dividends or major buybacks.
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