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2022年6月16日

Castelbajac:让品牌全面努力更新共享Castelbajac:让品牌全面努力更新由荣格Ji-yoon×每商店准备扩大其销售今年等号左边30%或更多,Castelbajac享受明显受益于其分布重组。尽管出售旧的库存要进行通过,今年我们预计利润率逐步转变,由一系列新品牌发射定于2 h22。分布结构效率开始改善我们预计Castelbajac看到2022年销售量W88.1bn等号左边(+ 18%)和OP W2.4bn (TTP等号左边,OPM的2.7%。虽然每个商店销售额今年将增长30%或更多等号左边减少存储数据(2019:180→礼物:130),COGS-to-sales比率上升源于更高的劳动力成本和损失的老库存的处理是目前一种负担。Castelbajac看起来,经验有意义的利润率从明年开始好转,考虑到:1)每一个店的销售额稳步上升,得益于分布重组旨在加强效率;2)进行处置(从4温度系数)的库存已经坐在了两年多由end-3Q22期待结束;和3)推出国内业务对我们高尔夫服装品牌黑三叶草1 h22,该公司计划推出一系列新的streetwear,休闲,athleisure品牌。考虑到这些因素,我们预计公司进入的早期阶段收益逐步改善的趋势。时间显示盈利增长信号在6月8日,2021年,Castelbajac进行第二轮CB发行(在W10,701 W20bn,转换价格调整;调整转化率为22.08%)。 The holders of the CBs could request that the conversion start from Jun 8, 2022, but at the current price level, supply burden looks limited over the near term. Taking into account share dilution effects caused by the conversion, the current share price (W7,800 as of Jun 9) is estimated to be equivalent to a 2023F P/E of 13x, a figure that is lower than the average P/E of 18x for global golfwear peers, but higher than the average P/E of 8x for the domestic golfwear industry. According to the company, proceeds from the CB issuance are to be spent for business diversification. Noting the firm’s sluggish earnings performance since its IPO, we believe it will focus on investment in securing of new growth drivers. In Feb 2022, Castelbajac established a JV with Musinsa Partners to discover and foster golf brands. Over the mid/long term, the JV is predicted to roll out products with designs catering to the younger generations (millennials and Gen Z), undertaking efficient online marketing based upon online fashion platform Musinsa’s networks. We note that Castelbajac’s own designs are also changing from flamboyant art designs towards more trendy designs. POPULAR