d'Alba Global (483650 KP) Buy: Potential overhang?

研报英文原文证据摘录

d'Alba Global (483650 KP) Buy: Potential overhang?

PRICE (KRW)

highlight the company’s solid earnings outlook. We forecast 2025-28 sales and OP 350000.00

CAGRs of 41% and 51%, respectively, and our OP forecasts are 15-19% above 216500.00

Bloomberg consensus for 2026-28. d’Alba maintained its 2026 guidance with sales of

83000.00

KRW700bn and OP margin of 21% which we believe are too conservative. Of note, 05/25 11/25 05/26

the company guides 2027 sales at KRW1trn, and targets to achieve 25% OP margin TargetHigh: 260000.00price: 320000.00Low: 110100.00 Current: 228500.00

by 2028. Source: LSEG IBES, HSBC estimates

Plenty of catalysts ahead KarenHead ofChoi*Consumer & Retail Research, Asia Pacific

Upcoming catalysts include: 1) strong earnings growth – we forecast OP will rise 64% The Hongkong and Shanghai Banking Corporation

Limited, Seoul Securities Branch

y-o-y in 2Q and by 117% y-o-y in 2H 2026; 2) penetration into offline channels in the karen.choi@kr.hsbc.com

US and Europe; and 3) improved rankings on Amazon. We expect the biggest y-o-y +82 2 3706 8781

contribution to come from Japan and the US from 2026 and onwards as the company Sophia Jung*

Associate, Consumer Research

penetrates offline channels; Russia and ASEAN would remain as the most profitable The Hongkong and Shanghai Banking Corporation

markets. Limited, Seoul Securities Branch sophia.jung@kr.hsbc.com

+822 3706 8774

Retain Buy with unchanged TP of KRW320,000

We do not make any changes to our estimates; and continue to value d’Alba Global

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

using EV/EBITDA, with a 2026e target multiple of 20x, the average since listing. Our not registered/ qualified pursuant to FINRA regulations