Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.</li><li>We believe, with Fall now in full swing, Vince is flexing their ability to act strategically both fashion-wise and financially, rolling out impressive looks in sweaters, outerwear, dresses and accessories, expanding men's with new bottoms in multiple colors and silhouettes and layering tops, tees, sweaters and knits.</li><li>Further, the company has been able to drive strong instock levels and expand the colors and products offered to the stores to drive higher overall sales and margins.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.We believe, with Fall now in full swing, Vince is flexing their ability to act strategically both fashion-wise and financially, rolling out impressive looks in sweaters, outerwear, dresses and accessories, expanding men's with new bottoms in multiple colors and silhouettes and layering tops, tees, sweaters and knits.Further, the company has been able to drive strong instock levels and expand the colors and products offered to the stores to drive higher overall sales and margins.

Pvh Corp - VNCE: Snapping the Store: Strategically Focused for Fall; Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating and $3 price target for VNCE, slightly reducing our FY24 top line, but increasing our bottom line projections after the company reported solid 2Q results, driven by stronger than expected wholesale revenue.</li><li>With the company now fully anniversarying the ABG Vince relationship, and the drive to materially reduce clearance and discount levels at their own stores completed, we believe 2HFY24 will begin to visibly demonstrate the power of the Vince brand to drive returns and position the company for further material top and bottom line expansion in FY25 from new store openings, further expansion in men's, international growth and continued wholesale door and segment expansion which, when further fueled by ABG Vince category expansion, debt reduction and share repurchases, positions the company for material upside.</li><li>As such, we reiterate our Buy rating and $3 price target for VNCE.</li></ul>

We are reiterating our Buy rating and $3 price target for VNCE, slightly reducing our FY24 top line, but increasing our bottom line projections after the company reported solid 2Q results, driven by stronger than expected wholesale revenue.With the company now fully anniversarying the ABG Vince relationship, and the drive to materially reduce clearance and discount levels at their own stores completed, we believe 2HFY24 will begin to visibly demonstrate the power of the Vince brand to drive returns and position the company for further material top and bottom line expansion in FY25 from new store openings, further expansion in men's, international growth and continued wholesale door and segment expansion which, when further fueled by ABG Vince category expansion, debt reduction and share repurchases, positions the company for material upside.As such, we reiterate our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: 2Q Review: Driving Upside, Remaining Conservative; Reiterate Buy, $3 PT

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>MTC has been added to the portfolio in response to the recovery in its asset quality, resulting in a decline in credit costs amid cautious lending.</li><li>In addition, the company's recent credit rating of A-(tha) assigned by Fitch, compared to the BBB+ rating from TRIS, may positively impact its funding costs and profitability.</li></ul>

MTC has been added to the portfolio in response to the recovery in its asset quality, resulting in a decline in credit costs amid cautious lending.In addition, the company's recent credit rating of A-(tha) assigned by Fitch, compared to the BBB+ rating from TRIS, may positively impact its funding costs and profitability.

<ul><li>We are reiterating our Buy rating, $3 price target and projections with Vince reporting 2QFY24 (July) results after the close on Monday.</li><li>We believe Vince achieved solid 2Q top line expansion, as the company has shifted more goods away from the outlet channel to the main line wholesale channel and the company's owned stores.</li><li>Further, we believe the resumption of a stronger flow of full priced, highly fashionable goods for Summer and pre-Fall has driven strong top line momentum into 2HFY25.</li></ul>

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 2QFY24 (July) results after the close on Monday.We believe Vince achieved solid 2Q top line expansion, as the company has shifted more goods away from the outlet channel to the main line wholesale channel and the company's owned stores.Further, we believe the resumption of a stronger flow of full priced, highly fashionable goods for Summer and pre-Fall has driven strong top line momentum into 2HFY25.

Pvh Corp - VNCE: 2Q Preview: Showing Their True Strength; Reiterate Buy, $3 PT

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Abercrombie & Fitch Co Cl A / Equity Bottom-Up

<ul><li>Abercrombie & Fitch Co. recently unveiled its results for the second quarter of 2024, divulging key financial metrics and strategic initiatives that might influence investor sentiment.</li><li>The company exceeded prior projections, setting second-quarter records with a robust 21% growth in net sales, reaching $1.1 billion, alongside an impressive operating margin of 15.5%.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Abercrombie & Fitch Co. recently unveiled its results for the second quarter of 2024, divulging key financial metrics and strategic initiatives that might influence investor sentiment.The company exceeded prior projections, setting second-quarter records with a robust 21% growth in net sales, reaching $1.1 billion, alongside an impressive operating margin of 15.5%.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Abercrombie & Fitch Co.: Expanded Product Categories & Brand Partnerships Driving Our Optimism! - Major Drivers

United States

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

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Abercrombie & Fitch Co Cl A (ANF US)

Pvh Corp - VNCE: Snapping the Store: Strategically Focused for Fall; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New...

Small Cap Consumer Research

Pvh Corp - VNCE: 2Q Review: Driving Upside, Remaining Conservative; Reiterate Buy, $3 PT

We are reiterating our Buy rating and $3 price target for VNCE, slightly reducing our FY24 top line, but increasing our bottom line projections...

Small Cap Consumer Research

SET100 Tactical Picks

MTC has been added to the portfolio in response to the recovery in its asset quality, resulting in a decline in credit costs amid cautious...

Krungthai XSpring

Pvh Corp - VNCE: 2Q Preview: Showing Their True Strength; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 2QFY24 (July) results after the close on Monday. We...

Small Cap Consumer Research

Abercrombie & Fitch Co.: Expanded Product Categories & Brand Partnerships Driving Our Optimism! - Major Drivers

Abercrombie & Fitch Co. recently unveiled its results for the second quarter of 2024, divulging key financial metrics and strategic...

Baptista Research

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