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

Abercrombie & Fitch Co Cl A / Equity Bottom-Up

<ul><li>We are initiating coverage of a.k.a. Brands Holding Corp.</li><li>("a.k.a. Brands" or the "company"), a leading owner of primarily online apparel-based brands focused on Generation Z and Millennial consumers, with a Buy rating and $14.00 price target, or 10.9X our 2025 EBITDA projection of $20.2 million.</li><li>The company's brands include: 1) Princess Polly, focusing on 15 to 25 year-old women; 2) Petal & Pup, which offers feminine styles for 25 to 34 year-old women; 3) Culture Kings, a street wear destination; and 4) mnml, a high-quality street wear designer focused on bottoms.</li></ul>

We are initiating coverage of a.k.a. Brands Holding Corp.("a.k.a. Brands" or the "company"), a leading owner of primarily online apparel-based brands focused on Generation Z and Millennial consumers, with a Buy rating and $14.00 price target, or 10.9X our 2025 EBITDA projection of $20.2 million.The company's brands include: 1) Princess Polly, focusing on 15 to 25 year-old women; 2) Petal & Pup, which offers feminine styles for 25 to 34 year-old women; 3) Culture Kings, a street wear destination; and 4) mnml, a high-quality street wear designer focused on bottoms.

AKA: Initiating Coverage of a.k.a. Brands with Buy and $14 PT: Upside Ahead

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.

<ul><li>Abercrombie & Fitch Co.</li><li>emerged from 2023 with significant achievements, marking it as a defining year for the company.</li><li>The brand witnessed a 15.8% increase in sales, reaching $4.28 billion, which not only represents its second highest annual sales level in history but also a testament to its robust growth strategy.</li></ul>

Abercrombie & Fitch Co.emerged from 2023 with significant achievements, marking it as a defining year for the company.The brand witnessed a 15.8% increase in sales, reaching $4.28 billion, which not only represents its second highest annual sales level in history but also a testament to its robust growth strategy.

Abercrombie & Fitch Co:  Initiation of Coverage - Its Enhanced Product Differentiation & Expansion Responsible For The Recent Growth? - Major Drivers

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<p><a href="https://www.smartkarma.com/entities/american-eagle-outfitters" target="_blank" data-smartkarma-citation="entities:10217:1" rel="noopener">American Eagle Outfitters (AEO US)</a> looked to have a promising future when it first decided to enter the Japanese market but when it arrived in 2010 its partner was the men’s suits retailer, <a href="https://www.smartkarma.com/entities/aoyama-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:4544:1" rel="noopener">Aoyama Trading (8219 JP)</a>.</p>
<p>After 9 years of continuous losses, Aoyama wants to quit and hand over to the US firm. For American Eagle Outfitters, there is an opportunity even if the American casual trend has waned somewhat.</p>
<p>For Aoyama, diversification is key if it is to find growth in a contracting businesswear market and closing down its casual fashion business won’t help. The leading businesswear retailer looks set for several years of contraction unless it can find a new hit store concept. Its struggles emphasise the negative outlook for the businesswear market in general, including other major firms such as <a href="https://www.smartkarma.com/entities/aoki-holdings-inc" target="_blank" data-smartkarma-citation="entities:2993:1" rel="noopener">Aoki Holdings (8214 JP).</a></p>

American Eagle Outfitters (AEO US) looked to have a promising future when it first decided to enter the Japanese market but when it arrived in 2010 its partner was the men’s suits retailer, Aoyama Trading (8219 JP).
After 9 years of continuous losses, Aoyama wants to quit and hand over to the US firm. For American Eagle Outfitters, there is an opportunity even if the American casual trend has waned somewhat.
For Aoyama, diversification is key if it is to find growth in a contracting businesswear market and closing down its casual fashion business won’t help. The leading businesswear retailer looks set for several years of contraction unless it can find a new hit store concept. Its struggles emphasise the negative outlook for the businesswear market in general, including other major firms such as Aoki Holdings (8214 JP).

American Eagle Outfitters Enters Buyout Talks with Aoyama Shoji

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p>Earlier this year <a href="https://www.smartkarma.com/entities/7941" target="_blank" data-smartkarma-citation="entities:7941:1">Gap Inc/The (GPS US)</a> announced its plan to spin-off its underperforming brands. Under which the company intends to separate into two new companies. The original company, Gap Inc will keep ownership of their lower priced fast fashion brand Old Navy while the new company will focus on revitalizing the company’s mainstay brand Gap and other major brands such as Banana Republic, Athleta, Intermix and Hill City. However, the transaction is still pending final approvals by Gap Inc’s board of directors and SEC. But the company intends to complete the transaction by 2020.</p>
<p>Gap Inc’s share price rose more than 15% immediately after the news, but since then the price has fallen more than 24% despite a positive return from S&amp;P 500 during that time.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/088/689/original/1.png?1558628264" class="editor-image img-responsive" data-smartkarma-image-id="88689"></figure>
<div class="content-caption">Source: Cap IQ</div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/088/690/original/2.png?1558628277" class="editor-image img-responsive" data-smartkarma-image-id="88690"></figure>
<div class="content-caption">Source: Cap IQ</div>

Earlier this year Gap Inc/The (GPS US) announced its plan to spin-off its underperforming brands. Under which the company intends to separate into two new companies. The original company, Gap Inc will keep ownership of their lower priced fast fashion brand Old Navy while the new company will focus on revitalizing the company’s mainstay brand Gap and other major brands such as Banana Republic, Athleta, Intermix and Hill City. However, the transaction is still pending final approvals by Gap Inc’s board of directors and SEC. But the company intends to complete the transaction by 2020.
Gap Inc’s share price rose more than 15% immediately after the news, but since then the price has fallen more than 24% despite a positive return from S&amp;P 500 during that time.

Source: Cap IQ

Source: Cap IQ

Gap Inc: Unlocking Value Through Old Navy Spin-Off and Restructuring of Speciality Stores

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Crystal International / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/25979" target="_blank" data-smartkarma-citation="entities:25979:1">Crystal International Group (2232 HK)</a> is raising about US$525m in its upcoming IPO. Proceeds will be mainly used to expand its current manufacturing capacity, upstream vertical expansion, and paying down debt that was used to fund a recent acquisition.</p><p>In this insight, we will briefly look at the apparel manufacturing industry, the company's operating margins compared to Hong Kong-listed peers, and its relative valuation. As usual, we will be running the deal through our ECM framework.</p>

Crystal International Group (2232 HK) is raising about US$525m in its upcoming IPO. Proceeds will be mainly used to expand its current manufacturing capacity, upstream vertical expansion, and paying down debt that was used to fund a recent acquisition.In this insight, we will briefly look at the apparel manufacturing industry, the company's operating margins compared to Hong Kong-listed peers, and its relative valuation. As usual, we will be running the deal through our ECM framework.

Crystal Grp IPO Review - Good Underlying Growth Bolstered by New Margin-Accretive Sportswear Segment

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)

AKA: Initiating Coverage of a.k.a. Brands with Buy and $14 PT: Upside Ahead

We are initiating coverage of a.k.a. Brands Holding Corp. ("a.k.a. Brands" or the "company"), a leading owner of primarily online apparel-based...

Small Cap Consumer Research

Abercrombie & Fitch Co: Initiation of Coverage - Its Enhanced Product Differentiation & Expansion Responsible For The Recent Growth? - Major Drivers

Abercrombie & Fitch Co. emerged from 2023 with significant achievements, marking it as a defining year for the company. The brand witnessed a...

Baptista Research

American Eagle Outfitters Enters Buyout Talks with Aoyama Shoji

American Eagle Outfitters (AEO US) looked to have a promising future when it first decided to enter the Japanese market but when it arrived in 2010...

Michael Causton

Gap Inc: Unlocking Value Through Old Navy Spin-Off and Restructuring of Speciality Stores

Earlier this year Gap Inc/The (GPS US) announced its plan to spin-off its underperforming brands. Under which the company intends to separate into...

Oshadhi Kumarasiri

Crystal Grp IPO Review - Good Underlying Growth Bolstered by New Margin-Accretive Sportswear Segment

Crystal International Group (2232 HK) is raising about US$525m in its upcoming IPO. Proceeds will be mainly used to expand its current...

Zhen Zhou, Toh

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