IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> announced that the share alternative pre-condition was satisfied. However, The share alternative offer is at the offeror’s discretion and with the consent of the financing parties. </li>
<li>The share alternative offer poses a dilemma due to the requirement to satisfy the minimum acceptance condition while not breaching the upper limit of the share alternative offer.</li>
<li>The share alternative offer is a play on higher multiples by relisting the business. At HK$50.00, L’Occitane would trade in line with its median global beauty peers’ multiples.</li>
</ul>



L'Occitane (973 HK) announced that the share alternative pre-condition was satisfied. However, The share alternative offer is at the offeror’s discretion and with the consent of the financing parties. 
The share alternative offer poses a dilemma due to the requirement to satisfy the minimum acceptance condition while not breaching the upper limit of the share alternative offer.
The share alternative offer is a play on higher multiples by relisting the business. At HK$50.00, L’Occitane would trade in line with its median global beauty peers’ multiples.


L’Occitane (973 HK): Dilemma as the Share Alternative Pre-Condition Met

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 and price target for Starco Brands, but lowering our 2024 and 2025 projections to primarily reflect higher marketing costs to support multiple newly announced door expansions for each of the company's key brands beginning in 2Q24 and concentrated in 4Q24.</li><li>We believe Starco's offerings are poised to take highly material leaps, with major expansions at over 10,00 doors in 2024, which we believe will position the company for material, multi-year top line growth and, with the ability to begin to leverage their somewhat fixed infrastructure, margin expansion.</li><li>Further, we believe these agreements position Starco to drive even further sales per door as they increase offerings and categories.</li></ul>

We are reiterating our Buy rating and price target for Starco Brands, but lowering our 2024 and 2025 projections to primarily reflect higher marketing costs to support multiple newly announced door expansions for each of the company's key brands beginning in 2Q24 and concentrated in 4Q24.We believe Starco's offerings are poised to take highly material leaps, with major expansions at over 10,00 doors in 2024, which we believe will position the company for material, multi-year top line growth and, with the ability to begin to leverage their somewhat fixed infrastructure, margin expansion.Further, we believe these agreements position Starco to drive even further sales per door as they increase offerings and categories.

elf Beauty Inc - STCB: 1Q Review: Building for the Future; Reiterate Buy, Price Target

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.

Estee Lauder Companies Cl A / Equity Bottom-Up

<ul><li>The third-quarter fiscal results of The Estée Lauder Companies showcased a strong performance, marked by an inflection point demonstrating a renewed sales and profit growth trajectory.</li><li>The top-line numbers saw an organic sales growth of 6%, thereby meeting the firm's high range outlook.</li><li>The company also reported exceeding expectations in terms of profitability and improving working capital significantly.</li></ul>

The third-quarter fiscal results of The Estée Lauder Companies showcased a strong performance, marked by an inflection point demonstrating a renewed sales and profit growth trajectory.The top-line numbers saw an organic sales growth of 6%, thereby meeting the firm's high range outlook.The company also reported exceeding expectations in terms of profitability and improving working capital significantly.

The Estée Lauder Companies: What Is Their  Profit Recovery Plan For Sales Growth & Profitability? - Major Drivers

<ul><li>We are reiterating our Buy rating, projections and $0.25 price target for Starco Brands with the company reporting 1Q24 (March) results after the close on Wednesday.</li><li>We believe 1Q saw continued progress on multiple levels, with Whipshots rolling out new flavors and now in almost all 50 states, Soylent expanding their protein offerings, Art of Sport beginning its soft launch on Amazon and Skylar expanding new product categories and fragrances.</li><li>As such, and with management remaining focused on driving cost savings and leveraging their relationship and knowledge of the aerosol-driven manufacturing segment, we remain focused on both top line and margin opportunities at STCB. We reiterate our Buy rating and $0.25 price target.</li></ul>

We are reiterating our Buy rating, projections and $0.25 price target for Starco Brands with the company reporting 1Q24 (March) results after the close on Wednesday.We believe 1Q saw continued progress on multiple levels, with Whipshots rolling out new flavors and now in almost all 50 states, Soylent expanding their protein offerings, Art of Sport beginning its soft launch on Amazon and Skylar expanding new product categories and fragrances.As such, and with management remaining focused on driving cost savings and leveraging their relationship and knowledge of the aerosol-driven manufacturing segment, we remain focused on both top line and margin opportunities at STCB. We reiterate our Buy rating and $0.25 price target.

elf Beauty Inc - STCB: 1Q Preview: Adding Value, Driving Upside; Reiterate Buy, $0.25 PT

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

United States

The Estee Lauder Companies Inc. manufactures and markets a wide range of skin care, makeup, fragrance, and hair care products.  The Company's products are sold in countries and territories around the world.

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Estee Lauder Companies Cl A (EL US)

elf Beauty Inc - STCB: 1Q Review: Building for the Future; Reiterate Buy, Price Target

We are reiterating our Buy rating and price target for Starco Brands, but lowering our 2024 and 2025 projections to primarily reflect higher...

Small Cap Consumer Research

The Estée Lauder Companies: What Is Their Profit Recovery Plan For Sales Growth & Profitability? - Major Drivers

The third-quarter fiscal results of The Estée Lauder Companies showcased a strong performance, marked by an inflection point demonstrating a...

Baptista Research

elf Beauty Inc - STCB: 1Q Preview: Adding Value, Driving Upside; Reiterate Buy, $0.25 PT

We are reiterating our Buy rating, projections and $0.25 price target for Starco Brands with the company reporting 1Q24 (March) results after the...

Small Cap Consumer Research

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

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L’Occitane (973 HK): Dilemma as the Share Alternative Pre-Condition Met

While a positive, the share alternative offer needs to balance the requirement to satisfy the minimum acceptance condition while not breaching the...

Arun George

elf Beauty Inc - STCB: 1Q Review: Building for the Future; Reiterate Buy, Price Target

We are reiterating our Buy rating and price target for Starco Brands, but lowering our 2024 and 2025 projections to primarily reflect higher...

Small Cap Consumer Research

The Estée Lauder Companies: What Is Their Profit Recovery Plan For Sales Growth & Profitability? - Major Drivers

The third-quarter fiscal results of The Estée Lauder Companies showcased a strong performance, marked by an inflection point demonstrating a...

Baptista Research

elf Beauty Inc - STCB: 1Q Preview: Adding Value, Driving Upside; Reiterate Buy, $0.25 PT

We are reiterating our Buy rating, projections and $0.25 price target for Starco Brands with the company reporting 1Q24 (March) results after the...

Small Cap Consumer Research

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh