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 reiterating our Buy rating, $25 price target and projections for a.k.a. Brands as we look forward to 2H24.</li><li>We believe, after a period of material shifts and rethinking of the entire business model, a.k.a. management will be able to provide material proof that the shift to a true omnichannel, environmentally driven and fully "test and repeat" business model can drive strong overall returns, position the company for profitability and drive further free cash flow.</li><li>As such, we believe 2H24 will be a highly critical time for a.k.a. and we look forward to the company reproving the business model and beginning to attract higher investor interest.</li></ul>

We are reiterating our Buy rating, $25 price target and projections for a.k.a. Brands as we look forward to 2H24.We believe, after a period of material shifts and rethinking of the entire business model, a.k.a. management will be able to provide material proof that the shift to a true omnichannel, environmentally driven and fully "test and repeat" business model can drive strong overall returns, position the company for profitability and drive further free cash flow.As such, we believe 2H24 will be a highly critical time for a.k.a. and we look forward to the company reproving the business model and beginning to attract higher investor interest.

AKA: 2H24 Signposts; Story Becoming Interesting; Reiterate Buy, $25 PT

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince after visiting the company's store in London and touring key wholesale partners.</li><li>While not a highly material focus for FY24, we believe, with a compelling store in a prime contemporary fashion focused location and strong representation in key London department stores, Vince is poised, longer-term, to expand on international opportunities.</li><li>With the company now on track in terms of capital and set to anniversary key operating shifts in 2HFY24, we believe the brand is poised to reappear on investors' radar screens in the near future, and we reiterate our Buy rating and $3 price target for VNCE.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince after visiting the company's store in London and touring key wholesale partners.While not a highly material focus for FY24, we believe, with a compelling store in a prime contemporary fashion focused location and strong representation in key London department stores, Vince is poised, longer-term, to expand on international opportunities.With the company now on track in terms of capital and set to anniversary key operating shifts in 2HFY24, we believe the brand is poised to reappear on investors' radar screens in the near future, and we reiterate our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: Snapping the Store - London; Setting Up for Success, Reiterate Buy & PT

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." </li>
<li>We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.</li>
<li>Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.</li>
</ul>


Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." 
We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.
Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.


Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

<ul><li>We are reiterating our Buy rating, $25 price target and projections of a.k.a. Brands after touring the company's Culture Kings store in Las Vegas and Princess Polly unit in Los Angeles.</li><li>We believe both locations represent impressive retail units which will allow for continued growth (and high returns) going forward, as a.k.a. expands their retail footprint, with three new Princess Polly stores on track for a 2H24 opening.</li><li>As such, we remain excited by the potential for the ongoing turn at the company, which we believe will be even further driven by continued retail expansion, and reiterate our Buy rating and $25 price target for AKA.</li></ul>

We are reiterating our Buy rating, $25 price target and projections of a.k.a. Brands after touring the company's Culture Kings store in Las Vegas and Princess Polly unit in Los Angeles.We believe both locations represent impressive retail units which will allow for continued growth (and high returns) going forward, as a.k.a. expands their retail footprint, with three new Princess Polly stores on track for a 2H24 opening.As such, we remain excited by the potential for the ongoing turn at the company, which we believe will be even further driven by continued retail expansion, and reiterate our Buy rating and $25 price target for AKA.

Abercrombie & Fitch Co Cl A - AKA: Snapping the Store: Building Unique Brands; Retierate Buy, $25 PT

<ul><li>We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24 (April) results and reiterated FY24 guidance.</li><li>We believe, as the Vince operating model continues to normalize in FY24, it will become increasingly clear to investors the material positives at Vince, from a focus on full price selling, strong wholesale order book, continuing emphasis on higher overall returns and a strengthening balance sheet, which we believe will drive a higher valuation for VNCE, especially with momentum ramping even higher from a "normalized" 2HFY24.</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 Vince Holding Corp. after the company reported slightly better-than expected 1QFY24 (April) results and reiterated FY24 guidance.We believe, as the Vince operating model continues to normalize in FY24, it will become increasingly clear to investors the material positives at Vince, from a focus on full price selling, strong wholesale order book, continuing emphasis on higher overall returns and a strengthening balance sheet, which we believe will drive a higher valuation for VNCE, especially with momentum ramping even higher from a "normalized" 2HFY24.As such, we reiterate our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: 1Q Review: Multiple Positives Coming to the Fore; Reiterate Buy, $3 PT

Spain

Industria de Diseno Textil, S.A. designs, manufactures, and distributes apparel.  The Company operates retail chains in Europe, the Americas, Asia, and Africa.

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Industria De Diseno Textil SA (ITX SM)

AKA: 2H24 Signposts; Story Becoming Interesting; Reiterate Buy, $25 PT

We are reiterating our Buy rating, $25 price target and projections for a.k.a. Brands as we look forward to 2H24. We believe, after a period of...

Small Cap Consumer Research

Pvh Corp - VNCE: Snapping the Store - London; Setting Up for Success, Reiterate Buy & PT

We are reiterating our Buy rating, $3 price target and projections for Vince after visiting the company's store in London and touring key...

Small Cap Consumer Research

Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

Downgrading Europe to Market Weight $FEZ $STOXX; Europe Still Bullish From a Price Perspective; Bullish Outlook Intact on $ACWI $EEM; Supports...

Vermilion Research

Abercrombie & Fitch Co Cl A - AKA: Snapping the Store: Building Unique Brands; Retierate Buy, $25 PT

We are reiterating our Buy rating, $25 price target and projections of a.k.a. Brands after touring the company's Culture Kings store in Las Vegas...

Small Cap Consumer Research

Pvh Corp - VNCE: 1Q Review: Multiple Positives Coming to the Fore; Reiterate Buy, $3 PT

We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24...

Small Cap Consumer Research

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