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, projections and $5 price target for Vince Holding as the company closes out 4QFY25 (January) earnings season next Wednesday before the open.</li><li> We believe VNCE investors have focused too much on the potential impact of the Saks Fifth Avenue bankruptcy and missed the multiple (and more impactful) wholesale and retail shifts which we believe have positioned Vince for continued solid growth and margin expansion in FY26 and beyond.</li><li> Further, we believe the company’s focus on affluent customers and the affordable luxury segment positions Vince, if the product is right, to continue to take market share and grow the top and bottom lines.</li></ul>

We are reiterating our Buy rating, projections and $5 price target for Vince Holding as the company closes out 4QFY25 (January) earnings season next Wednesday before the open. We believe VNCE investors have focused too much on the potential impact of the Saks Fifth Avenue bankruptcy and missed the multiple (and more impactful) wholesale and retail shifts which we believe have positioned Vince for continued solid growth and margin expansion in FY26 and beyond. Further, we believe the company’s focus on affluent customers and the affordable luxury segment positions Vince, if the product is right, to continue to take market share and grow the top and bottom lines.

VNCE: 4Q Preview: Showing How to Win in the New Normal; Reiterate Buy, $5 PT

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

aka Brands Holding Corp / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $30 price target and projections for a.k.a. Brands Holding after visiting Princess Polly stores in New York and Pennsylvania.</li><li> We believe the stores have continued to positively evolve, as the store register: 1) a deepening emphasis on accessories; 2) higher levels of newness; 3) continued supply chain improvements; 4) increased overall customer service levels with more fitting rooms; and 5) the ability to quickly react to overall trends.</li><li> As such, we have continued to see notable improvements in the stores as Princess Polly has mitigated overall tariff and supply chain shifts and, we believe, is poised to emphatically demonstrate the strength (and ability to drive higher overall returns) of the owned store channel.</li></ul>

We are reiterating our Buy rating, $30 price target and projections for a.k.a. Brands Holding after visiting Princess Polly stores in New York and Pennsylvania. We believe the stores have continued to positively evolve, as the store register: 1) a deepening emphasis on accessories; 2) higher levels of newness; 3) continued supply chain improvements; 4) increased overall customer service levels with more fitting rooms; and 5) the ability to quickly react to overall trends. As such, we have continued to see notable improvements in the stores as Princess Polly has mitigated overall tariff and supply chain shifts and, we believe, is poised to emphatically demonstrate the strength (and ability to drive higher overall returns) of the owned store channel.

AKA: Snapping the Store: Remaining “It Girl” HQ; Reiterate Buy, $30 PT

<ul><li>We are reiterating our Buy rating, projections and $5 price target for Vince Holding after visiting Vince stores in Connecticut, Long Island and New Jersey.</li><li> With Vince fully caught up for the Spring season, we are seeing material key new looks, from a deeper focus on linen, more colors and patterned offerings, further expansion of accessories and continued strong event and party lines.</li><li> Further, we believe the shifts in women’s bottoms (to naming key styles) is gaining traction and will make the overall shopping experience even easier.</li></ul>

We are reiterating our Buy rating, projections and $5 price target for Vince Holding after visiting Vince stores in Connecticut, Long Island and New Jersey. With Vince fully caught up for the Spring season, we are seeing material key new looks, from a deeper focus on linen, more colors and patterned offerings, further expansion of accessories and continued strong event and party lines. Further, we believe the shifts in women’s bottoms (to naming key styles) is gaining traction and will make the overall shopping experience even easier.

VNCE: Snapping the Store: Looking Spry for Spring; Reiterate Buy, $5 PT

<ul><li>We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands after meeting with CEO Ciaran Long.</li><li> After a year where tariff costs and the need to materially shift the supply chain served to completely occlude the gains from expanding the wholesale and retail business and the recovery in Australia, management is looking forward to a 2026 where they will be ready for tariff related issues (if there are any) and will be able to, especially after 1Q, amply demonstrate the value of the compelling growth stories that are under the a.k.a. Brands umbrella.</li><li> As such, we reiterate our Buy rating and $30 price target for AKA.</li></ul>

We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands after meeting with CEO Ciaran Long. After a year where tariff costs and the need to materially shift the supply chain served to completely occlude the gains from expanding the wholesale and retail business and the recovery in Australia, management is looking forward to a 2026 where they will be ready for tariff related issues (if there are any) and will be able to, especially after 1Q, amply demonstrate the value of the compelling growth stories that are under the a.k.a. Brands umbrella. As such, we reiterate our Buy rating and $30 price target for AKA.

AKA: Management Meetings: Learning and Winning; Reiterate Buy, $30 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)

VNCE: 4Q Preview: Showing How to Win in the New Normal; Reiterate Buy, $5 PT

We are reiterating our Buy rating, projections and $5 price target for Vince Holding as the company closes out 4QFY25 (January) earnings season...

Small Cap Consumer Research

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

AKA: Snapping the Store: Remaining “It Girl” HQ; Reiterate Buy, $30 PT

We are reiterating our Buy rating, $30 price target and projections for a.k.a. Brands Holding after visiting Princess Polly stores in New York and...

Small Cap Consumer Research

VNCE: Snapping the Store: Looking Spry for Spring; Reiterate Buy, $5 PT

We are reiterating our Buy rating, projections and $5 price target for Vince Holding after visiting Vince stores in Connecticut, Long Island and...

Small Cap Consumer Research

AKA: Management Meetings: Learning and Winning; Reiterate Buy, $30 PT

We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands after meeting with CEO Ciaran Long. After a year where...

Small Cap Consumer Research

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