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, price target and projections for Vince Holding after visiting company stores and shop in shops in London.</li><li> We remain impressed with Vince’s ability to offer compelling collections to the core London shopper and create a true lifestyle brand focused on key Vince items (i.e. sweaters, dresses, outerwear and footwear) and, increasingly offer fashion driven looks driven by color and daring newness.</li><li> Further, Vince management has continued to expand, taking direct control of a key department store shop in shop and flowing in complete collections to drive multi-piece shopping.</li></ul>

We are reiterating our Buy rating, price target and projections for Vince Holding after visiting company stores and shop in shops in London. We remain impressed with Vince’s ability to offer compelling collections to the core London shopper and create a true lifestyle brand focused on key Vince items (i.e. sweaters, dresses, outerwear and footwear) and, increasingly offer fashion driven looks driven by color and daring newness. Further, Vince management has continued to expand, taking direct control of a key department store shop in shop and flowing in complete collections to drive multi-piece shopping.

VNCE: Snapping the Store-London: Driving Affluent Sales; 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

<ul>
<li>We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).</li>
<li>We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $134-135.70 on ACWI-US continue to hold</li>
</ul>


We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).
We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $134-135.70 on ACWI-US continue to hold


Upgrading Spain to Overweight; EM Uptrend Break; Buys in Discretionary, Financials, Materials

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Capital Markets

<ul>
<li>Shein Group Ltd filed its prospectus for a Hong Kong listing on July 26th. SHEIN has adopted a dual-class share structure, which it expects to maintain post-IPO.</li>
<li>Shein is widely classified as the leading example of ultra-fast fashion.  It pushes traditional fast-fashion models to an extreme level through real-time trend tracking and massive daily output.</li>
<li> US de minimis exemption ended in August 2025,  increasing fulfillment costs for China-origin shipments. EU DSA investigation and escalating regulatory fines across multiple jurisdictions create compliance costs and reputational risk.</li>
</ul>


Shein Group Ltd filed its prospectus for a Hong Kong listing on July 26th. SHEIN has adopted a dual-class share structure, which it expects to maintain post-IPO.
Shein is widely classified as the leading example of ultra-fast fashion.  It pushes traditional fast-fashion models to an extreme level through real-time trend tracking and massive daily output.
 US de minimis exemption ended in August 2025,  increasing fulfillment costs for China-origin shipments. EU DSA investigation and escalating regulatory fines across multiple jurisdictions create compliance costs and reputational risk.


Thematic (Sector/Industry)

<ul>
<li>President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's industry dominance.</li>
<li>Although the supply commitments of REEs to supplant China's production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.</li>
<li>
<a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a> , <a href="https://www.smartkarma.com/entities/bosideng-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6537:1" rel="noopener">Bosideng International Holdings (3998 HK)</a> ,<a href="https://www.smartkarma.com/entities/yue-yuen-industrial-holdings-limited" target="_blank" data-smartkarma-citation="entities:12281:1" rel="noopener">Yue Yuen Industrial Holdings (551 HK)</a> , and <a href="https://www.smartkarma.com/entities/stella-international" target="_blank" data-smartkarma-citation="entities:7610:1" rel="noopener">Stella International (1836 HK)</a> will benefit from the tariff relief.
</li>
</ul>


President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's industry dominance.
Although the supply commitments of REEs to supplant China's production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.

Shenzhou Intl Group Holdings (2313 HK) , Bosideng International Holdings (3998 HK) ,Yue Yuen Industrial Holdings (551 HK) , and Stella International (1836 HK) will benefit from the tariff relief.



How Rare Earth Elements Helped China's Textile Companies

<ul><li>We are reiterating our Buy rating, $9 price target and projections for Vince Holding after visiting Vince stores in Connecticut, Long Island and New Jersey.</li><li> We believe the Fall season has been very strong for the company, with momentum in sweaters, outerwear, new bottoms fabrics and tops.</li><li> Further, we are seeing an even greater focus on full price, multi-piece selling, which we believe has resonated for the core Vince customer looking for great Fall outfits.</li></ul>

We are reiterating our Buy rating, $9 price target and projections for Vince Holding after visiting Vince stores in Connecticut, Long Island and New Jersey. We believe the Fall season has been very strong for the company, with momentum in sweaters, outerwear, new bottoms fabrics and tops. Further, we are seeing an even greater focus on full price, multi-piece selling, which we believe has resonated for the core Vince customer looking for great Fall outfits.

VNCE: Snapping the Store: Fall Fashion On Target for High Returns; Reiterate Buy, 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: Snapping the Store-London: Driving Affluent Sales; Reiterate Buy, PT

We are reiterating our Buy rating, price target and projections for Vince Holding after visiting company stores and shop in shops in London. We...

Small Cap Consumer Research

Upgrading Spain to Overweight; EM Uptrend Break; Buys in Discretionary, Financials, Materials

Upgrading Spain $EWP to Overweight; EM Uptrend Break $EEM $VWO; Lows likely "in" on $SPX and $ACWI; Buys Focused in global Discretionary,...

Vermilion Research

HK IPO WATCH: Shein - Behind the Seams!!

Shein Global Holdings reported 1% net revenue growth in the first half of 2026 as the online fashion retailer grapples with slowing demand and...

David Mudd

How Rare Earth Elements Helped China's Textile Companies

President Trump will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China's...

David Mudd

VNCE: Snapping the Store: Fall Fashion On Target for High Returns; Reiterate Buy, PT

We are reiterating our Buy rating, $9 price target and projections for Vince Holding after visiting Vince stores in Connecticut, Long Island and...

Small Cap Consumer Research

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