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 $9 price target after visiting the October’s Very Own (“OVO”) flagship store in Manhattan.</li><li> We were impressed with the quality and offering of goods and the visit reinforced our belief OVO is a premium brand with the potential for material expansion.</li><li> That said, we note the store, after being open for almost a decade, needs some upgrades and TLC, which we believe represents an opportunity for Vince.</li></ul>

We are reiterating our Buy rating, projections and $9 price target after visiting the October’s Very Own (“OVO”) flagship store in Manhattan. We were impressed with the quality and offering of goods and the visit reinforced our belief OVO is a premium brand with the potential for material expansion. That said, we note the store, after being open for almost a decade, needs some upgrades and TLC, which we believe represents an opportunity for Vince.

VNCE: Snapping The Store – OVO Edition: The Potential & The Need; Reiterate Buy, PT

aka Brands Holding Corp / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands after visiting Princess Polly stores on the East Coast.</li><li> We believe, with Fall in full flower, Princess Polly stores have continued to materially evolve under new store management.</li><li> As management has stated, the stores are now more focused on basics, offering sweats and casual wear that widens the lifestyle choices for the Princess Polly customer.</li></ul>

We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands after visiting Princess Polly stores on the East Coast. We believe, with Fall in full flower, Princess Polly stores have continued to materially evolve under new store management. As management has stated, the stores are now more focused on basics, offering sweats and casual wear that widens the lifestyle choices for the Princess Polly customer.

AKA: Snapping the Store: Progressing Forward; Reiterate Buy, $30 PT

<ul><li>We are reiterating our Buy rating and $9 price target for Vince Holding and raising our projections for 2HFY26 and FY27, driven by strong full price selling at Vince and, for the first time, incorporating the recent October’s Very Own (“OVO”) acquisition, which we project to be EPS neutral in 2HFY26 and accretive in FY27.</li><li> FY26 has been a triumph for Vince, as the premium brand has continued to hit the right fashion notes, add wholesale share with key partners and drive higher levels of full price selling and operating leverage.</li><li> Further, we believe the Fall collection, with tariff driven issues abated, is demonstrating the strength of the Vince model to be a key lifestyle brand to its affluent customer base.</li></ul>

We are reiterating our Buy rating and $9 price target for Vince Holding and raising our projections for 2HFY26 and FY27, driven by strong full price selling at Vince and, for the first time, incorporating the recent October’s Very Own (“OVO”) acquisition, which we project to be EPS neutral in 2HFY26 and accretive in FY27. FY26 has been a triumph for Vince, as the premium brand has continued to hit the right fashion notes, add wholesale share with key partners and drive higher levels of full price selling and operating leverage. Further, we believe the Fall collection, with tariff driven issues abated, is demonstrating the strength of the Vince model to be a key lifestyle brand to its affluent customer base.

VNCE: 2Q Review: Moving from Forte to Forte; Reiterate Buy, $9 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>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.</li>
<li>Following the election, we see a high probability of significant upside going into year-end.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.
Following the election, we see a high probability of significant upside going into year-end.


Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Japan Specialist

Mark Chadwick

<ul>
<li>Valuation gap has closed; move to Neutral despite intact underlying fundamentals. </li>
<li>International growth remains strong, but incremental margin leverage is less certain. </li>
<li>FY27 guidance is the key catalyst: Japan traffic and International margins are the swing factors.</li>
</ul>


Valuation gap has closed; move to Neutral despite intact underlying fundamentals. 
International growth remains strong, but incremental margin leverage is less certain. 
FY27 guidance is the key catalyst: Japan traffic and International margins are the swing factors.


Fast Retailing (9983) | Pullback Closes Valuation Gap

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 – OVO Edition: The Potential & The Need; Reiterate Buy, PT

We are reiterating our Buy rating, projections and $9 price target after visiting the October’s Very Own (“OVO”) flagship store in Manhattan. We...

Small Cap Consumer Research

AKA: Snapping the Store: Progressing Forward; Reiterate Buy, $30 PT

We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands after visiting Princess Polly stores on the East Coast. We...

Small Cap Consumer Research

VNCE: 2Q Review: Moving from Forte to Forte; Reiterate Buy, $9 PT

We are reiterating our Buy rating and $9 price target for Vince Holding and raising our projections for 2HFY26 and FY27, driven by strong full...

Small Cap Consumer Research

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

Fast Retailing (9983) | Pullback Closes Valuation Gap

Fast Retailing’s valuation reset brings us to Neutral, with FY27 guidance, Japan traffic and International margin leverage now key to the next move.

Mark Chadwick

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