HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Eternal Beauty Holdings / Equity Capital Markets

<ul>
<li>The essence of Eternal Beauty’s business model is to earn a “price difference” of the brand and product portfolios, but this business model is difficult to generate high profit margins.</li>
<li>The situation and prospects of China's perfume market are facing major changes. It‘s uncertain whether the perfume sales in the China market can maintain double-digit growth in the long term.</li>
<li>Eternal Beauty’s financial performance would face challenges due to changes in consumer preferences, shifts in China's domestic policies, international trade disputes, geopolitical conflicts, etc. Valuation could be lower than peers.</li>
</ul>


The essence of Eternal Beauty’s business model is to earn a “price difference” of the brand and product portfolios, but this business model is difficult to generate high profit margins.
The situation and prospects of China's perfume market are facing major changes. It‘s uncertain whether the perfume sales in the China market can maintain double-digit growth in the long term.
Eternal Beauty’s financial performance would face challenges due to changes in consumer preferences, shifts in China's domestic policies, international trade disputes, geopolitical conflicts, etc. Valuation could be lower than peers.


Pre-IPO Eternal Beauty Holdings - The Perfume Business in China May Not Be as Good as Expected

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.

Equity Bottom-Up

<ul><li>Inter Parfums' second quarter earnings for 2024 provides a comprehensive update on the company's performance and strategic direction in the fragrance market.</li><li>CEO Jean Madar discussed the strategic product launches and collaborations with notable brand ambassadors such as John Legend, Victoria Song, and Jayson Tatum, aimed at leveraging celebrity influence to enhance brand value and appeal, particularly among younger demographics.</li><li>The introduction of John Legend as the face of Montblanc Legend and the continuation of partnerships like those with Victoria Song for Jimmy Choo highlight the company's effort to marry traditional and modern advertising tactics.</li></ul>

Inter Parfums' second quarter earnings for 2024 provides a comprehensive update on the company's performance and strategic direction in the fragrance market.CEO Jean Madar discussed the strategic product launches and collaborations with notable brand ambassadors such as John Legend, Victoria Song, and Jayson Tatum, aimed at leveraging celebrity influence to enhance brand value and appeal, particularly among younger demographics.The introduction of John Legend as the face of Montblanc Legend and the continuation of partnerships like those with Victoria Song for Jimmy Choo highlight the company's effort to marry traditional and modern advertising tactics.

Inter Parfums Inc.: Will The Management's Enhanced E-commerce & Digital Strategy Yield Dividends? - Major Drivers

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

<ul>
<li>PAR had previously issued its quarterly sales update making the second quarter results more of an update on how the business is shaping out for the remainder of the year. </li>
<li>IPAR used the Q2 earnings call to disclose its intention to enter the luxury fragrance market with its own brand in 2025. Owning a brand is not new for IPAR.</li>
<li>The consumer continuing to purchase fragrances undisturbed should create the opportunity to grow sales in the second half of the year ahead of new launches scheduled for 2025.</li>
</ul>


PAR had previously issued its quarterly sales update making the second quarter results more of an update on how the business is shaping out for the remainder of the year. 
IPAR used the Q2 earnings call to disclose its intention to enter the luxury fragrance market with its own brand in 2025. Owning a brand is not new for IPAR.
The consumer continuing to purchase fragrances undisturbed should create the opportunity to grow sales in the second half of the year ahead of new launches scheduled for 2025.


<ul><li>Inter Parfums experienced a modest yet positive performance in the first quarter of 2024, as the company continued to navigate a challenging market landscape characterized by both opportunities and hurdles.</li><li>The reported net sales of $324 million, marking a 4% increase compared to the prior year, signify a steady growth trajectory, albeit at a slower pace than the exceptional 24% growth in the comparable quarter last year.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Inter Parfums experienced a modest yet positive performance in the first quarter of 2024, as the company continued to navigate a challenging market landscape characterized by both opportunities and hurdles.The reported net sales of $324 million, marking a 4% increase compared to the prior year, signify a steady growth trajectory, albeit at a slower pace than the exceptional 24% growth in the comparable quarter last year.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Inter Parfums Inc.: Is Its Strategic Focus on Emerging Markets and Travel Retail Paying Off? - Major Drivers

<ul>
<li>IPAR reported first quarter results detailing how consumer demand for fragrances has yet to wane even in a difficult to compare period</li>
<li>In a change of strategy than prior years, IPAR is spending more in the early parts of the year to build awareness for its lineup of products </li>
<li>With one quarter past, we believe Lacoste and Roberto Cavalli are additive to the investment story and not the year’s only topic</li>
</ul>


IPAR reported first quarter results detailing how consumer demand for fragrances has yet to wane even in a difficult to compare period
In a change of strategy than prior years, IPAR is spending more in the early parts of the year to build awareness for its lineup of products 
With one quarter past, we believe Lacoste and Roberto Cavalli are additive to the investment story and not the year’s only topic


United States

Inter Parfums, Inc. manufactures, markets, and distributes a wide array of fragrances and fragrance related products. The Company's European-based operations produce and distribute prestige fragrance products primarily under license with brand owners. It's U.S.-based operations primarily produce and sell fragrance and personal care products under several specialty retail brands.

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Inter Parfums (IPAR US)

Pre-IPO Eternal Beauty Holdings - The Perfume Business in China May Not Be as Good as Expected

Eternal Beauty's business model struggles to generate high profits in a changing China perfume market, facing challenges from the shifts of...

Xinyao (Criss) Wang

Inter Parfums Inc.: Will The Management's Enhanced E-commerce & Digital Strategy Yield Dividends? - Major Drivers

Inter Parfums' second quarter earnings for 2024 provides a comprehensive update on the company's performance and strategic direction in the...

Baptista Research

IPAR: New Line Additive to Growth

IPAR announced with the release of quarterly earnings it will have its own brand of luxury fragrances in 2025. This should be additive to the...

BWS Financial Inc

Inter Parfums Inc.: Is Its Strategic Focus on Emerging Markets and Travel Retail Paying Off? - Major Drivers

Inter Parfums experienced a modest yet positive performance in the first quarter of 2024, as the company continued to navigate a challenging...

Baptista Research

IPAR: Aroma of a Release Schedule

IPAR's larger product portfolio should lead to sales growing faster than expected as marketing is rolled out and distribution normalizes. IPAR's...

BWS Financial Inc

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Pre-IPO Eternal Beauty Holdings - The Perfume Business in China May Not Be as Good as Expected

​Eternal Beauty's business model struggles to generate high profits in a changing China perfume market, facing challenges from the shifts of...

Xinyao (Criss) Wang

Inter Parfums Inc.: Will The Management's Enhanced E-commerce & Digital Strategy Yield Dividends? - Major Drivers

Inter Parfums' second quarter earnings for 2024 provides a comprehensive update on the company's performance and strategic direction in the...

Baptista Research

IPAR: New Line Additive to Growth

IPAR announced with the release of quarterly earnings it will have its own brand of luxury fragrances in 2025. This should be additive to the...

BWS Financial Inc

Inter Parfums Inc.: Is Its Strategic Focus on Emerging Markets and Travel Retail Paying Off? - Major Drivers

Inter Parfums experienced a modest yet positive performance in the first quarter of 2024, as the company continued to navigate a challenging...

Baptista Research

IPAR: Aroma of a Release Schedule

IPAR's larger product portfolio should lead to sales growing faster than expected as marketing is rolled out and distribution normalizes. IPAR's...

BWS Financial Inc

Eternal Beauty's business model struggles to generate high profits in a changing China perfume market, facing challenges from the shifts of...