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, $32.50 price target and projections for Guess? Further, we believe there remains opportunities to continue to upgrade the offerings in the domestic retail and wholesale channel to improve overall returns.</li><li>As such, and with GES offering a 5% dividend yield and a Stock Price/FY25 earnings valuation of 8X, we believe the risk/reward remains outstanding.</li></ul>

We are reiterating our Buy rating, $32.50 price target and projections for Guess? Further, we believe there remains opportunities to continue to upgrade the offerings in the domestic retail and wholesale channel to improve overall returns.As such, and with GES offering a 5% dividend yield and a Stock Price/FY25 earnings valuation of 8X, we believe the risk/reward remains outstanding.

GES: 2024 Signposts: Remain Focused on Winning; Reiterate Buy Rating, $32.50 PT

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.

<ul><li>Lululemon Athletica Inc. delivered an all-around beat in Q3, reporting a robust 19% increase in total net revenue, reaching $2.2 billion.</li><li>The store channel experienced a substantial 19% increase, contributing to a global store count of 686, reflecting a 17% growth in square footage.</li><li>Q3 also highlighted the success of women's business, with a 19% boost attributed to new product launches like Wundermost, a bodywear collection.</li></ul>

Lululemon Athletica Inc. delivered an all-around beat in Q3, reporting a robust 19% increase in total net revenue, reaching $2.2 billion.The store channel experienced a substantial 19% increase, contributing to a global store count of 686, reflecting a 17% growth in square footage.Q3 also highlighted the success of women's business, with a 19% boost attributed to new product launches like Wundermost, a bodywear collection.

Lululemon Athletica Inc.: Digital Surge: Commanding 41% of Total Revenue! - Major Drivers

<ul><li>We are reiterating our Buy rating, $20 price target and projections for Express as we enter the new year.</li><li>With FY24 setting up as the first complete fiscal year under new CEO Stewart Glendinning, we look for Express to begin to leverage the gains from material cost saving programs, continue to expand the relationship with brand licensor WHP Global, further demonstrate the strength of the Bonobos acquisition and re-energize the Express brand to once again register consistent, profitable results.</li><li>As such, we believe FY24 will be a crucial period of initial cleanup and setting the stage for a stronger future which, if successful, will position the company to register material upside from somewhat apathetic Street expectations.</li></ul>

We are reiterating our Buy rating, $20 price target and projections for Express as we enter the new year.With FY24 setting up as the first complete fiscal year under new CEO Stewart Glendinning, we look for Express to begin to leverage the gains from material cost saving programs, continue to expand the relationship with brand licensor WHP Global, further demonstrate the strength of the Bonobos acquisition and re-energize the Express brand to once again register consistent, profitable results.As such, we believe FY24 will be a crucial period of initial cleanup and setting the stage for a stronger future which, if successful, will position the company to register material upside from somewhat apathetic Street expectations.

EXPR: 2024 Signposts: Creating the New Baseline; Reiterate Buy Rating, $20 PT

<ul><li>We are reiterating our Buy rating, projections and $32.50 price target for Guess? was able to remain strategic throughout the Holiday season and, we believe, undertake the promotional calendar they originally anticipated.</li><li>As such, we remain confident in our projections and believe Guess?.</li></ul>

We are reiterating our Buy rating, projections and $32.50 price target for Guess? was able to remain strategic throughout the Holiday season and, we believe, undertake the promotional calendar they originally anticipated.As such, we remain confident in our projections and believe Guess?.

GES: Winning the Fashion Battle; Reiterate Buy Rating, $32.50 Price Target

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> led consortium.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Amer Sports (AS US) plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta Sports Products (2020 HK) led consortium.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
In this note, we talk about the positive aspects of the deal.


Amer Sports Pre-IPO - The Positives - Great Brands, Strong Growth

United States

lululemon athletica Inc. designs and retails athletic clothing.  The Company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness. lululemon serves customers throughout the world.

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Lululemon Athletica (LULU US)

GES: 2024 Signposts: Remain Focused on Winning; Reiterate Buy Rating, $32.50 PT

We are reiterating our Buy rating, $32.50 price target and projections for Guess? Further, we believe there remains opportunities to continue to...

Small Cap Consumer Research

Lululemon Athletica Inc.: Digital Surge: Commanding 41% of Total Revenue! - Major Drivers

Lululemon Athletica Inc. delivered an all-around beat in Q3, reporting a robust 19% increase in total net revenue, reaching $2.2 billion. The...

Baptista Research

EXPR: 2024 Signposts: Creating the New Baseline; Reiterate Buy Rating, $20 PT

We are reiterating our Buy rating, $20 price target and projections for Express as we enter the new year. With FY24 setting up as the first...

Small Cap Consumer Research

GES: Winning the Fashion Battle; Reiterate Buy Rating, $32.50 Price Target

We are reiterating our Buy rating, projections and $32.50 price target for Guess? was able to remain strategic throughout the Holiday season and,...

Small Cap Consumer Research

Amer Sports Pre-IPO - The Positives - Great Brands, Strong Growth

Amer Sports (AS US) plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta Sports Products (2020 HK) led...

Sumeet Singh

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