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, $29 price target and projections for Guess?</li><li>after visiting stores in the New York City metropolitan and Long Island areas.</li><li>The company has continued to focus on Fall/Winter fashion favorites such as sweaters, outerwear and activewear in multiple looks, fabrics and cuts.</li></ul>

We are reiterating our Buy rating, $29 price target and projections for Guess?after visiting stores in the New York City metropolitan and Long Island areas.The company has continued to focus on Fall/Winter fashion favorites such as sweaters, outerwear and activewear in multiple looks, fabrics and cuts.

GES: Snapping the Store; Waiting for the Cold; Reiterate Buy, $29 PT

<ul><li>We are reiterating our Buy rating and $29 price target, and tweaking our 3QFY25 projections ahead of earnings next Tuesday after the close.</li><li>While we believe the European operations have remained strong in terms of margins and top line growth, we believe the start of Fall in the domestic arena has been difficult, as a heightened focus on sweaters and outerwear, while fashion right and impressive, has been hampered by warmer weather, especially in men's.</li><li>The impact is even further exacerbated by the relative unimportance of 3Q for the company.</li></ul>

We are reiterating our Buy rating and $29 price target, and tweaking our 3QFY25 projections ahead of earnings next Tuesday after the close.While we believe the European operations have remained strong in terms of margins and top line growth, we believe the start of Fall in the domestic arena has been difficult, as a heightened focus on sweaters and outerwear, while fashion right and impressive, has been hampered by warmer weather, especially in men's.The impact is even further exacerbated by the relative unimportance of 3Q for the company.

Tjx Companies Inc - 3Q Preview: Mixed NT, LT Positive Message Remains; Reiterate Buy, $29 PT

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Contribution from <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> will rise to 5.1%, 7.2%, and 8.9% of <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>'s earnings in FY24-26, making it increasingly important.</li>
<li>Amer turned around sharply YoY in 3Q24 with a net profit of US$55.8m. Its gross margin sustained an uptrend, with excellent potential for business growth in Greater China.</li>
<li>Positive guidance on FY25 outlook with a low-double-digit-to-mid-teens level revenue growth, further expansion in operating margin, and continuous cuts in net finance costs.</li>
</ul>


Contribution from Amer Sports (AS US) will rise to 5.1%, 7.2%, and 8.9% of Anta Sports Products (2020 HK)'s earnings in FY24-26, making it increasingly important.
Amer turned around sharply YoY in 3Q24 with a net profit of US$55.8m. Its gross margin sustained an uptrend, with excellent potential for business growth in Greater China.
Positive guidance on FY25 outlook with a low-double-digit-to-mid-teens level revenue growth, further expansion in operating margin, and continuous cuts in net finance costs.


Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

<ul><li>We are reiterating our Buy rating, $29 price target and projections for Guess?</li><li>after visiting stores in Long Island and the Metro New York City area.</li><li>We believe, with the Fall fashion season in full bloom, the company has continued to raise the stakes for elevation, escalating key categories such as sweaters, outerwear and activewear, while raising the stakes for denim and focusing even more attention on accessories as a key play for Holiday events/parties.</li></ul>

We are reiterating our Buy rating, $29 price target and projections for Guess?after visiting stores in Long Island and the Metro New York City area.We believe, with the Fall fashion season in full bloom, the company has continued to raise the stakes for elevation, escalating key categories such as sweaters, outerwear and activewear, while raising the stakes for denim and focusing even more attention on accessories as a key play for Holiday events/parties.

GES: Snapping the Store: Going Full On for Fall; Reiterate Buy, $29 PT

<ul><li>We are reiterating our Buy rating, projections and $29 price target after visiting main line and outlet Guess?</li><li>stores in Milan, Italy.</li><li>We believe, in the second largest country for Guess?</li></ul>

We are reiterating our Buy rating, projections and $29 price target after visiting main line and outlet Guess?stores in Milan, Italy.We believe, in the second largest country for Guess?

GES: Snapping the Store: Milan Tour; Elevation Everywhere; Reiterate Buy, PT

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: Snapping the Store; Waiting for the Cold; Reiterate Buy, $29 PT

We are reiterating our Buy rating, $29 price target and projections for Guess? after visiting stores in the New York City metropolitan and Long...

Small Cap Consumer Research

Tjx Companies Inc - 3Q Preview: Mixed NT, LT Positive Message Remains; Reiterate Buy, $29 PT

We are reiterating our Buy rating and $29 price target, and tweaking our 3QFY25 projections ahead of earnings next Tuesday after the close. While...

Small Cap Consumer Research

Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...

Osbert Tang, CFA

GES: Snapping the Store: Going Full On for Fall; Reiterate Buy, $29 PT

We are reiterating our Buy rating, $29 price target and projections for Guess? after visiting stores in Long Island and the Metro New York City...

Small Cap Consumer Research

GES: Snapping the Store: Milan Tour; Elevation Everywhere; Reiterate Buy, PT

We are reiterating our Buy rating, projections and $29 price target after visiting main line and outlet Guess? stores in Milan, Italy. We believe,...

Small Cap Consumer Research

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52-week Range

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GES: Snapping the Store; Waiting for the Cold; Reiterate Buy, $29 PT

We are reiterating our Buy rating, $29 price target and projections for Guess? after visiting stores in the New York City metropolitan and Long...

Small Cap Consumer Research

Tjx Companies Inc - 3Q Preview: Mixed NT, LT Positive Message Remains; Reiterate Buy, $29 PT

We are reiterating our Buy rating and $29 price target, and tweaking our 3QFY25 projections ahead of earnings next Tuesday after the close. While...

Small Cap Consumer Research

Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

​Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...

Osbert Tang, CFA

GES: Snapping the Store: Going Full On for Fall; Reiterate Buy, $29 PT

We are reiterating our Buy rating, $29 price target and projections for Guess? after visiting stores in Long Island and the Metro New York City...

Small Cap Consumer Research

GES: Snapping the Store: Milan Tour; Elevation Everywhere; Reiterate Buy, PT

We are reiterating our Buy rating, projections and $29 price target after visiting main line and outlet Guess? stores in Milan, Italy. We believe,...

Small Cap Consumer Research

Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...