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

Betterware de Mexico Sab de CV / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, annual estimates and $22.50 price target after reviewing the Betterware de Mexico October catalog.</li><li>After a period of deep discounting last year, the October 2024 catalog registered results inline with prior years discounting levels and registered material YoY price increases for the first time in 2024.</li><li>Further, after a slight pause last month, SKU levels reached new heights, as new products, and the return of old favorites for the start of Fall, continue to drive customer buying.</li></ul>

We are reiterating our Buy rating, annual estimates and $22.50 price target after reviewing the Betterware de Mexico October catalog.After a period of deep discounting last year, the October 2024 catalog registered results inline with prior years discounting levels and registered material YoY price increases for the first time in 2024.Further, after a slight pause last month, SKU levels reached new heights, as new products, and the return of old favorites for the start of Fall, continue to drive customer buying.

BWMX: Snapping the Catalog: Moving to Fall Strengths; Reiterate Buy, $22.50 PT

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> and <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> were finally added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and there is huge size to trade in the stocks.</li>
<li>There will also be big buying in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> following a float increase driven by <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> selling last quarter.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.

Dell Technologies (DELL US) and Palantir Technologies (PLTR US) were finally added to the S&amp;P 500 INDEX (SPX INDEX) and there is huge size to trade in the stocks.
There will also be big buying in Apple (AAPL US) following a float increase driven by Berkshire Hathaway Inc Cl A (BRK/A US) selling last quarter.


S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

<ul><li>We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the September catalog.</li><li>While last year's catalog saw record discounting levels (over 70% of SKUs), this year was a materially more normal focus, with inline levels of discounts and newness and a focus on key Fall items as the new season begins in earnest.</li><li>On a "like for like" basis, this month saw solid YoY gains in SKUs and newness, as Betterware continues to focus on the key drivers to increase the overall network and to drive higher returns.</li></ul>

We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the September catalog.While last year's catalog saw record discounting levels (over 70% of SKUs), this year was a materially more normal focus, with inline levels of discounts and newness and a focus on key Fall items as the new season begins in earnest.On a "like for like" basis, this month saw solid YoY gains in SKUs and newness, as Betterware continues to focus on the key drivers to increase the overall network and to drive higher returns.

BWMX: Snapping the Catalog: Remain True to the Business Model; Reiterate Buy

<ul><li>We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the August catalog.</li><li>With the return of better product flows, August has seen key seasonal items back in the overall mix and the company gearing up for back-to-school.</li><li>Further, Betterware continues to roll in newness in key categories and reduce overall discounting.</li></ul>

We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the August catalog.With the return of better product flows, August has seen key seasonal items back in the overall mix and the company gearing up for back-to-school.Further, Betterware continues to roll in newness in key categories and reduce overall discounting.

BWMX: Snapping the Catalog: Nearing the Summer Crescendo; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating and $22.50 price target and slightly raising our projections after Betterware registered below consensus 2Q24 results, but reiterated their 2024 guidance.</li><li>Further, while we view the 2Q miss as driven by product shortages and shipping issues which are, in the near-term, somewhat out of management's control, we believe there were more than enough key positives, from continued turn in orders and top line at Betterware Mexico, further double-digit gains at JAFRA Mexico, earlier than expected turn at JAFRA USA and the start of expansion into the United States, for us to remain positive on BWMX and, with a dividend yield of over 9% to reiterate or Buy rating and $22.50 price target.</li></ul>

We are reiterating our Buy rating and $22.50 price target and slightly raising our projections after Betterware registered below consensus 2Q24 results, but reiterated their 2024 guidance.Further, while we view the 2Q miss as driven by product shortages and shipping issues which are, in the near-term, somewhat out of management's control, we believe there were more than enough key positives, from continued turn in orders and top line at Betterware Mexico, further double-digit gains at JAFRA Mexico, earlier than expected turn at JAFRA USA and the start of expansion into the United States, for us to remain positive on BWMX and, with a dividend yield of over 9% to reiterate or Buy rating and $22.50 price target.

BWMX: 2Q Review: Managing Into the Positives; Reiterate Buy, $22.50 PT

United States

Nu Skin Enterprises, Inc. is a global direct selling company.  The Company distributes premium quality personal care products and nutritional supplements. Nu Skin markets its products in the Americas, Europe, and the Asia Pacific region.  The Company provides marketing and distribution of technology-based products through Big Planet, Inc.

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Nu Skin Enterprises Inc A (NUS US)

BWMX: Snapping the Catalog: Moving to Fall Strengths; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating, annual estimates and $22.50 price target after reviewing the Betterware de Mexico October catalog. After a...

Small Cap Consumer Research

S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

There are 3 changes for the SnP500, 8 for the SnP400 and 15 for the SnP600 Index. Dell and Palantir have finally been added. There is huge size to...

Brian Freitas

BWMX: Snapping the Catalog: Remain True to the Business Model; Reiterate Buy

We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the September catalog. While last...

Small Cap Consumer Research

BWMX: Snapping the Catalog: Nearing the Summer Crescendo; Reiterate Buy, PT

We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the August catalog. With the...

Small Cap Consumer Research

BWMX: 2Q Review: Managing Into the Positives; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating and $22.50 price target and slightly raising our projections after Betterware registered below consensus 2Q24...

Small Cap Consumer Research

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