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, $40 price target and projections for Express with the company announcing 3QFY23 (October) results before the open on Thursday.</li><li>With a new Chief Executive Officer and Head Merchant and the Chief Financial Officer recently resigning for another opportunity, the 3Q call will be the first pronouncements from new management.</li><li>As such, and with operating comparisons continuing to ease and the product mix (especially in women's) improving, we reiterate our Buy rating and pricetarget for EXPR.</li></ul>

We are reiterating our Buy rating, $40 price target and projections for Express with the company announcing 3QFY23 (October) results before the open on Thursday.With a new Chief Executive Officer and Head Merchant and the Chief Financial Officer recently resigning for another opportunity, the 3Q call will be the first pronouncements from new management.As such, and with operating comparisons continuing to ease and the product mix (especially in women's) improving, we reiterate our Buy rating and pricetarget for EXPR.

EXPR; 3Q Preview: New Management Set to Introduce Themselves; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating and $32.50 price target for Guess?, after the company reported mixed 3QFY24 (October) results, with EBITDA handily beating Street consensus, but EPS a miss, driven by a higher than expected tax rate and slightly weaker top line results, as Europe saw slowing traffic and the domestic stores remain negative.</li><li>Jeans), the recapture of the company's license for domestic outerwear and a normalization of the expense base.</li><li>As such, we are reiterating our Buy rating and $32.50 price target on GES, which now translates to 6.5X our new FY25 EBITDA.</li></ul>

We are reiterating our Buy rating and $32.50 price target for Guess?, after the company reported mixed 3QFY24 (October) results, with EBITDA handily beating Street consensus, but EPS a miss, driven by a higher than expected tax rate and slightly weaker top line results, as Europe saw slowing traffic and the domestic stores remain negative.Jeans), the recapture of the company's license for domestic outerwear and a normalization of the expense base.As such, we are reiterating our Buy rating and $32.50 price target on GES, which now translates to 6.5X our new FY25 EBITDA.

GES: 3Q Review: Guess Goes Conservative for 4Q; Reiterate Buy, $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>TJX delivered a positive result and managed an all-around beat in the last quarter.</li><li>Marmaxx delivered high increases in both customer traffic and comp sales.</li><li>The overall home sales improved significantly and returned to positive sales growth.</li></ul>

TJX delivered a positive result and managed an all-around beat in the last quarter.Marmaxx delivered high increases in both customer traffic and comp sales.The overall home sales improved significantly and returned to positive sales growth.

The TJX Companies Inc.: Can This Retail Dynamo Outperform Its Retail Peers? - Major Drivers

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>Over the last decade, VIPShop proved it is the undisputed leader in China’s online discount retail business with the longest streak of profitability and impressive ROE among China internet names.</li>
<li>Investors are misplaced to look to the stock for growth. Rather, it is cash cow in mature business with deep moat and run by disciplined management who cares about shareholders.</li>
<li>Trading at 4.5x our FY23 earnings excluding net cash, it valuation is attractive even compared to depressed sector comps. Expect 20% CAGR of return by 2025 driven by intrinsic value.</li>
</ul>


Over the last decade, VIPShop proved it is the undisputed leader in China’s online discount retail business with the longest streak of profitability and impressive ROE among China internet names.
Investors are misplaced to look to the stock for growth. Rather, it is cash cow in mature business with deep moat and run by disciplined management who cares about shareholders.
Trading at 4.5x our FY23 earnings excluding net cash, it valuation is attractive even compared to depressed sector comps. Expect 20% CAGR of return by 2025 driven by intrinsic value.


VIPShop (VIPS US): Attractive Value Play Underappreciated by Investors Looking for Growth

<ul><li>The TJX Companies delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.</li><li>TJX experienced an increase in pretax profit margin and earnings per share, surpassing last year's figures.</li><li>The company's divisional performance also showcased positive results for Marmaxx, with sales and traffic consistency across regions.</li></ul>

The TJX Companies delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.TJX experienced an increase in pretax profit margin and earnings per share, surpassing last year's figures.The company's divisional performance also showcased positive results for Marmaxx, with sales and traffic consistency across regions.

The TJX Companies Inc.: The International Growth Story Is Just Getting Started – Key Drivers

United States

The TJX Companies, Inc. is an off-price apparel and home fashion retailer in the United States and worldwide.  The Company operates off-price retail concepts in the U.S., Canada and Europe that offer a wide range of brand name and designer merchandise.

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Tjx Companies (TJX US)

EXPR; 3Q Preview: New Management Set to Introduce Themselves; Reiterate Buy, PT

We are reiterating our Buy rating, $40 price target and projections for Express with the company announcing 3QFY23 (October) results before the...

Small Cap Consumer Research

GES: 3Q Review: Guess Goes Conservative for 4Q; Reiterate Buy, $32.50 Pt

We are reiterating our Buy rating and $32.50 price target for Guess?, after the company reported mixed 3QFY24 (October) results, with EBITDA...

Small Cap Consumer Research

The TJX Companies Inc.: Can This Retail Dynamo Outperform Its Retail Peers? - Major Drivers

TJX delivered a positive result and managed an all-around beat in the last quarter. Marmaxx delivered high increases in both customer traffic and...

Baptista Research

VIPShop (VIPS US): Attractive Value Play Underappreciated by Investors Looking for Growth

As a cash cow with deep moat run by disciplined management who cares shareholders, VIPShop is an attractive value play trading at 4.5x our FY23...

Eric Chen

The TJX Companies Inc.: The International Growth Story Is Just Getting Started – Key Drivers

The TJX Companies delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings...

Baptista Research

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