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

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.

<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

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

<ul><li>PDD Holdings (PDD) announced (21 Nov) 3Q24 results: revenue was up 44.3% YoY (3Q23: 93.9%; 2Q24: 85.7%) to RMB99.4bn, 3% shy of Bloomberg consensus estimates, mainly owing to the 6% miss on transaction services fees which we attribute to the impact from enhancement of merchant support.</li><li>NonGAAP net profit increased by 61.3% YoY to RMB27.5bn, 6% short of consensus, due to the miss in revenue generation.</li><li>We lower our 2024-2026E revenue forecast by 4-9% and non-GAAP net profit by 9-16% to factor in the greater-than-expected impact of PDD’s move to enhance merchant support, as well as PDD’s effort to provide home appliances products at prices similar to its peers’ level against the backdrop of nationwide home appliance trade-in program. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

PDD Holdings (PDD) announced (21 Nov) 3Q24 results: revenue was up 44.3% YoY (3Q23: 93.9%; 2Q24: 85.7%) to RMB99.4bn, 3% shy of Bloomberg consensus estimates, mainly owing to the 6% miss on transaction services fees which we attribute to the impact from enhancement of merchant support.NonGAAP net profit increased by 61.3% YoY to RMB27.5bn, 6% short of consensus, due to the miss in revenue generation.We lower our 2024-2026E revenue forecast by 4-9% and non-GAAP net profit by 9-16% to factor in the greater-than-expected impact of PDD’s move to enhance merchant support, as well as PDD’s effort to provide home appliances products at prices similar to its peers’ level against the backdrop of nationwide home appliance trade-in program. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PDD Holdings (PDD US) - Impact from Enhancement of Merchant Support Stared to Emerge

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.

Deckers Outdoor Corporation designs and markets footwear and accessories.  The Company offers footwear for men, women and children. Deckers sells its products including accessories such as handbags, headwear, and outerwear, through domestic retailers and international distributors and directly to end-user consumers, through call centers, retail concept stores and retail outlet stores.

<ul><li>Deckers Brands experienced a robust fiscal second quarter of 2025 under the leadership of newly appointed CEO, Stefano Caroti.</li><li>The company continues to uphold its long-standing strategy while integrating four core principles to drive future growth: consumer-first mindset, brandless philosophy, innovation forward, and a globally driven approach.</li><li>These principles have significantly contributed to Deckers Brands' performance, positioning it for sustained success in the long term.</li></ul>

Deckers Brands experienced a robust fiscal second quarter of 2025 under the leadership of newly appointed CEO, Stefano Caroti.The company continues to uphold its long-standing strategy while integrating four core principles to drive future growth: consumer-first mindset, brandless philosophy, innovation forward, and a globally driven approach.These principles have significantly contributed to Deckers Brands' performance, positioning it for sustained success in the long term.

Deckers Brands' Bold Global Expansion: How Innovation & Sustainability Drive Market Leadership! - Major Drivers

McDonald's Corporation franchises and operates fast-food restaurants in the global restaurant industry. The Company's restaurants serve a variety of value-priced menu products in countries around the world.

<ul><li>McDonald's Corporation's third quarter of 2024 saw mixed results amid a challenging quarter for the Quick Service Restaurant (QSR) sector.</li><li>During the earnings call, CEO Chris Kempczinski addressed a recent E.</li><li>coli crisis linked to slivered onions, emphasizing the company’s rapid response and commitment to customer safety.</li></ul>

McDonald's Corporation's third quarter of 2024 saw mixed results amid a challenging quarter for the Quick Service Restaurant (QSR) sector.During the earnings call, CEO Chris Kempczinski addressed a recent E.coli crisis linked to slivered onions, emphasizing the company’s rapid response and commitment to customer safety.

McDonald's Corporation: An Enhanced Digital Engagement & Personalization & Other Major Drivers

Skechers U.S.A., Inc. designs and markets branded contemporary casual, active, rugged, and lifestyle footwear for men, women, and children.  The Company sells its products to department stores and specialty retailers.  Skechers also sells its products internationally through distributors and directly to consumers through its own retail stores.

<ul><li>Skechers USA, Inc.'s third quarter earnings of 2024 showcased a robust period marked by impressive sales growth and a notable increase in earnings per share (EPS).</li><li>The footwear company reported a quarterly revenue of $2.35 billion, a 16% increase from the previous year, and an EPS of $1.26, showing a 35% rise.</li><li>This performance underscores Skechers' success across its wholesale and direct-to-consumer segments, as well as its sustained demand in international markets.</li></ul>

Skechers USA, Inc.'s third quarter earnings of 2024 showcased a robust period marked by impressive sales growth and a notable increase in earnings per share (EPS).The footwear company reported a quarterly revenue of $2.35 billion, a 16% increase from the previous year, and an EPS of $1.26, showing a 35% rise.This performance underscores Skechers' success across its wholesale and direct-to-consumer segments, as well as its sustained demand in international markets.

Skechers U.S.A. Inc.: An Analysis Of Its Innovation in Comfort Technology & Other Major Drivers

Insights in the Consumer Discretionary Space