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, $37 price target and projections for Guess?</li><li>after visiting stores in the Metro New Your City area and Long Island.</li><li>Management continues to materially upgrade the Guess?</li></ul>

We are reiterating our Buy rating, $37 price target and projections for Guess?after visiting stores in the Metro New Your City area and Long Island.Management continues to materially upgrade the Guess?

GES: Snapping the Store: Moving to a Boutique Model; Reiterate Buy, $37 PT

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>After a solid FY23, <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 outlook for FY24 looks equally encouraging. Its various brands are expected to grow by 10-30% YoY still.  </li>
<li>Listing of <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 provide Rmb1.6bn non-recurring gain in 1H24. For the full year, there will be a positive swing in its profit contribution. </li>
<li>Anta Sports can be considered as a sportswear brand incubator, and its premium PERs of 18.3x and 15.9x for FY24 and FY25 reflect the ability to brew new brands. </li>
</ul>


After a solid FY23, Anta Sports Products (2020 HK)'s outlook for FY24 looks equally encouraging. Its various brands are expected to grow by 10-30% YoY still.  
Listing of Amer Sports (AS US) will provide Rmb1.6bn non-recurring gain in 1H24. For the full year, there will be a positive swing in its profit contribution. 
Anta Sports can be considered as a sportswear brand incubator, and its premium PERs of 18.3x and 15.9x for FY24 and FY25 reflect the ability to brew new brands. 


Anta Sports (2020 HK): Sustains Strengths into FY24

Independent Investment Research & Investor, Maverick Equity Research

Maverick Equity Research

Independent Investment Research & Investor

Independent Investment Research & Investor: value, dividend and growth stocks. Risk management & hedging for an all weather portfolio.

Thematic (Sector/Industry)

<ul><li>Zooming out first for a big picture perspective - helpful away from the news &amp; chatter:</li><li>Bears Make Headlines &amp; Lose Money, Bulls Make Money! As always … !</li><li>The bear case sounds very smart very often, only problem is, it’s quite rarely right … !</li></ul>

Zooming out first for a big picture perspective - helpful away from the news &amp; chatter:Bears Make Headlines &amp; Lose Money, Bulls Make Money! As always … !The bear case sounds very smart very often, only problem is, it’s quite rarely right … !

The S&P 500 Report: Performance, Profitability, Sentiment & More - #Ed 5

<ul><li>We are reiterating our Buy rating, $37 price target and projections after visiting Guess?</li><li>stores in the Metro NYC area and Long Island.</li><li>We believe, with Spring now beginning to fully flow into stores, Guess?</li></ul>

We are reiterating our Buy rating, $37 price target and projections after visiting Guess?stores in the Metro NYC area and Long Island.We believe, with Spring now beginning to fully flow into stores, Guess?

GES: Snapping the Store: Raising the Fashion Bar for Spring; Reiterate Buy

<ul><li>We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.</li><li>With Spring now in full bloom, Express has been rolling out new looks for the season, from a major activewear collection, an expansion of Body Contour, new men's swim, shorts for both men and women and seasonal suiting and dresses for the next key event or wedding.</li><li>Further, the offerings are keyed by an increased focus on mix and match core basics, offering strong versatility for the Express shopper.</li></ul>

We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.With Spring now in full bloom, Express has been rolling out new looks for the season, from a major activewear collection, an expansion of Body Contour, new men's swim, shorts for both men and women and seasonal suiting and dresses for the next key event or wedding.Further, the offerings are keyed by an increased focus on mix and match core basics, offering strong versatility for the Express shopper.

EXPR: Snapping the Store; Spring, Activewear, Swim Strong

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: Moving to a Boutique Model; Reiterate Buy, $37 PT

We are reiterating our Buy rating, $37 price target and projections for Guess? after visiting stores in the Metro New Your City area and Long...

Small Cap Consumer Research

Anta Sports (2020 HK): Sustains Strengths into FY24

Anta's 1Q24 sales were lower than the full-year target, with ANTA brand up mid-single digit, FILA brand up high-single digit, and other brands up...

Osbert Tang, CFA

The S&P 500 Report: Performance, Profitability, Sentiment & More - #Ed 5

Zooming out first for a big picture perspective - helpful away from the news & chatter: Bears Make Headlines & Lose Money, Bulls Make Money! As...

Maverick Equity Research

GES: Snapping the Store: Raising the Fashion Bar for Spring; Reiterate Buy

We are reiterating our Buy rating, $37 price target and projections after visiting Guess? stores in the Metro NYC area and Long Island. We...

Small Cap Consumer Research

EXPR: Snapping the Store; Spring, Activewear, Swim Strong

We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. With Spring now...

Small Cap Consumer Research

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