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, $22.50 price target and projections after reviewing the Betterware November catalog.</li><li>We believe Betterware has continued to drive newness and add favorites from prior catalogs as we enter the crucial Holiday season.</li><li>Further, as the division has ramped up newness and excitement, Betterware has also increased pricing as the United States Dollar remains strong versus the Mexican Peso ("FX") with a second month of material, double-digit YoY price rises.</li></ul>

We are reiterating our Buy rating, $22.50 price target and projections after reviewing the Betterware November catalog.We believe Betterware has continued to drive newness and add favorites from prior catalogs as we enter the crucial Holiday season.Further, as the division has ramped up newness and excitement, Betterware has also increased pricing as the United States Dollar remains strong versus the Mexican Peso ("FX") with a second month of material, double-digit YoY price rises.

BWMX: Snapping the Catalog: Maximizing Returns: Reiterate Buy, $22.50 PT

<ul><li>We are reiterating our Buy rating, $22.50 price target and slightly reducing our projections after Betterware reported 3Q results above Street expectations, reiterated 2024 guidance despite materially negative Foreign Exchange ("FX") issues and higher than expected freight costs and announced another quarterly dividend.</li><li>Further, initial results from the crucial 4Q quarter have provided Betterware management with the confidence to remain upbeat and aggressively add new SKUs, focusing on winning categories and driving higher returns.</li><li>With key expansion opportunities in terms of categories (i.e. skin care and hair coloring at JAFRA and wellness at Betterware) and geographies (United States and Peru expansion for Betterware), we believe somewhat jaded investors are missing a material winner in the somewhat moribund direct selling category, and we reiterate our Buy rating and $22.50 price target for BWMX.</li></ul>

We are reiterating our Buy rating, $22.50 price target and slightly reducing our projections after Betterware reported 3Q results above Street expectations, reiterated 2024 guidance despite materially negative Foreign Exchange ("FX") issues and higher than expected freight costs and announced another quarterly dividend.Further, initial results from the crucial 4Q quarter have provided Betterware management with the confidence to remain upbeat and aggressively add new SKUs, focusing on winning categories and driving higher returns.With key expansion opportunities in terms of categories (i.e. skin care and hair coloring at JAFRA and wellness at Betterware) and geographies (United States and Peru expansion for Betterware), we believe somewhat jaded investors are missing a material winner in the somewhat moribund direct selling category, and we reiterate our Buy rating and $22.50 price target for BWMX.

BWMX: 3Q Review: Succeeding With Direct Selling; Reiterate Buy, $22.50 PT

<ul><li>We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico with the company reporting 3Q24 (September) results after the close on Thursday.</li><li>Although we believe 3Q results, especially at the Betterware division, were impacted by foreign exchange ("FX") issues, we believe the company has continued to make material progress, with all divisions registering YoY top line growth.</li><li>Further, we believe management will reiterate 2024 annual guidance, as the company has been able to drive further expansion at JAFRA and we believe they have begun to respond to FX shifts by raising pricing at Betterware.</li></ul>

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico with the company reporting 3Q24 (September) results after the close on Thursday.Although we believe 3Q results, especially at the Betterware division, were impacted by foreign exchange ("FX") issues, we believe the company has continued to make material progress, with all divisions registering YoY top line growth.Further, we believe management will reiterate 2024 annual guidance, as the company has been able to drive further expansion at JAFRA and we believe they have begun to respond to FX shifts by raising pricing at Betterware.

Betterware de Mexico Sab de CV - 3Q Preview: Managing Through; Reiterate Buy, $22.50 PT

<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

Event-Driven

<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

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: Maximizing Returns: Reiterate Buy, $22.50 PT

We are reiterating our Buy rating, $22.50 price target and projections after reviewing the Betterware November catalog. We believe Betterware has...

Small Cap Consumer Research

BWMX: 3Q Review: Succeeding With Direct Selling; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating, $22.50 price target and slightly reducing our projections after Betterware reported 3Q results above Street...

Small Cap Consumer Research

Betterware de Mexico Sab de CV - 3Q Preview: Managing Through; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico with the company reporting 3Q24 (September)...

Small Cap Consumer Research

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

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