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, projections and price target after reviewing the Betterware January 2024 catalog.</li><li>Further, management flexed the catalog categories back to 8, from a peak of 10, with the Better Kids and Pets categories now incorporated in other sections, allowing for an easier overall catalog read.</li><li>As such, we believe the Betterware division continues to recover and reiterate our Buy rating and $17 price target for BWMX.</li></ul>

We are reiterating our Buy rating, projections and price target after reviewing the Betterware January 2024 catalog.Further, management flexed the catalog categories back to 8, from a peak of 10, with the Better Kids and Pets categories now incorporated in other sections, allowing for an easier overall catalog read.As such, we believe the Betterware division continues to recover and reiterate our Buy rating and $17 price target for BWMX.

BWMX: Snapping the Catalog: On the Offensive in 2024; Reiterate Buy, $17 PT

<ul><li>We are reiterating our Buy rating, $17 price target and projections after reviewing Betterware de Mexico's December catalog, which offered record SKU levels and continues to raise the bar in terms of offerings.</li><li>Management has also continued to focus on key new categories, such as Kid's while combining and pruning pets as a stand-alone offering.</li><li>As such, we believe the Betterware division remains well positioned to drive top line growth in 4Q and into 2024, and we reiterate our Buy rating and $17 price target.</li></ul>

We are reiterating our Buy rating, $17 price target and projections after reviewing Betterware de Mexico's December catalog, which offered record SKU levels and continues to raise the bar in terms of offerings.Management has also continued to focus on key new categories, such as Kid's while combining and pruning pets as a stand-alone offering.As such, we believe the Betterware division remains well positioned to drive top line growth in 4Q and into 2024, and we reiterate our Buy rating and $17 price target.

BWMX: Snapping the Catalog; Ending 2023 on a High Note; Reiterate Buy, $17 PT

<ul><li>We are reiterating our Buy rating, $17 price target and projections for Betterware as we look at the year ahead.</li><li>We believe Betterware, with the namesake division revamped and set to register YoY revenue growth in 4Q23 is poised to once again register the strong, consistent returns which the COV-19 driven environment ups and downs occluded.</li><li>As such, we remain upbeat on BWMX and reiterate our Buy rating and $17 price target.</li></ul>

We are reiterating our Buy rating, $17 price target and projections for Betterware as we look at the year ahead.We believe Betterware, with the namesake division revamped and set to register YoY revenue growth in 4Q23 is poised to once again register the strong, consistent returns which the COV-19 driven environment ups and downs occluded.As such, we remain upbeat on BWMX and reiterate our Buy rating and $17 price target.

BWMX: 2024 Signposts: Putting All the Pieces in Place; Reiterate Buy, $17 PT

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dxn-holdings-bhd" target="_blank" data-smartkarma-citation="entities:36030:1" rel="noopener">DXN Holdings (DXN MK)</a> was listed on the Bursa Malaysia Exchange on 19th May 2023. Both promoters and Gano Global (KV Asia Capital), will come off lockup soon.</li>
<li>DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.</li>
<li>Demand for the IPO was lukewarm and the shares had a turbulent debut. Aside from its weak momentum, liquidity on the stock is weak as well. </li>
</ul>



DXN Holdings (DXN MK) was listed on the Bursa Malaysia Exchange on 19th May 2023. Both promoters and Gano Global (KV Asia Capital), will come off lockup soon.
DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.
Demand for the IPO was lukewarm and the shares had a turbulent debut. Aside from its weak momentum, liquidity on the stock is weak as well. 


DXN Holdings Lock-Up - PE Investor Could Sell Further Although Liquidity Is Weak

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>This year marks the fifth year in the most current downcycle for the stocks we monitor in the direct selling channel, with the brief exception of the pandemic-related benefits they reaped in 2H20 and 1H21, as a result of their product focus on health and wellness as well as their direct-to-consumer business models during the widespread lockdowns.</li><li>Even those benefits have been mostly given back in 2022 and 2023 as consumers moved from spending on goods for the home and body to services and experiences as mobility returned to the global marketplace</li><li>Below are the five key trends we are looking for to drive this group in 2024.</li></ul>

This year marks the fifth year in the most current downcycle for the stocks we monitor in the direct selling channel, with the brief exception of the pandemic-related benefits they reaped in 2H20 and 1H21, as a result of their product focus on health and wellness as well as their direct-to-consumer business models during the widespread lockdowns.Even those benefits have been mostly given back in 2022 and 2023 as consumers moved from spending on goods for the home and body to services and experiences as mobility returned to the global marketplaceBelow are the five key trends we are looking for to drive this group in 2024.

2024 Trends for Direct Sellers - Looking for an Inflection Point

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: On the Offensive in 2024; Reiterate Buy, $17 PT

We are reiterating our Buy rating, projections and price target after reviewing the Betterware January 2024 catalog. Further, management flexed...

Small Cap Consumer Research

BWMX: Snapping the Catalog; Ending 2023 on a High Note; Reiterate Buy, $17 PT

We are reiterating our Buy rating, $17 price target and projections after reviewing Betterware de Mexico's December catalog, which offered record...

Small Cap Consumer Research

BWMX: 2024 Signposts: Putting All the Pieces in Place; Reiterate Buy, $17 PT

We are reiterating our Buy rating, $17 price target and projections for Betterware as we look at the year ahead. We believe Betterware, with the...

Small Cap Consumer Research

DXN Holdings Lock-Up - PE Investor Could Sell Further Although Liquidity Is Weak

DXN Holdings (DXN MK) was listed on the Bursa Malaysia Exchange on 19th May 2023. Both promoters and Gano Global (KV Asia Capital), will come off...

Clarence Chu

2024 Trends for Direct Sellers - Looking for an Inflection Point

This year marks the fifth year in the most current downcycle for the stocks we monitor in the direct selling channel with the brief exception of...

Water Tower Research

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