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

<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

<ul><li>We are reiterating our Buy rating on GES, raising our price target to $37 (from $32.50) and rolling out FY26 projections after Guess?</li><li>ended FY24 with a strong 4Q which easily beat both top and bottom line Street expectations and announced a $2.25 per share special dividend.</li><li>Further, initial FY25 projections, which incorporate the acquisition of Rag & Bone, handily beat Street top line projections and bracket bottom line expectations, even as Guess?</li></ul>

We are reiterating our Buy rating on GES, raising our price target to $37 (from $32.50) and rolling out FY26 projections after Guess?ended FY24 with a strong 4Q which easily beat both top and bottom line Street expectations and announced a $2.25 per share special dividend.Further, initial FY25 projections, which incorporate the acquisition of Rag & Bone, handily beat Street top line projections and bracket bottom line expectations, even as Guess?

GES; 4Q Review: Best Still in Store for GUESS?; Reiterate Buy & Raising PT

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> priced its IPO at JPY1,700 per share to raise gross proceeds of US$256 million. The shares will start trading on 21 March.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:130521" rel="noopener">Trial Holdings IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-valuation-thoughts" target="_blank" data-smartkarma-citation="insights:132126" rel="noopener">Trial Holdings IPO: Valuation Thoughts</a>. </li>
<li>The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains attractive. </li>
</ul>



Trial Holdings (5882 JP) priced its IPO at JPY1,700 per share to raise gross proceeds of US$256 million. The shares will start trading on 21 March.
We previously discussed the IPO in Trial Holdings IPO: The Investment Case and Trial Holdings IPO: Valuation Thoughts. 
The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains attractive. 


United States

Ross Stores, Inc. operates two brands of off-price retail apparel and home accessories stores. Ross Stores offers name brand and designer apparel, accessories, footwear, and home fashions at discount prices.

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Ross Stores Inc (ROST 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

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

GES; 4Q Review: Best Still in Store for GUESS?; Reiterate Buy & Raising PT

We are reiterating our Buy rating on GES, raising our price target to $37 (from $32.50) and rolling out FY26 projections after Guess? ended FY24...

Small Cap Consumer Research

Trial Holdings IPO: Trading Debut

The shares will start trading on 21 March. The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains...

Arun George

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