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, $32.50 price target and projections for Guess?</li><li>with the company announcing 4QFY24 (January) results after the close on Wednesday.</li><li>We believe management remained conservative in their 4Q projections, already incorporating a tough domestic environment, which should allow the company to achieve top and bottom line results in their projected range.</li></ul>

We are reiterating our Buy rating, $32.50 price target and projections for Guess?with the company announcing 4QFY24 (January) results after the close on Wednesday.We believe management remained conservative in their 4Q projections, already incorporating a tough domestic environment, which should allow the company to achieve top and bottom line results in their projected range.

GES: 4Q Preview: Showing the Way; Reiterate Buy Rating, $32.50 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

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<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>, a discount store operator in Japan, is seeking to raise US$236 million at the IPO reference price of JPY1,550 per share.</li>
<li>We previously discussed the IPO in <em><strong><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></strong></em>. </li>
<li>In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.</li>
</ul>



Trial Holdings (5882 JP), a discount store operator in Japan, is seeking to raise US$236 million at the IPO reference price of JPY1,550 per share.
We previously discussed the IPO in Trial Holdings IPO: The Investment Case. 
In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.


<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 the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season.</li><li>The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women's suiting, while for men the focus is on textured and patterned tops, denim and seasonal suiting and dress shirts, with the relaunch of performance long sleeve shirts.</li></ul>

We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.With the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season.The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women's suiting, while for men the focus is on textured and patterned tops, denim and seasonal suiting and dress shirts, with the relaunch of performance long sleeve shirts.

EXPR: Snapping the Store: Clearing & Gearing

<ul><li>We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+) denim player rag & bone by Guess?</li><li>and a joint venture with leading brand licensor WHP Global.</li><li>We view this acquisition, Guess?' first, as an accretive winner, offering multiple (and material) expansion opportunities which leverage Guess?' strong international presence, infrastructure, category expansion and licensing ability and position as a leading global lifestyle brand retailer.</li></ul>

We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+) denim player rag & bone by Guess?and a joint venture with leading brand licensor WHP Global.We view this acquisition, Guess?' first, as an accretive winner, offering multiple (and material) expansion opportunities which leverage Guess?' strong international presence, infrastructure, category expansion and licensing ability and position as a leading global lifestyle brand retailer.

GES: Rag & Bone an Auspicious First Acquisition; Reiterate Buy, $32.50 PT

<ul><li>We are reiterating our Buy rating, $32.50 price target and projections after visiting Guess? Inventories, with the exception of outerwear, were in solid shape and should, after end of season sales, be clean for Spring.</li><li>Further, the company has already begun to slowly flow in new Spring items, with patterned looks and dresses.</li></ul>

We are reiterating our Buy rating, $32.50 price target and projections after visiting Guess? Inventories, with the exception of outerwear, were in solid shape and should, after end of season sales, be clean for Spring.Further, the company has already begun to slowly flow in new Spring items, with patterned looks and dresses.

GES: Snapping the Store: Picking the Key Winners; Reiterate Buy, $32.50 PT

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: 4Q Preview: Showing the Way; Reiterate Buy Rating, $32.50 PT

We are reiterating our Buy rating, $32.50 price target and projections for Guess? with the company announcing 4QFY24 (January) results after the...

Small Cap Consumer Research

Trial Holdings IPO: Valuation Thoughts

Trial has upsized its IPO from US$236m to US$260m by launching its IPO at JPY1,600-1,700 per share vs. the reference price of JPY1,550. The offer...

Arun George

EXPR: Snapping the Store: Clearing & Gearing

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

Small Cap Consumer Research

GES: Rag & Bone an Auspicious First Acquisition; Reiterate Buy, $32.50 PT

We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+)...

Small Cap Consumer Research

GES: Snapping the Store: Picking the Key Winners; Reiterate Buy, $32.50 PT

We are reiterating our Buy rating, $32.50 price target and projections after visiting Guess? Inventories, with the exception of outerwear, were in...

Small Cap Consumer Research

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