JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Investment Advisors

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Investment Advisors, JL Warren Capital

Junheng Li

Equity Bottom-Up

<p>Regardless of the ongoing Hong Kong impact, at current price of $36 per share <a href="https://www.smartkarma.com/entities/canada-goose-holdings-inc" target="_blank" data-smartkarma-citation="entities:25485:1" rel="noopener">Canada Goose Holdings (GOOS US)</a>  remains a rare golden story with a combination of high growth (~17 DTC stores compared to 193 stores for closest comp Moncler) and value.  GOOS’s strong demand among Chinese is unquestionable and we will breakdown the sales potential in each of its stores (2 in Beijing, 1 Shanghai, 1 Shenyang, 1 Harbin -pop-up, 1 Wuhan popup, 1 Nanjing popup) in details in the note. The risk is in management execution and their ability to react to the rising complexity of global commerce and geopolitics.  After all, it is a young public company - listed in March 2017 - still in the process of evolving from a family business mentality.  </p><p style="text-align: center;">Exhibit 1: WeChat Bilingual Trending Index</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/106/509/original/1.JPG?1574013716" class="editor-image img-responsive" data-smartkarma-image-id="106509"></figure>

Regardless of the ongoing Hong Kong impact, at current price of $36 per share Canada Goose Holdings (GOOS US)  remains a rare golden story with a combination of high growth (~17 DTC stores compared to 193 stores for closest comp Moncler) and value.  GOOS’s strong demand among Chinese is unquestionable and we will breakdown the sales potential in each of its stores (2 in Beijing, 1 Shanghai, 1 Shenyang, 1 Harbin -pop-up, 1 Wuhan popup, 1 Nanjing popup) in details in the note. The risk is in management execution and their ability to react to the rising complexity of global commerce and geopolitics.  After all, it is a young public company - listed in March 2017 - still in the process of evolving from a family business mentality.  Exhibit 1: WeChat Bilingual Trending Index

Canada Goose: Devastating Losses in HK; 7 New DTC Stores Opened in Mainland