26 July 2024 2022/23 Annual Results Corporate Presentation International Housewares Retail Company Limited 2023/24 Annual Results 1 Disclaimer Stock code: 1373 This presentation and/or these materials have been delivered to you on the basis of your representation that you are a person into whose possession this presentation and these materials may be lawfully delivered in accordance with all applicable laws of the jurisdiction in which you are located and you may not, nor are you authorized to, deliver this ...

Core Insights - Veeva Systems has launched the Veeva China Campaign Manager, a solution aimed at enhancing omnichannel engagement for pharmaceutical companies in China, focusing on compliance and customer experience [1][4][6] - This launch reflects Veeva's strategy to localize and innovate its offerings in high-growth international markets, particularly as digital engagement becomes essential in life sciences [2][4] - The Veeva China Campaign Manager is designed to meet the unique regulatory and commercial needs of the Chinese market, providing tools for effective and personalized campaigns [4][7] Company Performance - Following the announcement of the new campaign manager, Veeva's shares closed flat at $284.58, but have seen a year-to-date increase of 34.4%, outperforming the industry growth of 24.6% [3] - Veeva Systems currently has a market capitalization of $46.2 billion and anticipates a 14.6% growth in earnings for fiscal 2026 [5][6] Product Features - The Veeva China Campaign Manager integrates with the Veeva CRM suite, enhancing campaign execution through personalization, analytics, and coordination between sales and marketing [6][8] - Key features include advanced tagging and segmentation for precision targeting, customizable surveys for feedback, and a goal-oriented tracking system for campaign effectiveness [8][9] - The platform supports synchronized planning and execution across various engagement channels, allowing field representatives to dynamically adjust their strategies [8][9][10] Market Position - The launch positions Veeva Systems for long-term growth in one of the largest pharmaceutical markets globally, enhancing its competitive edge in Asia-Pacific [4][10] - Veeva's continued investment in region-specific tools like the Campaign Manager strengthens its role as a key technology enabler for pharmaceutical commercialization in the region [10]

Core Viewpoint - Lightspeed Commerce Inc. has reached an agreement in principle to fully resolve proposed class action proceedings in Quebec, following the dismissal of a similar U.S. securities class action against the company, which found the allegations to lack legal basis [1][2][3]. Group 1: Settlement Details - The settlement amount is approximately $8.09 million, equivalent to C$11 million, based on an exchange rate of 0.7354 [3][4]. - The settlement is subject to approval by the Superior Court of Quebec and aims to settle all claims against the company and other defendants, with no admission of liability or wrongdoing [2][3]. Group 2: Company Transformation - The company is undergoing a transformation focused on strategic growth and aims to build a long-term profitable business for customers and shareholders [3]. - The resolution of the class action allows the company to concentrate on markets where it has a competitive advantage and to enhance customer experiences globally [3]. Group 3: Company Overview - Lightspeed operates as a unified omnichannel platform for retail and hospitality businesses in over 100 countries [1][5]. - The company provides a range of services including point of sale, e-commerce, embedded payments, inventory management, and financial services [6].

Core Insights - Ralph Lauren Corporation (RL) and PVH Corporation (PVH) are significant players in the Textile-Apparel industry, each with unique strategies and brand identities [1][2] - Both companies are adapting to evolving global consumer demands through digital innovation, supply chain agility, and direct-to-consumer expansion [2][3] Ralph Lauren (RL) Overview - Ralph Lauren is focusing on brand elevation, geographic diversification, and personalized promotions to support growth and cost management [4][5] - The company anticipates low-single-digit revenue growth in constant currency for fiscal 2026, with stronger momentum expected in the first half [6] - Gross margin is projected to remain flat, with AUR growth and lower cotton costs offsetting headwinds from higher tariffs [7] - RL's fiscal 2026 sales and EPS are expected to grow by 3.5% and 10.9% year-over-year, respectively [13] PVH Overview - PVH holds a dominant position in the premium and lifestyle apparel industry, with a diversified business model that includes direct-to-consumer, wholesale, and licensing [8][9] - The company is advancing its PVH+ Plan, focusing on brand elevation, digital acceleration, and operational efficiency, but faces macro pressures and shipment delays [10][12] - PVH's fiscal 2025 sales are projected to grow by 1.4%, while EPS is expected to decline by 5.9% [16] Stock Performance and Valuation - RL is trading at a forward price-to-earnings multiple of 18.65X, significantly higher than the industry average of 11.22X, while PVH trades at a multiple of 5.55 [18] - Ralph Lauren's stock has gained 18.2% in the past three months, outperforming PVH and the broader industry [21] - Despite PVH's strong brand portfolio, its discounted valuation may reflect limited near-term visibility amid ongoing macroeconomic headwinds [19] Conclusion - RL is positioned as a stronger contender in 2025 due to consistent strategic execution, strong brand equity, and a promising financial outlook [22] - For investors seeking stability and consistent growth, RL presents a compelling investment opportunity [25]

Core Insights - Samba TV and Amazon Ads conducted a study demonstrating that outcome-based advertising significantly increases movie ticket purchases through digital solutions [1][4] - The analysis involved 213 million ad impressions correlated with Fandango purchase data, providing insights into the impact of Amazon Ads on ticket sales, especially among light TV viewers [2][3] Advertising Effectiveness - Brands utilizing Amazon Ads were 8.5 times more likely to reach light TV viewers, who represented 77% of ticket purchases on Fandango, highlighting Amazon's capability to engage hard-to-reach audiences [3] - The study revealed a 23% median lift in purchase consideration and a 13% median lift in confirmed purchases on Fandango due to Amazon Ads campaigns, compared to audiences not exposed to these ads [4] Discovery and Engagement - Amazon Ads campaigns also resulted in a 17% median lift in visits to movie detail pages, indicating a strong connection between media exposure and consumer actions [4] - The combination of traditional TV marketing and Amazon Ads yielded the highest increases in awareness and purchase intent, with lifts of 2x and 5.4x respectively, emphasizing the effectiveness of an omnichannel strategy [5] Comprehensive Insights - Advertisers require access to full-funnel insights to assess campaign impact, and Samba TV's dataset spans various channels, allowing measurement of performance based on real-world outcomes [6] - Samba TV's technology provides advertisers with a unified view of the consumer journey, enhancing marketing efficiency and effectiveness [7][8]

Summary of Brilliant Earth Group (BRLT) FY Conference Call Company Overview - **Company**: Brilliant Earth Group (BRLT) - **Industry**: Jewelry - **Market Position**: Positioned as a next-generation jeweler catering to millennial and Gen Z consumers with a focus on authenticity and mission-driven branding [2][4] Core Insights and Arguments - **Business Model**: The company operates an asset-light, data-driven model that allows for agility in responding to market trends, which is advantageous in the fragmented jewelry industry [3][8] - **Customer Demographics**: The primary customer base consists of millennials and Gen Z with household incomes between $100,000 and $200,000, who value a seamless and personalized shopping experience [4][5] - **Market Size**: The global jewelry industry is valued at approximately $350 billion, with two-thirds comprised of smaller independent retailers, presenting an opportunity for Brilliant Earth to gain market share [8] - **Sales Growth**: The company achieved a 16% compound annual growth rate (CAGR) in net sales from 2019 to 2024, while gross profit margins increased from the low 40s to 60% [9][10] - **Q1 2025 Performance**: Reported net sales of $94 million with an average order value of over $2,000, and a gross margin of 58.6% [11][12] Financial Highlights - **Adjusted EBITDA**: Achieved $1.1 million in adjusted EBITDA for Q1 2025, marking consecutive quarters of positive adjusted EBITDA since going public [11] - **Cash Position**: Ended Q1 2025 with $92.5 million in net cash, reflecting a year-over-year growth of 5% [12][16] - **Inventory Efficiency**: The company reported inventory turns of four times, significantly higher than the industry average of one to two times, indicating efficient working capital management [15][19] Strategic Initiatives - **Product Expansion**: Focus on increasing the share of fine jewelry, which contributed 14% of total bookings in Q1, representing a growth opportunity beyond engagement and wedding rings [13][14] - **Showroom Growth**: Opened new showrooms, bringing the total to 42, which are expected to drive incremental bookings and enhance customer engagement [20][21] - **Innovation and Technology**: Emphasis on investing in data, systems, and processes to drive operational efficiencies and sustainable growth [21][22] Long-term Goals - **Sales Growth Target**: Aiming for low teens year-over-year growth in net sales by 2027, driven by improvements in engagement rings and fine jewelry sales [22][23] - **Gross Margin Target**: Targeting high 50s gross margin percentage through 2027 by focusing on premium brand positioning and procurement efficiencies [23] - **Adjusted EBITDA Margin**: Aiming for a double-digit adjusted EBITDA margin by 2027 [24] Additional Noteworthy Points - **Celebrity Engagement**: Highlighted a collaboration with Beyoncé, which included a unique jewelry piece, showcasing the brand's appeal to influencers and celebrities [18] - **Omnichannel Experience**: Commitment to creating a seamless omnichannel experience for customers, integrating digital and physical touchpoints [20][24] This summary encapsulates the key points from the Brilliant Earth Group's FY conference call, highlighting the company's strategic positioning, financial performance, and future growth initiatives.

Core Insights - The FMCG sector in China continues to experience price deflation, leading to slower overall value growth, with a 0.8% annual value growth in 2024 supported by a 4.4% volume growth but hindered by a 3.4% decline in average selling prices [3][5][24] Market Performance - In 2024, the quarterly growth rates for China's FMCG were 1.5% in Q1, 1.8% in Q2, -0.6% in Q3, and a slight rebound to 0.4% in Q4. The first quarter of 2025 saw a 2.7% growth compared to the same quarter in the previous year, aided by improved macroeconomic indicators and government policies [4][5] - Home care led FMCG growth in 2024 with a 2.4% annual increase, followed by packaged food at 2.0% and beverages at 1.5%. Personal care, however, declined by 2.3% [7][10] Category Trends - In Q1 2025, home care grew by 6.1%, personal care rebounded with a 4.0% increase, and packaged food rose by 3.2%, while beverage growth stagnated at 0.5% [11] - The premium segment outperformed the overall market in categories like juice, instant coffee, toothpaste, and sanitary pads, driven by innovations and product upgrades [22] Channel Dynamics - The overall channel mix for FMCG remained stable, with grocery and super/mini formats outperforming in Tier 3 and Tier 4 cities, while club warehouses grew in higher-tier cities [12] - Online channels saw rapid growth in Douyin, while community group buying and horizontal marketplaces faced declines. Vertical grocery e-commerce grew by 26.0% in 2024 [15][16] Brand Competition - Domestic brands gained market share from foreign brands, claiming 76% of the market in 2024, with intense competition leading to the top five brands losing share in over half of FMCG categories [18][21] - The report suggests that brands must choose between specializing in the premium segment or competing in mass/mainstream segments to succeed in the current environment [24][25]

Key Takeaways TTD expands its Instacart partnership to enable real-time sales and ROAS tracking in programmatic ads. Advertisers can now build custom units mid-campaign using CART's grocery catalog via TTD's Kokai platform. Instacart's integration spans 220 sites, making it a full-funnel hub for omnichannel campaign execution.The Trade Desk, Inc. (TTD) recently extended its collaboration with North America's top grocery technology platform, Instacart (CART) . This partnership makes Instacart the first U.S ...

Financial Data and Key Metrics Changes - The company reported its 30th consecutive quarter of profitability at adjusted EBITDA, indicating strong financial health and consistent performance [18] - The company has significant free cash flow generation, which supports share repurchases and overall financial stability [18][92] Business Line Data and Key Metrics Changes - The company has diversified its revenue streams, now delivering a unified AI-powered end-to-end platform that serves various customer segments, including streamers, publishers, media buyers, commerce media networks, and data partners [7][8] - Supply Path Optimization (SPO) has become a significant part of the business, accounting for over half of the revenue, up approximately 20 percentage points from two years ago [30][34] Market Data and Key Metrics Changes - The company has over 80% penetration among the top 30 streaming companies globally, including major players like Roku and Amazon Fire TV [8][76] - The mix of business includes over 20% from Connected TV (CTV) and about 20% from mobile apps, with omnichannel video making up around 40% of the business [47][49] Company Strategy and Development Direction - The company focuses on being well-positioned in the fastest-growing ad formats, including CTV, commerce media, and data curation [49][50] - The company aims to consolidate its market share by leveraging its independent and objective platform, especially in light of ongoing antitrust issues facing larger competitors like Google [15][62] Management's Comments on Operating Environment and Future Outlook - Management noted that the ad market has shown resilience despite macroeconomic uncertainties, with strong performance observed in early 2023 [83][84] - The company is planning for various economic scenarios while focusing on AI as a significant growth driver and efficiency enhancer [86][88] Other Important Information - The company has increased its share repurchase authorization by an additional $100 million, reflecting confidence in its financial position and future growth prospects [92] - The company estimates that every percentage point of market share gained from Google could translate to $50 to $75 million in revenue, with a high flow-through to the bottom line due to existing publisher overlaps [62][63] Q&A Session Summary Question: What is the company's outlook on the ad market amidst macroeconomic uncertainties? - Management indicated that the ad market has been more stable than expected, with strong performance trends continuing into the second quarter [83][84] Question: How does the company differentiate itself from competitors in the SSP space? - The company highlighted its independent platform and extensive publisher relationships, which allow it to offer unique value propositions that competitors may not provide [15][76] Question: What is the significance of Supply Path Optimization (SPO) for the company's growth? - SPO has become a key growth driver, accounting for over half of the business, and is expected to continue growing as advertisers seek efficiency and effectiveness [30][34] Question: How does the company view the impact of Google's antitrust issues on its market position? - Management believes that the antitrust case presents a significant opportunity for the company to gain market share, estimating potential revenue increases from share shifts [62][66]

Core Insights - Walmart Inc. maintains a leading position in the retail sector due to its diversified business model, strong omnichannel presence, and advanced retail capabilities, although its forward 12-month price-to-earnings (P/E) ratio of 36.07X raises valuation concerns compared to industry and market averages [1][2][8] Valuation Comparison - Walmart's P/E ratio is significantly higher than key retail peers such as Kroger Co. at 13.54X, Target Corporation at 12.63X, and Ross Stores at 22.14X, indicating a relatively expensive valuation [2][8] - The company holds a Zacks Value Score of C, suggesting limited value appeal at current price levels [2] Stock Performance - Over the past three months, Walmart shares increased by 11.4%, outperforming the industry (+10.7%), the broader Zacks Retail – Wholesale sector (+6.3%), and the S&P 500 (+7.5%) [3][8] - Walmart's stock trades above both its 50-day and 200-day moving averages, indicating sustained momentum and investor confidence [6][9] Growth Drivers - Walmart's growth is driven by a robust, diversified business model and strong performance across various segments and sales channels, effectively capturing increased customer traffic both in-store and online [11][12] - The company's omnichannel ecosystem integrates physical retail with digital capabilities, leveraging data analytics and technology investments to enhance customer experience [12] - E-commerce sales surged by 22% globally in Q1 of fiscal 2026, with U.S. e-commerce sales increasing by 21% [13][8] - Comparable sales in the U.S. (excluding fuel) rose by 4.5%, driven by a 1.6% increase in transactions and a 2.8% rise in average ticket size [14] Revenue Streams - Walmart is focusing on high-margin revenue streams such as advertising and membership programs, with advertising revenues soaring by 50% and membership income climbing by 14.8% in the fiscal first quarter [15] Challenges - The company faces challenges from tariff pressures and foreign exchange fluctuations, which could impact near-term financial results [16][18] - Walmart acknowledged that ongoing tariffs could jeopardize its ability to grow earnings year over year, and it withheld second-quarter fiscal 2026 EPS guidance due to market volatility [17] Earnings Estimates - The Zacks Consensus Estimate for Walmart's EPS for the current fiscal year is $2.59, reflecting a 3.2% year-over-year increase despite a minor downward revision [19] Investment Guidance - Walmart presents a mix of long-term growth potential and near-term valuation caution, with strong fundamentals supporting long-term holders, while value-seeking investors may prefer to wait for a better entry point [20]