SAO PAULO (Reuters) - Brazilian cosmetics maker Natura said on Thursday it has agreed to sell its Avon International unit to holding firm Regent, ending a long period of uncertainty after announcing last year it was weighing alternatives for the business arm. The sale of the unit, which aggregates Avon's businesses outside Natura's key Latin American market, sent Sao Paulo-traded shares in the company up more than 13%. Natura has been carrying out divestitures as part of a broader strategy to simplify it ...

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Group 1: Stock Performance - e.l.f. Beauty closed at $146.11, with a +1.98% change from the previous day, outperforming the S&P 500's daily loss of 0.1% [1] - Over the past month, e.l.f. Beauty shares gained 19.57%, while the Consumer Staples sector lost 2.31% and the S&P 500 gained 2.57% [1] Group 2: Earnings Expectations - Analysts expect e.l.f. Beauty to report earnings of $0.61 per share, reflecting a year-over-year decline of 20.78% [2] - The consensus estimate for revenue is $368.95 million, which represents a 22.54% increase from the prior-year quarter [2] Group 3: Full Year Estimates - For the full year, analysts expect earnings of $3.54 per share and revenue of $1.65 billion, indicating changes of +4.42% and +25.97% respectively from last year [3] Group 4: Analyst Estimate Revisions - Recent modifications to analyst estimates for e.l.f. Beauty indicate changing near-term business trends, with positive revisions suggesting analyst optimism [4] Group 5: Zacks Rank and Performance - The Zacks Rank system, which assesses estimate changes, currently ranks e.l.f. Beauty at 3 (Hold), with a 1.3% upward shift in the consensus EPS estimate over the past month [6] Group 6: Valuation Metrics - e.l.f. Beauty has a Forward P/E ratio of 40.48, significantly higher than its industry's Forward P/E of 15.67 [7] - The company has a PEG ratio of 2.63, compared to the Cosmetics industry's average PEG ratio of 1.42 [7] Group 7: Industry Context - The Cosmetics industry, part of the Consumer Staples sector, ranks in the bottom 17% of all industries according to the Zacks Industry Rank [8]

Summary of Conference Call Notes Industry Overview - The conference call discusses the **China Consumer** sector, focusing on consumption trends and market dynamics in **2Q25** and the outlook for **2H25** [1][2]. Key Points and Arguments 1. **Consumption Trends**: - Demand softened in **2Q25**, with unexciting demand continuing into **3Q25**. Some categories like restaurants, sportswear, prepared food, and spirits showed minor sequential improvements in August, attributed to normalizing policy impacts [1][2]. - Companies maintain a prudent outlook due to demand uncertainty, with expectations for significant demand-side stimulus being unlikely in the near term [1]. 2. **Pricing Dynamics**: - There are downside risks to pricing in categories such as sportswear and spirits due to demand softness. The restaurant sector is experiencing intensified pricing activities driven by food delivery subsidies and market education on new categories [1][2]. 3. **Structural Growth Opportunities**: - Continued demand for experience-based consumption, particularly in IP retailers, freshly made drinks, and pet foods [2]. - Opportunities for category expansion and penetration in beverages, cosmetics, and pet foods, with companies like Laopu experiencing upward brand cycles [2]. - Overseas expansion remains a growth opportunity, especially in home appliances, despite demand uncertainties [2]. - Lower-tier cities present untapped potential for various categories [2]. 4. **Sector Preferences**: - Preferred sectors include sports brands, diversified retailers, beverages, and pet food. Least preferred sectors are apparel/footwear OEM, furniture, projectors, and non-super-premium spirits [3][8]. 5. **Stock Recommendations**: - Buy recommendations include companies like Anta, Eastroc, Midea, and WH Group, while jewelry has been upgraded to Neutral due to stabilized sentiment [8]. 6. **Market Sentiment**: - The market is showing interest in turnaround themes, with shareholder returns supporting stock prices [2]. Additional Important Content - The macroeconomic environment remains resilient, but consumption-related indicators are muted. The GS macro team anticipates limited significant demand-side stimulus due to the stable GDP numbers [1][9]. - The report highlights a divergence in performance among companies, with stronger brands gaining market share while weaker ones struggle [9]. - The conference call also touches on the impact of policy changes, including temporary interest and childbirth subsidies, which may influence consumer behavior [1]. Conclusion - The China Consumer sector is navigating a challenging landscape with softer demand and pricing pressures. However, structural growth opportunities and strategic sector preferences present potential investment avenues. The outlook remains cautious, with companies focusing on prudent strategies to manage uncertainties in demand and pricing.

在护肤成分持续迭代的浪潮中，外泌体凭借其独特的生物特性，成为备受关注的新兴研究方向。相较于 传统成分，外泌体在理论上有望在渗透效率、作用深度与功能协同性上带来提升，但其实际应用效果仍 需更多科学数据支持，安全性也需通过严格的科学筛选来保障。 外泌体护肤品的潜在优势 优势一：渗透潜力优异，有望提升成分递送效率 挑选要点二：关注成分来源透明度与安全性 成分来源透明度同样重要。优先选择明确标注外泌体来源的产品，大豆、葡萄、雪绒花等植物来源的外 泌体具有来源广泛、获取过程相对安全的特点。专业品牌会公开提取原料与生产过程，这类信息通常可 在品牌官方渠道查询核实。 挑选要点三：核查技术参数与第三方检测报告 优势二：多靶点作用，可能实现协同增效 作用机制上，外泌体被视为"细胞通信使者"，能够携带多种生物活性物质。传统单一成分往往针对性解 决某一问题，如烟酰胺控油提亮、视黄醇专注抗皱；而外泌体囊泡内包含蛋白质、mRNA、miRNA等 多种活性因子，能够同步调节细胞代谢、促进胶原合成等多重生理过程。一些研究表明，它可能通过增 强成纤维细胞活性、调节胶原蛋白更新等途径，整体改善皮肤状态，这种"多靶点协同作用"有望超越单 一成分的 ...

Core Insights - Natura Cosméticos has entered into a binding agreement to sell its Avon business in Central America and the Dominican Republic for a nominal value of $1, plus a receivable payment of $22 million from Avon Guatemala [1][2] - The transaction aims to streamline operations and simplify business focus, allowing Natura to concentrate on integrating Natura and Avon in Latin America [2] - Natura continues to explore strategic alternatives for its Avon International business, which is officially classified as an asset held for sale [3][4] Transaction Details - The sale includes Avon operations in Guatemala, Nicaragua, Panama, Honduras, El Salvador, and the Dominican Republic [1] - Natura will continue supplying finished goods to Avon CARD and will be the licensor of the Avon brand in the region [2] - The transaction is expected to close by October 30 [2] Strategic Direction - Natura has been exploring options for its Avon International business, indicating ongoing strategic evaluations [3][4] - Avon Central America and the Dominican Republic have been reclassified as assets for sale, aligning with Natura's broader strategic review [4]

Core Viewpoint - Estée Lauder's stock has experienced a significant decline, dropping 6% in the past week and continuing a downward trend due to a reported 12% year-over-year decrease in fourth-quarter net sales and a profit forecast below analyst estimates [2][3] Financial Performance - The company has lost approximately $1.9 billion in market value over the past five days, bringing its current market capitalization to around $30 billion [3] - Despite the recent losses, Estée Lauder's stock remains 13.1% higher than its level at the end of 2024, while the S&P 500 has gained 11.9% year-to-date [3] Market Sentiment - The ongoing losing streak in Estée Lauder's stock has not inspired much investor confidence, indicating potential deeper concerns or changing sentiment in the market [6][8] - The company warned of a potential $100 million impact from tariffs, contributing to investor wariness [2] Product Portfolio - Estée Lauder offers a wide range of products, including skincare, makeup, fragrance, and hair care items, which are sold globally [4]

September 11, 2025 09:01 AM GMT Investor Presentation | Asia Pacific China Consumer: Where is consumption trending now? | M September 11, 2025 09:01 AM GMT Lillian Lou | | Foundation | | --- | --- | --- | | Investor Presentation Asia Pacific | Morgan Stanley Asia Limited+ | | | Equity Analyst | | | | China Consumer: Where is consumption trending Dustin Wei | Lillian.Lou@morganstanley.com | +852 2848-6502 | | Equity Analyst | Dustin.Wei@morganstanley.com | +852 2239-7823 | | now? Hildy Ling | | | | Equity An ...

Summary of Chicmax Conference Call Company Overview - **Company**: Chicmax - **Industry**: Cosmetics - **Market Position**: Ranked among the top ten domestic cosmetics companies in China and top 15 in the overall beauty and personal care market in 2024 with a market share of 1.4% and retail sales of Rmb7.7 billion [12][17] Key Points and Arguments - **Long-term Vision**: Chicmax aims to be the No.1 domestic cosmetics group and one of the top 10 global cosmetics groups, supported by a clear strategic roadmap focusing on cosmetics, multi-brand operations, and globalization [1][12] - **Multi-brand Portfolio**: The company operates a multi-brand portfolio covering six categories: mass skincare, maternity & childcare, toiletries, color cosmetics, functional skincare, and high-end skincare [1][12] - **Financial Performance**: - Adjusted EPS for 2026E increased from Rmb3.56 to Rmb3.67 [5] - Revenue growth expected at a CAGR of 23% from 2025 to 2027E, with earnings growth at 32% CAGR [13][18] - Operating margin projected to rise from 10.9% in 2024 to 14.1% in 2027E, driven by gross margin expansion from 75.2% to 78.4% [13][18] - **Brand Performance**: - KANS brand is the number one cosmetics brand on Douyin with over Rmb6.5 billion GMV in 2024 [12][17] - Newpage brand sales increased by 147% in 1H25 to Rmb397 million, exceeding 2024 levels [7] - **Sales Target**: Chicmax targets Rmb30 billion in sales by 2030, with specific targets for its brands: KANS (Rmb20 billion), growth brands (Rmb8 billion), and seed brands (Rmb2 billion) [7] Financial Estimates - **Revenue Projections**: - FY24A: Rmb6,793 million - FY25E: Rmb8,638 million - FY26E: Rmb10,839 million - FY27E: Rmb12,673 million [11] - **Adjusted Net Income**: - FY25E: Rmb1,148 million - FY26E: Rmb1,462 million - FY27E: Rmb1,778 million [11] - **Valuation**: DCF-based price target of HK$114 implies a P/E of 30x for 2026E and 24x for 2027E [14][19] Risks and Catalysts - **Downside Risks**: Include product quality deterioration, inflation, challenges in new brand incubation, and government regulations [21] - **Upside Catalysts**: Success in new brand incubation and better-than-expected growth in core brands [21] Additional Insights - **Market Trends**: Chicmax is expected to benefit from the fast growth and local pride trend in China's cosmetics industry, leveraging its multi-brand portfolio and strong R&D capabilities [13][18] - **Corporate Structure**: The Brand BU Autonomy structure allows brand GMs full autonomy on operations, enhancing responsiveness to market dynamics and operational efficiency [7] This summary encapsulates the key insights from the conference call regarding Chicmax's strategic direction, financial performance, market positioning, and potential risks and opportunities in the cosmetics industry.

Core Viewpoint - Natura is simplifying its operations by selling Avon's businesses in several Central American countries to Grupo PDC for $1, as part of a broader organizational restructuring effort [1][2]. Group 1: Transaction Details - The deal includes Avon's operations in Guatemala, Nicaragua, Panama, Honduras, El Salvador, and the Dominican Republic, collectively referred to as Avon CARD [1]. - An additional payment of $22 million is expected upon closing, which is a receivable from Avon Guatemala to Natura's subsidiary in Mexico [3]. - Natura will continue to supply finished goods to Avon CARD and will act as the licensor of the Avon brand in the region [3]. Group 2: Financial Impact and Market Reaction - Following the announcement of the Avon CARD deal, Natura's shares rose over 3%, outperforming the Bovespa index, which increased by 1.1% [2]. - Analysts estimate that the sale of Avon CARD could result in savings of approximately 60 million reais ($11.28 million) for the company [5]. Group 3: Strategic Alternatives - Natura is exploring strategic alternatives for the Avon International unit, which includes its Avon businesses outside Latin America, recently classified as an asset "held for sale" [4]. - The businesses in the Dominican Republic and Central America were also reclassified under this label in August [4]. - Analysts believe that the Avon CARD deal may enhance sentiment towards Natura's efforts to sell Avon International [4].