A credit sale of merchandise for $112.20

Case - Description - FIN630.docx

The Case

Nike, which currently views itself as operating in the sporting wear (shoes and clothes) segment, is considering an expansion into the fashion apparel business, producing high-priced casual clothing for teenagers and young adults. You have been asked to collect the data to make the assessment and have come back with the following information:

1. You estimate that is will cost Nike $2.5 billion to get started in this business. Of this, $1 billion will have to be spent right now acquiring land and other assets needed for the business. The remaining $1.5 billion will be spent in one year. The business will be operational at the end of the second year.

2. The $1.5 billion invested in one year will be depreciated over the following 10 years on a straight-line basis. (The $1 billion invested today will not be depreciated.)

3. You have hired a market-testing company to do a market study. Their initial study, which has already been completed and expensed, cost $250 million and has provided you with a sense of the market and Nike’s potential place in it.

4. The total revenue for the casual apparel industry is estimated to be $75 billion currently, and should grow at 5% per year. Nike is expected to gain a 2% share in the first year it enters the market (which will be the third year), and to increase its market share by 0.5% a year to a maximum of 5% in the ninth year. After that point, Nike’s revenues are expected to grow at the same rate as the overall market. (The template I have provided includes the computations associated with this point.)

5. Nike expects to generate 50% of the apparel revenue in the United States, 30% from China, and 20% from India.

6. The cost of goods sold are expected to be 77% of revenues.

7. Nike will allocate 5% of project revenues to the new apparel division as general and administrative expenses. If it takes this project, Nike expects it will have to increase company-wide general and administrative costs by $50 million in year 3 when the new project starts generating revenue. This number will grow with project revenues.

8. Nike expects to spend $70 million on advertising for the new division in year 3, and advertising expenses for the division are expected to grow at 4% per year thereafter.

9. The apparel division will create working capital needs:

a. The sale of apparel on credit to large retailers will create accounts receivable equal to 5% of revenues.

b. Inventory (both raw and finished goods) will be 10% of cost of goods sold.

c. Credit offered by suppliers will be 7.5% of cost of goods sold.

d. All of these working capital investments will have to be made at the beginning of the year in which the goods are sold.

10. The beta for Nike is 0.72, calculated using monthly returns over the last 3 years and against the S&P 500 index.

11. The current stock price is $82 and there are 1.26 billion shares outstanding.

12. Nike is currently rated A+ and A+ rated bonds trade at a default spread of 1.0% over the long-term U.S. treasury bond rate. Nike’s interest bearing debt (short and long term) has an average maturity of 5 years. The book value of the debt is $3,500 million and last year, the company’s interest expense was $124 million. Nike also has lease commitments as follows:

Years out

Operating Lease Commitments (in $million)

Next year

589

Year 2

523

Year 3

472

Year 4

412

Year 5

361

Thereafter

1,608

13. Nike’s historical effective tax rate is 24%, but its marginal tax rate is 21%.

14. The current long-term U.S. Treasury bond rate is 1.52%, and the expected inflation rate is 2%. For the equity risk premiums you can use, the numbers for 2019 found here: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html.

Case - World Apparel Company Data - 2019.xlsx

Sheet1

Company Name Exchange:Ticker Industry Group Country Broad Group Sub Group Market Cap (in US $) PV of lease debt Total Debt Total Debt incl leases (in US $) Firm Value (in US $) Cash Enterprise Value (in US $) Cash/ Firm Value Beta Marginal Tax Rate unlevered cash corrected

Ming Le Sports AG (DB:ML2) DB:ML2 Apparel Germany Developed Europe EU & Environs $0.78 $0.00 $0.00 $0.00 $0.78 $2.54 -$1.77 327.74% 3.25 15.00% 3.2525806452 -1.4281869688

KBS Fashion Group Limited (NasdaqCM:KBSF) NasdaqCM:KBSF Apparel China Emerging Markets China $6.60 $1.85 $2.01 $3.86 $10.46 $24.10 -$13.64 230.31% 2.73 25.00% 1.8989135879 -1.4572820534

Maruhachi Holdings Co., Ltd. (NSE:3504) NSE:3504 Apparel Japan Japan Japan $111.80 $0.00 $61.70 $61.70 $173.50 $240.80 -$67.30 138.79% 0.62 30.86% 0.449385648 -1.158520207

Weiqiao Textile Company Limited (SEHK:2698) SEHK:2698 Apparel China Emerging Markets China $404.20 $26.18 $1,054.90 $1,081.08 $1,485.28 $1,997.10 -$511.82 134.46% 1.82 25.00% 0.6063063176 -1.7594789691

FUJIX Ltd. (TSE:3600) TSE:3600 Apparel Japan Japan Japan $23.70 $0.00 $0.00 $0.00 $23.70 $27.40 -$3.70 115.61% 0.35 30.86% 0.3492755102 -2.237251241

Tsutsumi Jewelry Co., Ltd. (TSE:7937) TSE:7937 Apparel Japan Japan Japan $292.30 $0.48 $0.00 $0.48 $292.78 $337.10 -$44.32 115.14% 0.57 30.86% 0.5644567286 -3.7284093684

Barbara Bui SA (ENXTPA:BUI) ENXTPA:BUI Apparel France Developed Europe EU & Environs $5.40 $0.00 $0.63 $0.63 $6.03 $5.24 $0.79 86.91% -0.44 33.00% -0.4036886403 -3.0847133236

L & A International Holdings Limited (SEHK:8195) SEHK:8195 Apparel Hong Kong Emerging Markets China $5.72 $0.01 $0.00 $0.01 $5.73 $4.96 $0.77 86.53% -0.18 16.50% -0.18149793 -1.3477078185

Speedy Global Holdings Limited (SEHK:540) SEHK:540 Apparel China Emerging Markets China $23.80 $3.89 $4.44 $8.33 $32.13 $27.70 $4.43 86.21% 0.65 25.00% 0.5130692351 3.7214560394

Soko Seiren Co.,Ltd. (TSE:3578) TSE:3578 Apparel Japan Japan Japan $9.18 $0.00 $6.06 $6.06 $15.24 $12.40 $2.84 81.36% -0.26 30.86% -0.181302124 -0.9729029473

Fuji Corporation (JASDAQ:3515) JASDAQ:3515 Apparel Japan Japan Japan $23.50 $0.00 $7.86 $7.86 $31.36 $23.50 $7.86 74.94% 0.70 30.86% 0.5687345382 2.2691495062

Rajesh Exports Limited (NSEI:RAJESHEXPO) NSEI:RAJESHEXPO Apparel India Emerging Markets India $2,427.20 $0.00 $1,187.90 $1,187.90 $3,615.10 $2,475.70 $1,139.40 68.48% 0.30 35.00% 0.2271738607 0.7207795541

Continental Holdings Limited (SEHK:513) SEHK:513 Apparel Hong Kong Emerging Markets China $88.10 $0.53 $127.40 $127.93 $216.03 $143.80 $72.23 66.57% 1.94 16.50% 0.8785265527 2.6276162949

CSP International Fashion Group S.p.A. (BIT:CSP) BIT:CSP Apparel Italy Developed Europe EU & Environs $27.80 $0.00 $25.20 $25.20 $53.00 $33.50 $19.50 63.21% 1.48 24.00% 0.8757548546 2.3802567844

Reward Wool Industry Corporation (TSEC:1423) TSEC:1423 Apparel Taiwan Emerging Markets Small Asia $37.80 $0.00 $0.00 $0.00 $37.80 $23.00 $14.80 60.85% 0.36 20.00% 0.3615116279 0.9233202388

Renown Incorporated (TSE:3606) TSE:3606 Apparel Japan Japan Japan $86.10 $4.51 $27.80 $32.31 $118.41 $71.70 $46.71 60.55% 0.93 30.86% 0.7358906866 1.865549025

Zenith Fibres Limited (BSE:514266) BSE:514266 Apparel India Emerging Markets India $4.00 $0.00 $0.00 $0.00 $4.00 $2.36 $1.64 59.00% 0.40 35.00% 0.3988139535 0.9727169597

Sanyo Shokai Ltd. (TSE:8011) TSE:8011 Apparel Japan Japan Japan $204.60 $4.70 $80.70 $85.40 $290.00 $166.90 $123.10 57.55% 0.71 30.86% 0.5525179504 1.3016258515

Hifood Group Holdings Co., Limited (SEHK:442) SEHK:442 Apparel Hong Kong Emerging Markets China $48.50 $0.85 $0.00 $0.85 $49.35 $27.10 $22.25 54.91% 0.10 16.50% 0.0986704685 0.2188429527

Solar Company S.A. (WSE:SOL) WSE:SOL Apparel Poland Developed Europe EU & Environs $3.83 $0.00 $0.07 $0.07 $3.90 $2.13 $1.77 54.69% 0.80 19.00% 0.7852537114 1.7328970005

My Heart Bodibra Group Limited (SEHK:8297) SEHK:8297 Apparel Hong Kong Emerging Markets China $11.00 $2.32 $0.24 $2.56 $13.56 $7.27 $6.29 53.60% 0.32 16.50% 0.2654598226 0.5720525656

PCCS Group Berhad (KLSE:PCCS) KLSE:PCCS Apparel Malaysia Emerging Markets Small Asia $9.65 $3.58 $8.54 $12.12 $21.77 $11.60 $10.17 53.29% 2.53 24.00% 1.2929221588 2.7678167726

Pasupati Acrylon Limited (BSE:500456) BSE:500456 Apparel India Emerging Markets India $27.50 $0.00 $1.34 $1.34 $28.84 $14.80 $14.04 51.32% 0.38 35.00% 0.3657190072 0.7512347698

Piquadro S.p.A. (BIT:PQ) BIT:PQ Apparel Italy Developed Europe EU & Environs $96.40 $0.00 $27.50 $27.50 $123.90 $63.10 $60.80 50.93% 1.63 24.00% 1.3432454418 2.7373044447

Marushohotta Co.,Ltd. (TSE:8105) TSE:8105 Apparel Japan Japan Japan $37.70 $0.00 $0.00 $0.00 $37.70 $19.10 $18.60 50.66% 1.61 30.86% 1.6112244898 3.2657614659

Look Holdings Incorporated (TSE:8029) TSE:8029 Apparel Japan Japan Japan $67.50 $0.10 $24.10 $24.20 $91.70 $45.90 $45.80 50.05% 0.98 30.86% 0.7824355464 1.5665527192

Interma Trade S.A. (WSE:ITM) WSE:ITM Apparel Poland Developed Europe EU & Environs $4.48 $0.00 $0.22 $0.22 $4.70 $2.33 $2.37 49.62% -0.15 19.00% -0.1470631119 -0.2918885771

Atsugi Co., Ltd. (TSE:3529) TSE:3529 Apparel Japan Japan Japan $139.30 $0.00 $0.00 $0.00 $139.30 $68.60 $70.70 49.25% 0.51 30.86% 0.5132346939 1.0112247929

Topbi International Holdings Limited (TSEC:2929) TSEC:2929 Apparel Taiwan Emerging Markets Small Asia $224.20 $0.12 $32.50 $32.62 $256.82 $124.00 $132.82 48.28% 1.00 20.00% 0.8968030792 1.7340560969

Estelle Holdings Co.,Ltd. (TSE:7872) TSE:7872 Apparel Japan Japan Japan $62.30 $0.92 $95.00 $95.92 $158.22 $76.10 $82.12 48.10% 0.70 30.86% 0.3402280464 0.6555011121

Yamato International Inc. (TSE:8127) TSE:8127 Apparel Japan Japan Japan $75.20 $0.00 $8.63 $8.63 $83.83 $40.30 $43.53 48.07% 0.71 30.86% 0.6579573101 1.2670930692

Jiangsu Sanfangxiang Industry Co., Ltd (SHSE:600370) SHSE:600370 Apparel China Emerging Markets China $336.20 $0.00 $0.00 $0.00 $336.20 $156.80 $179.40 46.64% 1.22 25.00% 1.2221860465 2.2904066267

China Ting Group Holdings Limited (SEHK:3398) SEHK:3398 Apparel Hong Kong Emerging Markets China $101.90 $2.83 $43.50 $46.33 $148.23 $68.80 $79.43 46.41% 0.65 16.50% 0.4717647844 0.8804022136

Xingye Leather Technology Co., Ltd. (SZSE:002674) SZSE:002674 Apparel China Emerging Markets China $333.40 $0.00 $14.60 $14.60 $348.00 $157.00 $191.00 45.11% 1.45 25.00% 1.4065708294 2.5627573227

Sakai Ovex Co.,Ltd. (TSE:3408) TSE:3408 Apparel Japan Japan Japan $103.10 $0.00 $22.80 $22.80 $125.90 $55.90 $70.00 44.40% 1.09 30.86% 0.9462213563 1.7018466965

Youngone Holdings Co., Ltd. (KOSE:A009970) KOSE:A009970 Apparel South Korea Emerging Markets Small Asia $650.60 $0.00 $465.70 $465.70 $1,116.30 $484.70 $631.60 43.42% 0.23 28.00% 0.1532200314 0.2708035483

Victory City International Holdings Limited (SEHK:539) SEHK:539 Apparel Hong Kong Emerging Markets China $68.10 $2.71 $700.60 $703.31 $771.41 $333.50 $437.91 43.23% 1.50 16.50% 0.1553623357 0.2736816427

Ginza Yamagataya Co., Ltd. (JASDAQ:8215) JASDAQ:8215 Apparel Japan Japan Japan $27.00 $0.00 $0.00 $0.00 $27.00 $11.60 $15.40 42.96% 0.11 30.86% 0.1134693878 0.1989398357

AZEARTH Corporation (TSE:3161) TSE:3161 Apparel Japan Japan Japan $21.90 $0.00 $1.06 $1.06 $22.96 $9.72 $13.24 42.33% 0.46 30.86% 0.4483036312 0.7774207985

Rhythm Watch Co., Ltd. (TSE:7769) TSE:7769 Apparel Japan Japan Japan $142.20 $1.82 $49.30 $51.12 $193.32 $81.80 $111.52 42.31% 0.66 30.86% 0.5270036837 0.9135511419

J. A. Textile Mills Limited (KASE:JATM) KASE:JATM Apparel Pakistan Emerging Markets Small Asia $0.45 $0.00 $0.01 $0.01 $0.46 $0.19 $0.27 41.87% 0.02 30.00% 0.016884299 0.0290435144

MRK Holdings Inc. (TSE:9980) TSE:9980 Apparel Japan Japan Japan $129.40 $0.00 $0.10 $0.10 $129.50 $53.90 $75.60 41.62% 1.37 30.86% 1.3642929104 2.3370218265

Yangtzekiang Garment Limited (SEHK:294) SEHK:294 Apparel Hong Kong Emerging Markets China $81.80 $0.29 $0.00 $0.29 $82.09 $34.10 $47.99 41.54% 0.01 16.50% 0.0129156399 0.0220935966

Sun Hing Vision Group Holdings Limited (SEHK:125) SEHK:125 Apparel Hong Kong Emerging Markets China $89.30 $5.66 $6.07 $11.73 $101.03 $41.00 $60.03 40.58% 0.71 16.50% 0.6387412286 1.0750067022

Saibo Co., Ltd. (TSE:3123) TSE:3123 Apparel Japan Japan Japan $48.40 $0.00 $18.70 $18.70 $67.10 $26.50 $40.60 39.49% 0.49 30.86% 0.3857337518 0.6375057819

361 Degrees International Limited (SEHK:1361) SEHK:1361 Apparel China Emerging Markets China $430.30 $1.16 $411.40 $412.56 $842.86 $323.40 $519.46 38.37% 2.72 25.00% 1.5827893555 2.5681933294

Thai Toray Textile Mills Public Company Limited (SET:TTTM) SET:TTTM Apparel Thailand Emerging Markets Small Asia $37.60 $0.00 $0.00 $0.00 $37.60 $14.40 $23.20 38.30% 0.33 20.00% 0.3324883721 0.5388604651

TBH Global Co., Ltd (KOSE:A084870) KOSE:A084870 Apparel South Korea Emerging Markets Small Asia $55.90 $0.00 $76.90 $76.90 $132.80 $50.40 $82.40 37.95% 1.40 28.00% 0.7028211166 1.1327019937

Source Industries (India) Limited (BSE:521036) BSE:521036 Apparel India Emerging Markets India $0.15 $0.00 $0.03 $0.03 $0.18 $0.07 $0.11 37.91% 0.39 35.00% 0.3463263377 0.5577999421

Nan Yang Dyeing & Finishing Co.,Ltd (TSEC:1410) TSEC:1410 Apparel Taiwan Emerging Markets Small Asia $45.00 $0.00 $0.00 $0.00 $45.00 $16.90 $28.10 37.56% 0.23 20.00% 0.2303953488 0.368960523

Tokai Senko K.K. (TSE:3577) TSE:3577 Apparel Japan Japan Japan $28.80 $0.00 $17.50 $17.50 $46.30 $17.10 $29.20 36.93% 0.59 30.86% 0.4140131447 0.656466048

CEFC Hong Kong Financial Investment Company Limited (SEHK:1520) SEHK:1520 Apparel Hong Kong Emerging Markets China $43.20 $1.45 $0.07 $1.52 $44.72 $16.50 $28.22 36.89% 2.02 16.50% 1.9666255079 3.1163800309

Baroque Japan Limited (TSE:3548) TSE:3548 Apparel Japan Japan Japan $303.80 $0.00 $96.50 $96.50 $400.30 $146.10 $254.20 36.50% 0.79 30.86% 0.6439450923 1.014048861

Xtep International Holdings Limited (SEHK:1368) SEHK:1368 Apparel China Emerging Markets China $1,205.50 $3.66 $298.80 $302.46 $1,507.96 $547.90 $960.06 36.33% 1.10 25.00% 0.9259876318 1.4544454521

Morito Co., Ltd. (TSE:9837) TSE:9837 Apparel Japan Japan Japan $197.90 $3.65 $41.20 $44.85 $242.75 $87.60 $155.15 36.09% 0.81 30.86% 0.7020722468 1.0984828167

Matsuoka Corporation (TSE:3611) TSE:3611 Apparel Japan Japan Japan $240.20 $0.00 $71.30 $71.30 $311.50 $111.30 $200.20 35.73% 0.91 30.86% 0.7553205029 1.1752364468

Voith Paper Fabrics India Limited (BSE:522122) BSE:522122 Apparel India Emerging Markets India $49.60 $0.00 $0.00 $0.00 $49.60 $17.00 $32.60 34.27% 0.65 35.00% 0.6463953488 0.983472678

China Outfitters Holdings Limited (SEHK:1146) SEHK:1146 Apparel China Emerging Markets China $99.00 $0.64 $0.00 $0.64 $99.64 $34.00 $65.64 34.12% -0.11 25.00% -0.1046068464 -0.1587884291

Ratti S.p.A. (BIT:RAT) BIT:RAT Apparel Italy Developed Europe EU & Environs $88.60 $0.00 $43.90 $43.90 $132.50 $45.20 $87.30 34.11% 0.58 24.00% 0.4194979005 0.6366949807

Greatime International Holdings Limited (SEHK:844) SEHK:844 Apparel Hong Kong Emerging Markets China $46.10 $0.67 $15.30 $15.97 $62.07 $20.50 $41.57 33.03% 2.86 16.50% 2.2213596369 3.316783643

Win Hanverky Holdings Limited (SEHK:3322) SEHK:3322 Apparel Hong Kong Emerging Markets China $126.30 $46.97 $46.60 $93.57 $219.87 $72.00 $147.87 32.75% 1.86 16.50% 1.1489353944 1.7083609882

Nippon Felt Co., Ltd. (TSE:3512) TSE:3512 Apparel Japan Japan Japan $79.30 $0.00 $10.30 $10.30 $89.60 $29.30 $60.30 32.70% 0.56 30.86% 0.5166630576 0.767711608

Chargeurs SA (ENXTPA:CRI) ENXTPA:CRI Apparel France Developed Europe EU & Environs $444.40 $12.01 $244.50 $256.51 $700.91 $228.60 $472.31 32.61% 2.58 33.00% 1.8597879403 2.7599240618

Prolexus Berhad (KLSE:PRLEXUS) KLSE:PRLEXUS Apparel Malaysia Emerging Markets Small Asia $23.20 $0.00 $22.00 $22.00 $45.20 $14.60 $30.60 32.30% 0.42 24.00% 0.2450207392 0.3619260591

Shinih Enterprise Co., Ltd. (TSEC:9944) TSEC:9944 Apparel Taiwan Emerging Markets Small Asia $58.10 $2.74 $55.30 $58.04 $116.14 $37.10 $79.04 31.94% 0.68 20.00% 0.3776635986 0.55492977

Texwinca Holdings Limited (SEHK:321) SEHK:321 Apparel Hong Kong Emerging Markets China $451.70 $131.11 $150.10 $281.21 $732.91 $230.30 $502.61 31.42% 1.27 16.50% 0.8342053481 1.2164428931

Nien Hsing Textile Co., Ltd. (TSEC:1451) TSEC:1451 Apparel Taiwan Emerging Markets Small Asia $167.00 $0.00 $37.70 $37.70 $204.70 $63.90 $140.80 31.22% 0.56 20.00% 0.4778615644 0.6947319762

Kohsai Co.,Ltd. (JASDAQ:7878) JASDAQ:7878 Apparel Japan Japan Japan $8.55 $0.00 $3.15 $3.15 $11.70 $3.61 $8.09 30.85% 0.17 30.86% 0.1386024674 0.2004510344

Cosmo Lady (China) Holdings Company Limited (SEHK:2298) SEHK:2298 Apparel China Emerging Markets China $792.30 $68.21 $28.50 $96.71 $889.01 $274.10 $614.91 30.83% 0.91 25.00% 0.8329743505 1.2042762962

Levi Strauss Japan Kabushiki Kaisha (JASDAQ:9836) JASDAQ:9836 Apparel Japan Japan Japan $64.10 $2.78 $0.00 $2.78 $66.88 $20.50 $46.38 30.65% 0.23 30.86% 0.2195388651 0.3165657519

Singtex Industrial Co., Ltd. (GTSM:4433) GTSM:4433 Apparel Taiwan Emerging Markets Small Asia $28.20 $0.79 $13.50 $14.29 $42.49 $13.00 $29.49 30.60% -0.01 20.00% -0.0086053807 -0.0123993391

Binh Thanh Import Export Production and Trade Joint Stock Company (HOSE:GIL) HOSE:GIL Apparel Vietnam Emerging Markets Small Asia $25.30 $0.00 $29.20 $29.20 $54.50 $16.60 $37.90 30.46% 0.43 20.00% 0.2212743383 0.3181913308

Zenith Exports Limited (BSE:512553) BSE:512553 Apparel India Emerging Markets India $3.36 $0.00 $1.36 $1.36 $4.72 $1.42 $3.30 30.08% 1.71 35.00% 1.3574810951 1.9416093238

Safilo Group S.p.A. (BIT:SFL) BIT:SFL Apparel Italy Developed Europe EU & Environs $50.20 $60.77 $331.40 $392.17 $442.37 $131.80 $310.57 29.79% 1.80 24.00% 0.2591609542 0.3691444403

Bagir Group Ltd. (AIM:BAGR) AIM:BAGR Apparel Israel Emerging Markets Africa and Middle East $5.54 $0.00 $3.95 $3.95 $9.49 $2.82 $6.67 29.72% 1.32 23.00% 0.8545007988 1.2157740001

Hakers Enterprise Co., Ltd. (GTSM:4432) GTSM:4432 Apparel Taiwan Emerging Markets Small Asia $46.70 $0.00 $0.00 $0.00 $46.70 $13.80 $32.90 29.55% 1.17 20.00% 1.1653953488 1.654223793

Time Watch Investments Limited (SEHK:2033) SEHK:2033 Apparel Hong Kong Emerging Markets China $297.50 $7.09 $25.80 $32.89 $330.39 $97.10 $233.29 29.39% 1.03 16.50% 0.9447381242 1.3379548523

Fountain Set (Holdings) Limited (SEHK:420) SEHK:420 Apparel Hong Kong Emerging Markets China $189.30 $33.47 $139.70 $173.17 $362.47 $104.60 $257.87 28.86% 1.58 16.50% 0.8960446808 1.2595082099

China Partytime Culture Holdings Limited (SEHK:1532) SEHK:1532 Apparel China Emerging Markets China $45.90 $0.06 $10.10 $10.16 $56.06 $16.10 $39.96 28.72% 2.19 25.00% 1.8810921108 2.6390362754

Cross Plus Inc. (TSE:3320) TSE:3320 Apparel Japan Japan Japan $47.80 $0.00 $63.80 $63.80 $111.60 $32.00 $79.60 28.67% 0.64 30.86% 0.3353579942 0.4701752783

Top Form International Limited (SEHK:333) SEHK:333 Apparel Hong Kong Emerging Markets China $42.30 $4.03 $0.03 $4.06 $46.36 $13.10 $33.26 28.26% 0.51 16.50% 0.4733409567 0.6597865117

Mytrex Health Technologies, Inc. (GTSM:4431) GTSM:4431 Apparel Taiwan Emerging Markets Small Asia $13.10 $0.46 $1.76 $2.22 $15.32 $4.31 $11.01 28.13% 1.01 20.00% 0.889146618 1.2370879934

Pak Tak International Limited (SEHK:2668) SEHK:2668 Apparel Hong Kong Emerging Markets China $111.10 $1.27 $52.80 $54.07 $165.17 $46.30 $118.87 28.03% 1.21 16.50% 0.8620605176 1.197838307

Honmyue Enterprise Co., Ltd. (TSEC:1474) TSEC:1474 Apparel Taiwan Emerging Markets Small Asia $44.80 $0.26 $46.00 $46.26 $91.06 $25.50 $65.56 28.00% 0.64 20.00% 0.3498176264 0.4858896799

GFun Industrial Corporation (GTSM:4429) GTSM:4429 Apparel Taiwan Emerging Markets Small Asia $24.40 $0.00 $2.42 $2.42 $26.82 $7.43 $19.39 27.70% 0.39 20.00% 0.3640668711 0.5035726396

Shandong Ruyi Woolen Garment Group Co., Ltd. (SZSE:002193) SZSE:002193 Apparel China Emerging Markets China $333.40 $0.00 $180.10 $180.10 $513.50 $142.20 $371.30 27.69% 0.74 25.00% 0.5291686509 0.7318289853

ONLY corporation (TSE:3376) TSE:3376 Apparel Japan Japan Japan $46.30 $0.99 $0.38 $1.37 $47.67 $13.20 $34.47 27.69% 0.55 30.86% 0.5432476091 0.7512906114

JLM Couture, Inc. (OTCPK:JLMC) OTCPK:JLMC Apparel United States United States United States $17.60 $3.23 $0.40 $3.63 $21.23 $5.84 $15.39 27.51% 0.28 25.00% 0.2426548836 0.3347611408

Adinath Textiles Limited (BSE:514113) BSE:514113 Apparel India Emerging Markets India $0.29 $0.00 $0.00 $0.00 $0.29 $0.08 $0.21 27.30% 0.43 35.00% 0.433778583 0.5967001166

Tokyo Soir Co., Ltd. (TSE:8040) TSE:8040 Apparel Japan Japan Japan $24.90 $0.00 $0.00 $0.00 $24.90 $6.77 $18.13 27.19% 0.51 30.86% 0.5059489796 0.6948775285

Zhulian Corporation Berhad (KLSE:ZHULIAN) KLSE:ZHULIAN Apparel Malaysia Emerging Markets Small Asia $141.30 $0.17 $0.00 $0.17 $141.47 $38.40 $103.07 27.14% 1.18 24.00% 1.1837943889 1.6248113204

Stefanel S.p.A. (BIT:STEF) BIT:STEF Apparel Italy Developed Europe EU & Environs $23.50 $0.00 $75.30 $75.30 $98.80 $26.80 $72.00 27.13% 1.90 24.00% 0.5538477876 0.7600022418

Luen Thai Holdings Limited (SEHK:311) SEHK:311 Apparel Hong Kong Emerging Markets China $112.20 $17.81 $95.00 $112.81 $225.01 $61.00 $164.01 27.11% 0.86 16.50% 0.4648579819 0.6377474109

Kurabo Industries Ltd. (TSE:3106) TSE:3106 Apparel Japan Japan Japan $483.20 $0.00 $164.60 $164.60 $647.80 $172.70 $475.10 26.66% 1.30 30.86% 1.0535161658 1.4364718421

Bijou Brigitte modische Accessoires Aktiengesellschaft (DB:BIJ) DB:BIJ Apparel Germany Developed Europe EU & Environs $309.20 $221.92 $0.00 $221.92 $531.12 $139.20 $391.92 26.21% 0.58 15.00% 0.3606030796 0.4886792861

Carnival Industrial Corporation (TSEC:1417) TSEC:1417 Apparel Taiwan Emerging Markets Small Asia $61.20 $0.00 $12.10 $12.10 $73.30 $19.00 $54.30 25.92% 0.92 20.00% 0.7963847184 1.0750460379

Forward Industries, Inc. (NasdaqCM:FORD) NasdaqCM:FORD Apparel United States United States United States $12.40 $2.18 $2.30 $4.48 $16.88 $4.37 $12.51 25.89% 0.66 25.00% 0.5229573501 0.7056759508

Mainland Headwear Holdings Limited (SEHK:1100) SEHK:1100 Apparel Hong Kong Emerging Markets China $56.90 $1.85 $16.20 $18.05 $74.95 $19.30 $55.65 25.75% 0.58 16.50% 0.4607432892 0.6205218253

Li Peng Enterprise Co., Ltd. (TSEC:1447) TSEC:1447 Apparel Taiwan Emerging Markets Small Asia $212.90 $0.00 $203.10 $203.10 $416.00 $106.90 $309.10 25.70% 1.23 20.00% 0.698924067 0.9406419019

Aksa Akrilik Kimya Sanayii A.S. (IBSE:AKSA) IBSE:AKSA Apparel Turkey Developed Europe EU & Environs $260.60 $0.00 $404.20 $404.20 $664.80 $168.50 $496.30 25.35% 0.94 22.00% 0.4254492847 0.5698945889

KEE Holdings Company Limited (SEHK:2011) SEHK:2011 Apparel Hong Kong Emerging Markets China $36.20 $1.55 $0.00 $1.55 $37.75 $9.53 $28.22 25.25% 1.33 16.50% 1.2793990522 1.7115301344

Embry Holdings Limited (SEHK:1388) SEHK:1388 Apparel Hong Kong Emerging Markets China $125.10 $24.07 $53.30 $77.37 $202.47 $50.90 $151.57 25.14% 1.00 16.50% 0.65620482 0.8765665391

JICHODO Co.,Ltd. (TSE:3597) TSE:3597 Apparel Japan Japan Japan $192.30 $0.00 $0.00 $0.00 $192.30 $48.20 $144.10 25.07% 0.17 30.86% 0.1658571429 0.2213346882

Fujian Septwolves Industry Co., Ltd. (SZSE:002029) SZSE:002029 Apparel China Emerging Markets China $681.30 $0.00 $72.80 $72.80 $754.10 $187.20 $566.90 24.82% 1.10 25.00% 1.0159096597 1.3513802689

Sitoy Group Holdings Limited (SEHK:1023) SEHK:1023 Apparel Hong Kong Emerging Markets China $223.10 $6.58 $0.00 $6.58 $229.68 $57.00 $172.68 24.82% 0.64 16.50% 0.6245293359 0.8306818103

Sanko Pazarlama Ithalat Ihracat Anonim Sirketi (IBSE:SANKO) IBSE:SANKO Apparel Turkey Developed Europe EU & Environs $39.30 $0.00 $0.00 $0.00 $39.30 $9.71 $29.59 24.71% 0.43 22.00% 0.4307580645 0.5721119275

Odd Molly International AB (publ) (OM:ODD) OM:ODD Apparel Sweden Developed Europe EU & Environs $7.51 $0.00 $2.20 $2.20 $9.71 $2.38 $7.33 24.51% 0.89 22.00% 0.7272730992 0.9634136143

Hansaemk Co.,Ltd. (KOSE:A069640) KOSE:A069640 Apparel South Korea Emerging Markets Small Asia $89.10 $0.00 $10.60 $10.60 $99.70 $24.30 $75.40 24.37% 0.96 28.00% 0.8870208411 1.172890953

Ruentex Industries Limited (TSEC:2915) TSEC:2915 Apparel Taiwan Emerging Markets Small Asia $1,379.00 $0.00 $758.30 $758.30 $2,137.30 $519.40 $1,617.90 24.30% 1.19 20.00% 0.8276501443 1.0933535159

AS Rigas Juvelierizstradajumu Rupnica (RISE:RJR1R) RISE:RJR1R Apparel Latvia Emerging Markets Eastern Europe & Russia $0.46 $0.00 $0.00 $0.00 $0.46 $0.11 $0.35 24.30% -0.17 20.00% -0.1719767442 -0.2271669887

Bon Fame Co., Ltd. (GTSM:8433) GTSM:8433 Apparel Taiwan Emerging Markets Small Asia $94.00 $0.00 $22.10 $22.10 $116.10 $28.00 $88.10 24.12% 1.27 20.00% 1.0703954821 1.4105892789

Thob Al Aseel Co. (SASE:9507) SASE:9507 Apparel Saudi Arabia Emerging Markets Africa and Middle East $165.10 $0.00 $0.00 $0.00 $165.10 $39.80 $125.30 24.11% 1.10 20.00% 1.1008837209 1.4505658605

Nihon Seimitsu Co., Ltd. (JASDAQ:7771) JASDAQ:7771 Apparel Japan Japan Japan $15.90 $0.00 $29.60 $29.60 $45.50 $10.90 $34.60 23.96% 1.43 30.86% 0.6240184951 0.8206023563

Ever-Glory International Group, Inc. (NasdaqGM:EVK) NasdaqGM:EVK Apparel China Emerging Markets China $59.10 $8.31 $35.60 $43.91 $103.01 $24.50 $78.51 23.78% 0.96 25.00% 0.6154523802 0.8074996277

Nameson Holdings Limited (SEHK:1982) SEHK:1982 Apparel Hong Kong Emerging Markets China $189.20 $0.52 $242.80 $243.32 $432.52 $102.40 $330.12 23.67% 4.79 16.50% 2.3073383626 3.0230425445

Shinnaigai Textile Ltd. (TSE:3125) TSE:3125 Apparel Japan Japan Japan $13.80 $0.00 $1.98 $1.98 $15.78 $3.71 $12.07 23.51% 0.54 30.86% 0.4894557664 0.6399015737

IC Group A/S (CPSE:IC) CPSE:IC Apparel Denmark Developed Europe EU & Environs $85.00 $23.20 $19.30 $42.50 $127.50 $29.90 $97.60 23.45% 0.46 22.00% 0.3295513481 0.4305142701

Chyang Sheng Dyeing & Finishing Co., Ltd. (TSEC:1463) TSEC:1463 Apparel Taiwan Emerging Markets Small Asia $67.70 $0.15 $0.00 $0.15 $67.85 $15.90 $51.95 23.43% 1.24 20.00% 1.2392067367 1.6184750668

Yamaki Co.,Ltd. (TSE:3598) TSE:3598 Apparel Japan Japan Japan $29.20 $0.00 $38.80 $38.80 $68.00 $15.70 $52.30 23.09% 0.21 30.86% 0.1080551907 0.1404924086

Apex Spinning & Knitting Mills Limited (DSE:APEXSPINN) DSE:APEXSPINN Apparel Bangladesh Emerging Markets Small Asia $13.20 $0.00 $0.75 $0.75 $13.95 $3.19 $10.76 22.87% -0.58 25.00% -0.5587783125 -0.7244538229

Speed Apparel Holding Limited (SEHK:8183) SEHK:8183 Apparel Hong Kong Emerging Markets China $31.90 $0.25 $0.86 $1.11 $33.01 $7.53 $25.48 22.81% 1.11 16.50% 1.0820430602 1.4018736805

Hsin Sin Textile Co., Ltd. (GTSM:4406) GTSM:4406 Apparel Taiwan Emerging Markets Small Asia $14.20 $0.00 $4.59 $4.59 $18.79 $4.21 $14.58 22.41% -0.41 20.00% -0.3221393475 -0.4151576365

Cheetah Holdings Berhad (KLSE:CHEETAH) KLSE:CHEETAH Apparel Malaysia Emerging Markets Small Asia $8.78 $0.35 $0.26 $0.61 $9.39 $2.09 $7.30 22.25% 0.34 24.00% 0.3237421858 0.4163875057

China Lilang Limited (SEHK:1234) SEHK:1234 Apparel China Emerging Markets China $1,009.20 $0.09 $0.00 $0.09 $1,009.29 $224.30 $784.99 22.22% 0.96 25.00% 0.9598636381 1.234130181

Huafang Co., Ltd. (SHSE:600448) SHSE:600448 Apparel China Emerging Markets China $367.10 $0.00 $160.70 $160.70 $527.80 $117.20 $410.60 22.21% -0.09 25.00% -0.066144223 -0.085024162

Surat Textile Mills Limited (BSE:530185) BSE:530185 Apparel India Emerging Markets India $11.30 $0.00 $0.13 $0.13 $11.43 $2.53 $8.90 22.13% 0.36 35.00% 0.3559457143 0.4571189147

Starrise Media Holdings Limited (SEHK:1616)