Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

Iridium Communications / Equity Bottom-Up

<ul>
<li>IRDM reported first quarter results continuing its recent trend of adding more billable subscribers to its network. </li>
<li>The first quarter is seasonally a period when there are fewer maritime customers, but Internet of Things (“IOT”) data subscribers grew sequentially</li>
<li>Equipment revenue has grown over the past year. IRDM’s partners do not stock inventory. Therefore, any planned installs should result in higher subscriber revenue as these units are activated</li>
</ul>


IRDM reported first quarter results continuing its recent trend of adding more billable subscribers to its network. 
The first quarter is seasonally a period when there are fewer maritime customers, but Internet of Things (“IOT”) data subscribers grew sequentially
Equipment revenue has grown over the past year. IRDM’s partners do not stock inventory. Therefore, any planned installs should result in higher subscriber revenue as these units are activated


Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Qualcomm has appeared on the radar for attractive dividend plays.</li>
<li>The current yield is among the highest in the sector and also appears safe based on historical data.</li>
<li>There are a number of important risks that overshadow Qualcomm's ability to consistently increase its dividend.</li>
</ul>


Qualcomm has appeared on the radar for attractive dividend plays.
The current yield is among the highest in the sector and also appears safe based on historical data.
There are a number of important risks that overshadow Qualcomm's ability to consistently increase its dividend.


Qualcomm's Dividend Increase: A Positive Sign But Not A Silver Bullet

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 17 March. There are no constituent changes, but there are float and capping changes.</li>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF tracks the index and has an AUM of US$7.2bn.</li>
<li>Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. The stocks are extremely liquid, the impact on the stocks in terms of ADV to trade is small.</li>
</ul>


The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 17 March. There are no constituent changes, but there are float and capping changes.
The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$7.2bn.
Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. The stocks are extremely liquid, the impact on the stocks in terms of ADV to trade is small.


MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

ideaForge Technology  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ideaforge-technology-limited" target="_blank" data-smartkarma-citation="entities:36787:1" rel="noopener">IdeaForge Technology Limited (1475641D IN)</a> is looking to raise around US$100m in its upcoming India IPO. Some of its notable pre-IPO investors include Qualcomm, Infosys, Celesta Capital (VC).</li>
<li>IdeaForge develops and manufactures unmanned aerial systems (UAS) and unmanned aerial vehicles (UAV).</li>
<li>The bookrunners on the deal are JM Financial and IIFL Securities.</li>
</ul>



IdeaForge Technology Limited (1475641D IN) is looking to raise around US$100m in its upcoming India IPO. Some of its notable pre-IPO investors include Qualcomm, Infosys, Celesta Capital (VC).
IdeaForge develops and manufactures unmanned aerial systems (UAS) and unmanned aerial vehicles (UAV).
The bookrunners on the deal are JM Financial and IIFL Securities.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Qualcomm has been witnessing various short-term challenges impacting the semiconductor industry which is why its revenues in the last result were below Wall Street expectations.</li><li>In handsets, the recently announced Snapdragon Gen 2 mobile platform of the company in order to create AI-accelerated experiences for smartphones.</li><li>Within IoT, multiple end industries and the handset industry continue to experience weaker demand and elevated inventory levels.</li></ul>

Qualcomm has been witnessing various short-term challenges impacting the semiconductor industry which is why its revenues in the last result were below Wall Street expectations.In handsets, the recently announced Snapdragon Gen 2 mobile platform of the company in order to create AI-accelerated experiences for smartphones.Within IoT, multiple end industries and the handset industry continue to experience weaker demand and elevated inventory levels.

Qualcomm Technologies Inc.: New Launches & Other Drivers

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

IRDM: Compounding Free Cash Flow

Subscriber count continues to increase as customers purchase devices with IRDM's satellite connectivity. The QCOM partnership should lead to...

BWS Financial Inc

Qualcomm's Dividend Increase: A Positive Sign But Not A Silver Bullet

Qualcomm has appeared on the radar for attractive dividend plays.The current yield is among the highest in the sector and also appears safe based...

Vladimir Dimitrov, CFA

MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact

No constituent changes, but there are float/capping changes. Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. Stocks are...

Brian Freitas

IdeaForge Pre-IPO Tearsheet

IdeaForge Technology Limited (1475641D IN) is looking to raise around US$100m in its upcoming India IPO. Some of its notable pre-IPO investors...

Clarence Chu

Qualcomm Technologies Inc.: New Launches & Other Drivers

Qualcomm has been witnessing various short-term challenges impacting the semiconductor industry which is why its revenues in the last result were...

Baptista Research

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