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

<ul>
<li>ATNI is benefiting from its capital expenditure investments through an increase in revenue and adjusted EBITDA, but it has come with the price of higher interest expense</li>
<li>ATNI reported third quarter results showing subscriber growth in each of its markets, but that was not enough to mend the cost of capital that has increased this year</li>
<li>ATNI is now projecting 2024 capital expenditures to decline materially in what could result in improving ATNI’s debt balance over the next four quarters</li>
</ul>


ATNI is benefiting from its capital expenditure investments through an increase in revenue and adjusted EBITDA, but it has come with the price of higher interest expense
ATNI reported third quarter results showing subscriber growth in each of its markets, but that was not enough to mend the cost of capital that has increased this year
ATNI is now projecting 2024 capital expenditures to decline materially in what could result in improving ATNI’s debt balance over the next four quarters


<ul>
<li>ATNI is in the last stretch of its capital expenditure spending plan and subscriber count is beginning to support the larger and faster network</li>
<li>ATNI has grown the number of high-speed broadband and mobile customers, which is fueling the efficiency in the operating model.</li>
<li>The transition away from wholesale wireless roaming to network management should further improve the operating structure of the business.</li>
</ul>


ATNI is in the last stretch of its capital expenditure spending plan and subscriber count is beginning to support the larger and faster network
ATNI has grown the number of high-speed broadband and mobile customers, which is fueling the efficiency in the operating model.
The transition away from wholesale wireless roaming to network management should further improve the operating structure of the business.


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>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.</li>
<li>There is huge size to trade in <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> and <a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1" rel="noopener">Crowdstrike Holdings (CRWD US)</a> and both stocks were up big in the after-hours market.</li>
<li>There has been positioning in some stocks recently but stocks including <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co</a>, <a href="https://www.smartkarma.com/entities/rb-global-inc" target="_blank" data-smartkarma-citation="entities:25475:1" rel="noopener">RB Global</a> and <a href="https://www.smartkarma.com/entities/texas-pacific-land-corp" target="_blank" data-smartkarma-citation="entities:28693:1" rel="noopener">Texas Pacific Land</a> could see further positioning in the next week.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.
There is huge size to trade in KKR &amp; Co (KKR US) and Crowdstrike Holdings (CRWD US) and both stocks were up big in the after-hours market.
There has been positioning in some stocks recently but stocks including KKR &amp; Co, RB Global and Texas Pacific Land could see further positioning in the next week.


S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

<ul>
<li>ATNI started its first quarter earnings call with a tease that is likely to receive investor praise once officially announced. ATNI is finalizing a carrier service agreement </li>
<li>ATNI already has a carrier service agreement with AT&amp;T (T) where ATNI has been building wireless towers for FirstNet</li>
<li>During the first quarter ATNI added more broadband and mobile customers within each of its business segments.</li>
</ul>


ATNI started its first quarter earnings call with a tease that is likely to receive investor praise once officially announced. ATNI is finalizing a carrier service agreement 
ATNI already has a carrier service agreement with AT&amp;T (T) where ATNI has been building wireless towers for FirstNet
During the first quarter ATNI added more broadband and mobile customers within each of its business segments.


<ul>
<li>ATN International (ATNI) grew revenue faster than expected with the buildout of its fiber network in Alaska and the recent acquisition of Sacred Wind.</li>
<li>ATNI has been investing in optical fiber buildout to grow the number of high-speed broadband customers</li>
<li>ATNI reported revenue of $192.0 million compared to our forecast of $183.8 million. The differentiating factor was the growth in commercial revenue in Alaska and revenue associated with Sacred Wind</li>
</ul>


ATN International (ATNI) grew revenue faster than expected with the buildout of its fiber network in Alaska and the recent acquisition of Sacred Wind.
ATNI has been investing in optical fiber buildout to grow the number of high-speed broadband customers
ATNI reported revenue of $192.0 million compared to our forecast of $183.8 million. The differentiating factor was the growth in commercial revenue in Alaska and revenue associated with Sacred Wind


United States

ATN International, Inc. provides telecommunications services to rural, niche, and other under-served markets and geographies.  The Company, through subsidiaries, provides both wireless and wireline connectivity to residential and business customers. ATN International also provides a range of mobile wireless solutions, local exchange services and broadband internet services.

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ATN International (ATNI US)

ATNI: Turning Away from Debt

ATNI Company has continued to grow the number of subscribers on its fiber and wireless networks. However, debt has continued to increase due to...

BWS Financial Inc

ATNI: Leveraging the Network

Subscriber growth is enabling ATNI to generate adjusted EBITDA that should lead to positive free cash flow by the end of 2024 as the capital...

BWS Financial Inc

S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

KKR, Crowdstrike and GoDaddy will be added to the SP500 at the close on 21 June. There are a bunch of changes for the SP400/600 indices too. There...

Brian Freitas

ATNI: The Catalyst of a Tease

ATNI continues to experience success in adding broadband and mobile subscribers in its markets. The growth in adjusted EBITDA this year should lead...

BWS Financial Inc

ATNI: Success Masked by Expansion

ATNI reported further success within its Alaska segment. The increase in revenue helps ATNI get closer to achieving free cash flow as it enters the...

BWS Financial Inc

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