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>HHC is one week away from hosting its investor day and the Company has already presented value creation initiatives.</li>
<li>HHC has a portfolio of non-core assets management has been slowly selling to go along with the funds from operation HHC’s master planned communities (“MPC”) generate.</li>
<li>HHC’s stock continues to undervalue the funds from operation the MPCs are generating</li>
</ul>


HHC is one week away from hosting its investor day and the Company has already presented value creation initiatives.
HHC has a portfolio of non-core assets management has been slowly selling to go along with the funds from operation HHC’s master planned communities (“MPC”) generate.
HHC’s stock continues to undervalue the funds from operation the MPCs are generating


<ul>
<li>HHC reported fourth quarter and full year 2021 ahead of our expectations on the heels of a super-pad sale and larger recognized amount of condominium sale revenue.</li>
<li>HHC is now setting up for compounded growth in funds from operation (“FFO”) through plans for continued investment in its MPCs</li>
<li>HHC’s disposal of its hospitality assets allowed HHC to aggressively repurchase its shares in the fourth quarter and into 2022</li>
</ul>


HHC reported fourth quarter and full year 2021 ahead of our expectations on the heels of a super-pad sale and larger recognized amount of condominium sale revenue.
HHC is now setting up for compounded growth in funds from operation (“FFO”) through plans for continued investment in its MPCs
HHC’s disposal of its hospitality assets allowed HHC to aggressively repurchase its shares in the fourth quarter and into 2022


<ul>
<li>HHC is making more changes at the executive level with the promotion of Carlos Olea to CFO, who replaces Correne Loeffler</li>
<li>HHC is not stopping with the 5 master planned communities (“MPC”) and has now added Douglas Ranch in the Phoenix area into the mix</li>
<li>We believe the increase in FFO HHC should generate over the next two years requires reinvestment that HHC is putting forth through the Seaport District and Douglas Ranch</li>
</ul>


HHC is making more changes at the executive level with the promotion of Carlos Olea to CFO, who replaces Correne Loeffler
HHC is not stopping with the 5 master planned communities (“MPC”) and has now added Douglas Ranch in the Phoenix area into the mix
We believe the increase in FFO HHC should generate over the next two years requires reinvestment that HHC is putting forth through the Seaport District and Douglas Ranch


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>Our bottom line is that we could not be bearish as long as the IWM is above $208, the IWC is above $134-$135, and the S&amp;P 500 is above 4495.</li>
<li>These support levels have held strong, and we are now seeing the aforementioned risk-off signals starting to abate.</li>
<li>This is an encouraging sign and we remain constructive as long as the above support levels hold.</li>
</ul>


Our bottom line is that we could not be bearish as long as the IWM is above $208, the IWC is above $134-$135, and the S&amp;P 500 is above 4495.
These support levels have held strong, and we are now seeing the aforementioned risk-off signals starting to abate.
This is an encouraging sign and we remain constructive as long as the above support levels hold.


Risk-Off Signals Abating; Cyclicals Reassert as Rates Rise; Buying Fertilizer and Copper Stocks

<ul>
<li>The progress Howard Hughes Corp. (HHC) is making in its master planned communities (“MPC”) is unrealized in HHC’s stock price</li>
<li>Though HHC is working to deliver units of its fifth tower in its MPC in Honolulu’s Ward Village, it has also begun the groundwork to launch its 10th tower</li>
<li>HHC made headlines this past week in its other MPC, Summerlin. HHC has offered to donate land to the professional baseball organization, Oakland A’s</li>
</ul>


The progress Howard Hughes Corp. (HHC) is making in its master planned communities (“MPC”) is unrealized in HHC’s stock price
Though HHC is working to deliver units of its fifth tower in its MPC in Honolulu’s Ward Village, it has also begun the groundwork to launch its 10th tower
HHC made headlines this past week in its other MPC, Summerlin. HHC has offered to donate land to the professional baseball organization, Oakland A’s


United States

The Howard Hughes Corporation develops real estate. The Company manages master planned communities, shopping malls, and mixed-use developments throughout the United States.

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Howard Hughes / (HHC US)

HHC: Asset Sales and Buybacks

HHC sold a non-core asset. HHC has also commenced a new share repurchase program, which we believe is indicative of the cash flow HHC's master...

BWS Financial Inc

HHC: Value Gets More Appealing

HHC continues to experiences improving metrics at its MPCs. The growth in revenue from condo sales is expected to continue in 2022 with a runway...

BWS Financial Inc

HHC: CFO Change

The latest CFO change could have more to do with the culture at HHC at a time when the Company has elected to reinvest in growth initiatives with...

BWS Financial Inc

Risk-Off Signals Abating; Cyclicals Reassert as Rates Rise; Buying Fertilizer and Copper Stocks

Risk-off signals are abating which is an encouraging sign. Charts Highlighted: IWM, IWC, JETS, BAM, CBRE, INVH, JLL, HHC, JOE, MMI, APTS, CTO, AMT,...

Vermilion Research

HHC: Treasures in the Land

HHC's stock continues to not reflect the cash flow scale the MPC portfolio has reached and how the investment story is de-risked compared to March...

BWS Financial Inc

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