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>IMMR reported second quarter results where the income from the Company’s securities portfolio led to earnings exceeding our expectations. </li>
<li>IMMR’s revenue declined more than expected as softer unit volumes resulted in lower royalty revenue. We would expect a recovery in smartphone units to result in higher revenue in 2024</li>
<li>The utilization of haptics within automobiles remains the most promising source of revenue growth for IMMR. The market is broadening to lower priced models</li>
</ul>


IMMR reported second quarter results where the income from the Company’s securities portfolio led to earnings exceeding our expectations. 
IMMR’s revenue declined more than expected as softer unit volumes resulted in lower royalty revenue. We would expect a recovery in smartphone units to result in higher revenue in 2024
The utilization of haptics within automobiles remains the most promising source of revenue growth for IMMR. The market is broadening to lower priced models


<ul>
<li>IMMR reported first quarter results reflecting the slowdown in smartphone shipments and the benefits of the Company’s investing activity</li>
<li>Of the $150.3 million invested, at the end of March 2023, equity securities were $56.5 million of the portfolio compared to $53.3 million in December 2022</li>
<li>IMMR’s legal pursuit of patent infringing parties could become an option on the current valuation of the stock</li>
</ul>


IMMR reported first quarter results reflecting the slowdown in smartphone shipments and the benefits of the Company’s investing activity
Of the $150.3 million invested, at the end of March 2023, equity securities were $56.5 million of the portfolio compared to $53.3 million in December 2022
IMMR’s legal pursuit of patent infringing parties could become an option on the current valuation of the stock


<ul>
<li>IMMR disclosed last week it has acquired 7 percent of the outstanding shares in Turtle Beach Corp. (HEAR) in the open market, which on a surface level could raise questions</li>
<li>The investment in HEAR could have more to do with IMMR’s approach in targeting companies who have yet to license IMMR’s intellectual property</li>
<li>HEAR is a producer of gaming headsets and not a licensee of IMMR’s IP. There are new headsets coming to market taking advantage of benefits haptics could bring to gaming</li>
</ul>


IMMR disclosed last week it has acquired 7 percent of the outstanding shares in Turtle Beach Corp. (HEAR) in the open market, which on a surface level could raise questions
The investment in HEAR could have more to do with IMMR’s approach in targeting companies who have yet to license IMMR’s intellectual property
HEAR is a producer of gaming headsets and not a licensee of IMMR’s IP. There are new headsets coming to market taking advantage of benefits haptics could bring to gaming


<ul>
<li>IMMR sustained its quarterly revenue above $9 million even though the Company already had a seasonally high third quarter performance</li>
<li>The broader use of haptics gave way to a diversified revenue stream in the fourth quarter</li>
<li>IMMR added to its cash balance even though it used its cash balance to buyback more stock</li>
</ul>


IMMR sustained its quarterly revenue above $9 million even though the Company already had a seasonally high third quarter performance
The broader use of haptics gave way to a diversified revenue stream in the fourth quarter
IMMR added to its cash balance even though it used its cash balance to buyback more stock


<ul>
<li>We are initiating coverage of Immersion (IMMR) with a Buy Rating and $11 target</li>
<li>IMMR is a haptics technology developer that has undergone a management change that could further result in a series of material developments</li>
<li>IMMR naming Eric Singer as its CEO suggests there is more to come from IMMR than the cost cuts IMMR undertook two years ago when Mr. Singer joined the Board</li>
</ul>


We are initiating coverage of Immersion (IMMR) with a Buy Rating and $11 target
IMMR is a haptics technology developer that has undergone a management change that could further result in a series of material developments
IMMR naming Eric Singer as its CEO suggests there is more to come from IMMR than the cost cuts IMMR undertook two years ago when Mr. Singer joined the Board


IMMR: Rumbles of a Special Sit, Initiating

United States

Immersion Corporation develops and licenses hardware and software technologies that enable users to interact with computers using their sense of touch.  The Company's patented TouchSense technologies enable computer peripheral devices to deliver tactile sensations that correspond to on-screen events.

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Immersion Corporation (IMMR US)

IMMR: Gains Affirm Value

IMMR offset a decline in revenue by a larger than expected gain from its marketable securities portfolio. We had not expected the softness in...

BWS Financial Inc

IMMR: Optionality to Cash

By the end of the year, IMMR should have more than $6 per share in cash with the stock trading at $6.71. IMMR has not changed its use of cash even...

BWS Financial Inc

IMMR: No Beach for License Evadors

IMMR reported an activist position in Turtle Beach Corp. (HEAR) and news of Razer introducing hypersense headsets. Both companies are not current...

BWS Financial Inc

IMMR: Sense the Value

IMMR added to its cash balance raising the valuation basis for our investment thesis. The use of haptics is expanding, and the market has yet to...

BWS Financial Inc

IMMR: Rumbles of a Special Sit, Initiating

Our interest in IMMR is centered on the Company selecting its Board member Eric Singer as CEO. We have covered several names in the past with Mr....

BWS Financial Inc

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