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>SDRL ended 2023 with a contract that is poised to set the course for day rates moving higher in 2024. Prior to Christmas, SDRL announced two new contracts with PBR</li>
<li>We estimate one of the contracts has a day rate of $500,000 and should result in other bidding activity to reach and eventually exceed this level in 2024</li>
<li>We are not making changes to our earnings model and believe there is now greater potential for our estimates having to be revised higher</li>
</ul>


SDRL ended 2023 with a contract that is poised to set the course for day rates moving higher in 2024. Prior to Christmas, SDRL announced two new contracts with PBR
We estimate one of the contracts has a day rate of $500,000 and should result in other bidding activity to reach and eventually exceed this level in 2024
We are not making changes to our earnings model and believe there is now greater potential for our estimates having to be revised higher


SDRL: New Contracts Set Catalyst for 2024

<ul>
<li>SDRL reported third quarter results exceeding expectations and announcing slight extensions to when near-term contracts would expire.</li>
<li>There had been minimal news from SDRL to expect contract extensions. SDRL’s peers had been reporting a slowing in contract activity.</li>
<li>The free cash flow SDRL is generating is being used for stock buy backs with the authorization doubled to a total of $500 million.</li>
</ul>


SDRL reported third quarter results exceeding expectations and announcing slight extensions to when near-term contracts would expire.
There had been minimal news from SDRL to expect contract extensions. SDRL’s peers had been reporting a slowing in contract activity.
The free cash flow SDRL is generating is being used for stock buy backs with the authorization doubled to a total of $500 million.


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

China Oilfield Services H / Equity Bottom-Up

<ul>
<li>Business continues to grow as sales, profits and margins rise</li>
<li>The overall industry supply demand dynamics continue to be supportive</li>
<li>Key business drivers such as capacity utilisation and rates moving in the right direction</li>
</ul>


Business continues to grow as sales, profits and margins rise
The overall industry supply demand dynamics continue to be supportive
Key business drivers such as capacity utilisation and rates moving in the right direction


China Oilfield Services (2883.HK) – Interim Results Show Continued Strong Growth

<ul>
<li>SDRL reported first quarter results updating investors on the state of offshore drilling market that has shown little signs of change. Day rates have slowly climbed since last year</li>
<li>SDRL disclosed a new contract for Sevan Louisiana. There was a considerable amount of time spent on the earnings call for the vessel and it's 45-day contract.</li>
<li>SDRL has entered a definitive contract to sell its three jack-up rigs and the joint venture stake that operates them for $338 million.</li>
</ul>


SDRL reported first quarter results updating investors on the state of offshore drilling market that has shown little signs of change. Day rates have slowly climbed since last year
SDRL disclosed a new contract for Sevan Louisiana. There was a considerable amount of time spent on the earnings call for the vessel and it's 45-day contract.
SDRL has entered a definitive contract to sell its three jack-up rigs and the joint venture stake that operates them for $338 million.


Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

<ul>
<li>S&amp;P 500 looks vulnerable. Maintain large cash positions for forseeable future.</li>
<li>US Dollar bull flagging and may put pressure on equities in near term.</li>
<li>Nikkei at inflection point. Bulls must stand up here to defend.</li>
</ul>


S&amp;P 500 looks vulnerable. Maintain large cash positions for forseeable future.
US Dollar bull flagging and may put pressure on equities in near term.
Nikkei at inflection point. Bulls must stand up here to defend.


United Kingdom

Seadrill Ltd. provides offshore deepwater drilling. The Company operates a fleet for operations in shallow to ultra-deepwater areas in harsh and benign environments. Seadrill's fleet includes semi-submersible rigs, deepwater drillships, jack-ups, semi-tender rigs, and tender rigs.

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Seadrill Ltd (SDRL NO)

SDRL: New Contracts Set Catalyst for 2024

SDRL won two contacts from PBR just before Christmas. The day rate of the contracts sets up the possibility of more contract activity at higher day...

BWS Financial Inc

SDRL: Course for Free Cash Flow

SDRL continues to exceed our expectations on profitability and free cash flow. SDRL announced contract extensions for several vessels, including...

BWS Financial Inc

China Oilfield Services (2883.HK) – Interim Results Show Continued Strong Growth

The company shows strong business growth with rising sales, profits, and margins driven by favorable industry supply-demand dynamics and key...

Rikki Malik

SDRL: Drilling for Cash Flow

Day rates have continued to move higher, and we expect contract activity to pick up in the second half of the year. SDRL announced the sale of its...

BWS Financial Inc

Silver Measured Move to 35.50

Gold looks a bit fatigued and silver likely to play catch up. Greenback could present headwinds for equities. Japan reverses big gains in 2024.

Douglas Busch

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