US/Europe Event-Driven Analyst

John DeMasi

Event-Driven

<ul>
<li>Cargill/Continental Grain announced joint acquisition of Sanderson Farms on 9th August 2021 for $203/share cash.</li>
<li>Poultry Market in the USA is not concentrated; deal presents little traditional competition risk.</li>
<li>Recent accusations of price-fixing in poultry sector present political risk, but SAFM is cheap even if deal were to get blocked.</li>
</ul>


Cargill/Continental Grain announced joint acquisition of Sanderson Farms on 9th August 2021 for $203/share cash.
Poultry Market in the USA is not concentrated; deal presents little traditional competition risk.
Recent accusations of price-fixing in poultry sector present political risk, but SAFM is cheap even if deal were to get blocked.


Sanderson Farms (SAFM US) – Pending Takeover Offers Favourable Risk/Reward

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> shares had a breakout relative to the MSCI China index and showing good momentum during the low volume days of summer.  
</li>
<li>
<a href="https://www.smartkarma.com/entities/power-assets-holdings-ltd" target="_blank" data-smartkarma-citation="entities:788:1" rel="noopener">POWER ASSETS HOLDINGS (6 HK)</a> has shown a breakout relative to MSCI Hong Kong with a defensive business and 5%+ dividend yield. 
</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH GROUP (288 HK)</a> has also shown a breakout relative to the MSCI Hong Kong after its announcement of the spinoff of Smithfield Foods in the US. 
</li>
</ul>



BYD (1211 HK) shares had a breakout relative to the MSCI China index and showing good momentum during the low volume days of summer.  


POWER ASSETS HOLDINGS (6 HK) has shown a breakout relative to MSCI Hong Kong with a defensive business and 5%+ dividend yield. 


WH GROUP (288 HK) has also shown a breakout relative to the MSCI Hong Kong after its announcement of the spinoff of Smithfield Foods in the US. 



Technically Speaking, Breakouts and Breakdowns: HONG KONG (July 24)

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.

Equity Bottom-Up

<ul><li>Tyson Foods delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.</li><li>While the overall performance was disappointing compared to the previous year, Tyson Foods claims to have performed reasonably in volume and dollar sales, gaining market share in the retail core business lines.</li><li>Despite these challenges, Tyson Foods remains focused on strengthening its branded foods business.</li></ul>

Tyson Foods delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.While the overall performance was disappointing compared to the previous year, Tyson Foods claims to have performed reasonably in volume and dollar sales, gaining market share in the retail core business lines.Despite these challenges, Tyson Foods remains focused on strengthening its branded foods business.

Tyson Foods Inc.: Continued Challenges In Beef

<ul><li>Tyson Foods delivered a highly disappointing set of results for the last quarter.</li><li>The drop in earnings was a result of weaker results in beef, pork, and chicken.</li><li>Prepared foods revenues increased for the quarter, driven by pricing actions and volume growth.</li></ul>

Tyson Foods delivered a highly disappointing set of results for the last quarter.The drop in earnings was a result of weaker results in beef, pork, and chicken.Prepared foods revenues increased for the quarter, driven by pricing actions and volume growth.

<ul><li>Tyson Foods’ stock has been on a downward trajectory for a while and the recent results did not help the situation.</li><li>Consumer demand for protein is largely stable in this difficult macroeconomic context with record-high inflation.</li><li>Volume performance increased in the fourth quarter because of their investments in brands and merchandising, which raised portfolio market share.</li></ul>

Tyson Foods’ stock has been on a downward trajectory for a while and the recent results did not help the situation.Consumer demand for protein is largely stable in this difficult macroeconomic context with record-high inflation.Volume performance increased in the fourth quarter because of their investments in brands and merchandising, which raised portfolio market share.

United States

Tyson Foods, Inc. produces, distributes, and markets chicken, beef, pork, prepared foods and related allied products.  The Company's products are marketed and sold to national and regional grocery retailers, regional grocery wholesalers, meat distributors, warehouse club stores, military commissaries, and industrial food processing companies.

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Tyson Foods Inc Cl A (TSN US)

Sanderson Farms (SAFM US) – Pending Takeover Offers Favourable Risk/Reward

Chicken on Sale! Sanderson Farms trades at much lower multiples than peers and has a pending takeover which could close within months. Even if the...

John DeMasi

Technically Speaking, Breakouts and Breakdowns: HONG KONG (July 24)

BYD Company, Power Assets and WH Group all experienced breakouts during the week. WH Group announced a spin off of its Smithfield Foods business...

David Mudd

Tyson Foods Inc.: Continued Challenges In Beef

Tyson Foods delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations...

Baptista Research

Tyson Foods Inc.: Major Drivers

Tyson Foods delivered a highly disappointing set of results for the last quarter. The drop in earnings was a result of weaker results in beef,...

Baptista Research

Tyson Foods: Major Drivers

Tyson Foods’ stock has been on a downward trajectory for a while and the recent results did not help the situation. Consumer demand for protein is...

Baptista Research

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