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>XPER made further progress on product placement in the first quarter contributing to expecting revenue acceleration heading into the second half of 2024.</li>
<li>XPER reported first quarter results that included the announcement of a new Japanese TV brand that would begin using TiVo in a line of its TVs</li>
<li>Over the last couple of quarters XPER has announced several wins for its connected car and media platform segments. These wins have developed into revenue for XPER</li>
</ul>


XPER made further progress on product placement in the first quarter contributing to expecting revenue acceleration heading into the second half of 2024.
XPER reported first quarter results that included the announcement of a new Japanese TV brand that would begin using TiVo in a line of its TVs
Over the last couple of quarters XPER has announced several wins for its connected car and media platform segments. These wins have developed into revenue for XPER


<ul>
<li>XPER reported fourth quarter results mostly in line with our estimates, but the progress made on each of its product lines is the highlight of the report</li>
<li>XPER has added customers for its TV operating system (“TVOS”), IPTV solution, connected car, and has grown the number of people using its media platform</li>
<li>The increase in the number of automobile OEMs electing to use AutoStage is on the rise with XPER’s CEO setting the goal of one video integration win this year</li>
</ul>


XPER reported fourth quarter results mostly in line with our estimates, but the progress made on each of its product lines is the highlight of the report
XPER has added customers for its TV operating system (“TVOS”), IPTV solution, connected car, and has grown the number of people using its media platform
The increase in the number of automobile OEMs electing to use AutoStage is on the rise with XPER’s CEO setting the goal of one video integration win this year


<ul>
<li>XPER is gaining momentum within the car and TV, setting up the potential for the second half of the year outperforming expectations.</li>
<li>The additional customer wins are poised to put XPER on pace to grow adjusted EBITDA over 2023 levels. Additionally, these wins could be large enough to generate broader interest.</li>
<li>During CES, XPER announced new design win at Argos, a United Kingdom based brand, and disclosed Konka, a Chinese TV maker, was the previously unnamed third TVOS partner</li>
</ul>


XPER is gaining momentum within the car and TV, setting up the potential for the second half of the year outperforming expectations.
The additional customer wins are poised to put XPER on pace to grow adjusted EBITDA over 2023 levels. Additionally, these wins could be large enough to generate broader interest.
During CES, XPER announced new design win at Argos, a United Kingdom based brand, and disclosed Konka, a Chinese TV maker, was the previously unnamed third TVOS partner


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>XPER is streamlining its operations by divesting its AutoSense and image sensing product lines to strategically refocus on the burgeoning entertainment sector</li>
<li>XPER is selling AutoSense and the image sensor business to Tobii for $42.7 million plus a performance fee</li>
<li>XPER estimates revenue loss from the divesture would be approximately $30 million with adjusted EBITDA moving up</li>
</ul>


XPER is streamlining its operations by divesting its AutoSense and image sensing product lines to strategically refocus on the burgeoning entertainment sector
XPER is selling AutoSense and the image sensor business to Tobii for $42.7 million plus a performance fee
XPER estimates revenue loss from the divesture would be approximately $30 million with adjusted EBITDA moving up


United States

Xperi Holding Corp creates, develops, and licenses audio, computational imaging, computer vision and semiconductor packaging and interconnect technologies. The Company offers its products and solutions to mobile, home, datacenter, and automotive industries.

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Xperi (XPER US)

XPER: Design Wins into Revenue

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XPER: Streaming Execution

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XPER: More Wins from CES

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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

XPER: The Sense Behind the Cents

XPER is divesting AutoSense due to high operating costs and to allow the Company to focus on entertainment. Improved profitability and an easier...

BWS Financial Inc

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