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 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


<ul>
<li>XPER reported third quarter results in line with our forecast and reaching an inflection point in revenue where the operating leverage of the business becomes visible.</li>
<li>Ahead of the results, there had been worries over XPER’s exposure to consumer electronics and pay TV industries that could cripple revenue growth.</li>
<li>XPER reported third quarter revenue of $130.4 million compared to our forecast of $130.9 million. Adjusted EBITDA reached $9.3 million compared to our forecast of $9.2 million</li>
</ul>


XPER reported third quarter results in line with our forecast and reaching an inflection point in revenue where the operating leverage of the business becomes visible.
Ahead of the results, there had been worries over XPER’s exposure to consumer electronics and pay TV industries that could cripple revenue growth.
XPER reported third quarter revenue of $130.4 million compared to our forecast of $130.9 million. Adjusted EBITDA reached $9.3 million compared to our forecast of $9.2 million


<ul>
<li>XPER reported second quarter results underscoring the progress the Company has made in securing new design wins and revenue opportunities for its connected car and media platform segments</li>
<li>Simultaneous with the second quarter results, XPER announced Sharp would use TiVo operating system for smart TVs starting in 2024</li>
<li>New design wins for DTS AutoSense and DTS AutoStage are expected to translate into revenue towards the end of 2024</li>
</ul>


XPER reported second quarter results underscoring the progress the Company has made in securing new design wins and revenue opportunities for its connected car and media platform segments
Simultaneous with the second quarter results, XPER announced Sharp would use TiVo operating system for smart TVs starting in 2024
New design wins for DTS AutoSense and DTS AutoStage are expected to translate into revenue towards the end of 2024


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 reported new customer wins with the release of first quarter results. Continued expansion of XPER’s customer base in connected TV and cars affirms our thesis</li>
<li>XPER had already won a major TV OEM in Europe and has now won a second TV producer planning to use TiVo OS</li>
<li>XPER announced a global program design win with a Japanese automaker for DTS AutoStage</li>
</ul>


XPER reported new customer wins with the release of first quarter results. Continued expansion of XPER’s customer base in connected TV and cars affirms our thesis
XPER had already won a major TV OEM in Europe and has now won a second TV producer planning to use TiVo OS
XPER announced a global program design win with a Japanese automaker for DTS AutoStage


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: 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

XPER: Scaled for Growth

XPER gained additional customers within each of its product segments. We expect these design wins to contribute to revenue in 2024 and more so in 2025

BWS Financial Inc

XPER: Connected Car Connected Earnings

XPER reported slightly better than our forecast Q2 results. More importantly, XPER disclosed additional customer wins for TiVo OS and DTS...

BWS Financial Inc

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: More Design Wins Pathing Revenue

XPER continues to make progress adding new customers. New TVOS and connected car customers were the highlight of the first quarter earnings report

BWS Financial Inc

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