Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

ThyssenKrupp AG manufactures industrial components.  The Company produces flat rolled and cast steel, automobile parts, elevators and escalators, machine tools, bearings, nonferrous metals and plastics, develops and manages real estate, and designs and constructs factories.

<ul><li>On October 30, 2025, Thyssenkrupp AG (TKA) spun off 49% of its stake in its naval/-marine defense-systems business, TKMS AG &amp; Co. (TKMS).</li><li>TKMS stands out as Germany’s only full-systems provider for non-nuclear submarines, surface vessels and maritime electronics.</li><li>The spin-off is part of a broader move by Thyssenkrupp to unlock shareholder value by simplifying its conglomerate structure.</li></ul>

On October 30, 2025, Thyssenkrupp AG (TKA) spun off 49% of its stake in its naval/-marine defense-systems business, TKMS AG &amp; Co. (TKMS).TKMS stands out as Germany’s only full-systems provider for non-nuclear submarines, surface vessels and maritime electronics.The spin-off is part of a broader move by Thyssenkrupp to unlock shareholder value by simplifying its conglomerate structure.

Thyssenkrupp Marine Systems (TKMS) Spin-off Deep Dive

Bayon Financial

Graeme Cunningham

Independent Insight Provider

Bayon Financial provides industry and company analysis focusing on mid and small cap equity research coverage across a range of sectors including mining, financials and telecoms.

Equity Bottom-Up

BHP Group Ltd operates as an international resources company. The Company offers mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel, and copper concentrate, as well as petroleum exploration, production, and refining. BHP Group serves customers worldwide.

<ul>
<li>BHP has abandoned a last minute bid for Anglo American, which will likely see the latter's planned merger with Teck with proceed </li>
<li>We consider other potential targets for BHP, all copper, concluding that most seem unlikely for now, especially with the company stating a focus on organic growth</li>
<li>BHP faces the risks of a decline in iron ore (consensus) and copper (non-consensus) prices in our view, while it trades at premium to the sector and above our DCF </li>
</ul>


BHP has abandoned a last minute bid for Anglo American, which will likely see the latter's planned merger with Teck with proceed 
We consider other potential targets for BHP, all copper, concluding that most seem unlikely for now, especially with the company stating a focus on organic growth
BHP faces the risks of a decline in iron ore (consensus) and copper (non-consensus) prices in our view, while it trades at premium to the sector and above our DCF 


BHP: Few Viable Targets After Anglo Bid Abandoned

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

NIDEC CORPORATION is the world's leading manufacturer of small precision motors mainly used in HDD and optical disk drives. The company has extended its focus to the home appliance and automotive markets. NIDEC is active in M&A and its subsidiaries include the world's leading manufacturers of LCD panel handling robots and camera shutters.

<ul>
<li>Until the latest accounting scandal, Nidec was just another stupidly over-valued company that chased too many rainbows and missed too many targets.</li>
<li>Now, finally, it has fallen to interesting valuations and there is a real incentive to fix the things that need fixing. </li>
<li>Nidec is a governance nightmare with poor oversight, a history of bad strategic decisions, and shoddy execution. If these are fixed, though, the upside is enormous.</li>
</ul>


Until the latest accounting scandal, Nidec was just another stupidly over-valued company that chased too many rainbows and missed too many targets.
Now, finally, it has fallen to interesting valuations and there is a real incentive to fix the things that need fixing. 
Nidec is a governance nightmare with poor oversight, a history of bad strategic decisions, and shoddy execution. If these are fixed, though, the upside is enormous.


Can Nidec (6594) Ever Wake Up from Its Compliance Nightmare?

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.

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

<ul><li>Tesla’s latest earnings and strategic updates present a revealing picture of a company navigating an increasingly complex path.</li><li>The electric vehicle and clean energy giant is caught between near-term financial pressure and long-term ambitions rooted in AI, autonomy, and robotics.</li><li>While recent quarterly results missed Wall Street’s expectations—adjusted earnings came in at 40 cents per share and revenue dropped 12% year-over-year to $22.5 billion—investor focus has shifted beyond EV sales.</li></ul>

Tesla’s latest earnings and strategic updates present a revealing picture of a company navigating an increasingly complex path.The electric vehicle and clean energy giant is caught between near-term financial pressure and long-term ambitions rooted in AI, autonomy, and robotics.While recent quarterly results missed Wall Street’s expectations—adjusted earnings came in at 40 cents per share and revenue dropped 12% year-over-year to $22.5 billion—investor focus has shifted beyond EV sales.

Tesla Stock Collapse: The AI Trade That Backfired!

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently twelve pair trade opportunities across three markets and five sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently twelve pair trade opportunities across three markets and five sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (24 Nov)

Insights on Companies in the Tesla Supply Chain