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

<ul><li>The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN market cap online travel company that is gobbling up its own shares.</li><li>We have ideas profiled from Poland, Canada, India, Austria, Argentina, Italy, and of course, the United States.</li><li>The report will start with my personal favorite idea and then cover the additional ideas in alphabetical order.</li></ul>

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN market cap online travel company that is gobbling up its own shares.We have ideas profiled from Poland, Canada, India, Austria, Argentina, Italy, and of course, the United States.The report will start with my personal favorite idea and then cover the additional ideas in alphabetical order.

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Century Plyboards India / Equity Bottom-Up

<ul><li>CPBI has maintained its revenue guidance in its Plywood/Laminate/MDF/PB segments at 12%/10%/40%+/flat for Q4FY25.</li><li>The company has also maintained its EBITDA margin guidance at 12.14%/10.12%/15% for Plywood/Laminate/MDF except PB reduced to single digit from 12-15% for Q4FY25.</li><li>We believe Plywood performance will continue with healthy volume growth and MDF with improved utilization benefit in margin in Q4FY25.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CPBI has maintained its revenue guidance in its Plywood/Laminate/MDF/PB segments at 12%/10%/40%+/flat for Q4FY25.The company has also maintained its EBITDA margin guidance at 12.14%/10.12%/15% for Plywood/Laminate/MDF except PB reduced to single digit from 12-15% for Q4FY25.We believe Plywood performance will continue with healthy volume growth and MDF with improved utilization benefit in margin in Q4FY25.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Century Plyboard - Plywood Healthy Volume Growth Continue

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Resourceful Auto's IPO saw a staggering subscription of 400 times, but its current market price is half its IPO value, revealing a troubling trend in SME IPOs.</li>
<li>Many SME IPOs exhibit a "subscription mirage," creating misleading impressions of value, while underlying businesses often lack sustainable operations and liquidity.</li>
<li>Investors must prioritize fundamental analysis and awareness of liquidity risks over hype, especially in a market increasingly resembling Ponzi-like characteristics.</li>
</ul>


Resourceful Auto's IPO saw a staggering subscription of 400 times, but its current market price is half its IPO value, revealing a troubling trend in SME IPOs.
Many SME IPOs exhibit a "subscription mirage," creating misleading impressions of value, while underlying businesses often lack sustainable operations and liquidity.
Investors must prioritize fundamental analysis and awareness of liquidity risks over hype, especially in a market increasingly resembling Ponzi-like characteristics.


<ul>
<li>The full enforcement of Bureau of Indian Standards (BIS) Quality Control Orders (QCO) has triggered a supply shock, collapsing wood panel imports by 90% as of late 2025.</li>
<li>This creates an immediate INR3,000+ crore revenue vacuum. Combined with a K-shaped real estate recovery favoring premium homes, demand is shifting from unorganized sector (70% share) to compliant listed leaders.</li>
<li>The industry is transitioning from a fragmented, low-entry-barrier market into a compliance-driven oligopoly. Organized leaders with scale, certification, and capital efficiency are positioned to capture disproportionate value.</li>
</ul>


The full enforcement of Bureau of Indian Standards (BIS) Quality Control Orders (QCO) has triggered a supply shock, collapsing wood panel imports by 90% as of late 2025.
This creates an immediate INR3,000+ crore revenue vacuum. Combined with a K-shaped real estate recovery favoring premium homes, demand is shifting from unorganized sector (70% share) to compliant listed leaders.
The industry is transitioning from a fragmented, low-entry-barrier market into a compliance-driven oligopoly. Organized leaders with scale, certification, and capital efficiency are positioned to capture disproportionate value.


Thematic Report on Indian Wood Panel Industry: The "Compliance Moat" Supercycle

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The building materials sector experienced muted demand in Q2FY26, impacted by heavy rainfall</li><li>We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APAT</li><li>We believe that the volume growth of major tile companies was negatively affected by weak export performance and soft domestic demand</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The building materials sector experienced muted demand in Q2FY26, impacted by heavy rainfallWe project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APATWe believe that the volume growth of major tile companies was negatively affected by weak export performance and soft domestic demandContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q2FY26 Results Preview): Demand recovery yet to come

India

Century Plyboards India Ltd. manufactures, sells, and exports plywood and veneer. The Company offers commercial, marine, concrete, shuttering, and decorative plywood. Century Plyboards products also include veneer, block board, timber, decorative laminates, prelaminated boards, fire safe plywood, flexible plywood, cement, clinker, adhesives, and chemicals.

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Century Plyboards India (CPBI IN)

Best Ideas of 2025

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN...

Richard Howe

Century Plyboard - Plywood Healthy Volume Growth Continue

The company has also maintained its EBITDA margin guidance at 12.14%/10.12%/15% for Plywood/Laminate/MDF except PB reduced to single digit from 12...

Prabhudas Lilladhar

The Dark Side of the SME IPO Boom!

Hype around SME IPO all across the markets! What's going on behind these highly oversubscibed IPOs and how investor can save themselves from this...

Nimish Maheshwari

Thematic Report on Indian Wood Panel Industry: The "Compliance Moat" Supercycle

BIS enforcement collapses wood panel imports by 90%, creating INR3,000+ crore revenue gap and shifting demand to compliant listed leaders in a...

Nimish Maheshwari

Building Materials (Q2FY26 Results Preview): Demand recovery yet to come

We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Best Ideas of 2025

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN...

Richard Howe

Century Plyboard - Plywood Healthy Volume Growth Continue

The company has also maintained its EBITDA margin guidance at 12.14%/10.12%/15% for Plywood/Laminate/MDF except PB reduced to single digit from 12...

Prabhudas Lilladhar

The Dark Side of the SME IPO Boom!

Hype around SME IPO all across the markets! What's going on behind these highly oversubscibed IPOs and how investor can save themselves from this...

Nimish Maheshwari

Thematic Report on Indian Wood Panel Industry: The "Compliance Moat" Supercycle

​BIS enforcement collapses wood panel imports by 90%, creating INR3,000+ crore revenue gap and shifting demand to compliant listed leaders in a...

Nimish Maheshwari

Building Materials (Q2FY26 Results Preview): Demand recovery yet to come

We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase...

HDFC Securities

BIS enforcement collapses wood panel imports by 90%, creating INR3,000+ crore revenue gap and shifting demand to compliant listed leaders in a...