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

Equity Bottom-Up

<ul>
<li>Some of my favorite situations are international spin-offs because they fly under the radar. Hamee has not been written up on VIC, Seeking Alpha or Twitter (I found one writeup on Substack).</li>
<li>The company is 3 months away from breaking up into two separate companies which both look attractive. It is currently classified as a Specialty Retail company but will spin off a high growth, high margin, SaaS company in November that I estimate is worth more than the entire company’s market cap today.</li>
<li>The stock looks compelling on an absolute basis (5.1x NTM EBITDA) and SOTP basis. I see 31% to 117% upside over the next 6 months as the break up is completed.</li>
</ul>


Some of my favorite situations are international spin-offs because they fly under the radar. Hamee has not been written up on VIC, Seeking Alpha or Twitter (I found one writeup on Substack).
The company is 3 months away from breaking up into two separate companies which both look attractive. It is currently classified as a Specialty Retail company but will spin off a high growth, high margin, SaaS company in November that I estimate is worth more than the entire company’s market cap today.
The stock looks compelling on an absolute basis (5.1x NTM EBITDA) and SOTP basis. I see 31% to 117% upside over the next 6 months as the break up is completed.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> has extended its partial tender for <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> to 15 October, keeping the price at JPY340; the extension suggests acceptances have been tepid.</li>
<li>SBI may hold firm on price, given its record of not bumping partial offers, such as Shinsei in 2021, and peers' 6% median derating. </li>
<li>However, a bump remains likely: the major shareholders are unlikely to tender, and the extension suggests most minorities are also holding out at JPY340. </li>
</ul>



SBI Holdings (8473 JP) has extended its partial tender for BASE Inc (4477 JP) to 15 October, keeping the price at JPY340; the extension suggests acceptances have been tepid.
SBI may hold firm on price, given its record of not bumping partial offers, such as Shinsei in 2021, and peers' 6% median derating. 
However, a bump remains likely: the major shareholders are unlikely to tender, and the extension suggests most minorities are also holding out at JPY340. 


BASE (4477 JP): SBI’s Tender Extension Signals a Price Bump Is Needed

<ul><li>Unilever (UL) spun off the Magnum Ice Cream Company (MICC) on December 8, 2025.</li><li>Shareholders and ADS holders received one Magnum Share for every five Unilever Shares or Unilever ADS.</li><li>The stock opened at $14.50 and has performed surprisingly well in its first couple weeks of trading.</li></ul>

Unilever (UL) spun off the Magnum Ice Cream Company (MICC) on December 8, 2025.Shareholders and ADS holders received one Magnum Share for every five Unilever Shares or Unilever ADS.The stock opened at $14.50 and has performed surprisingly well in its first couple weeks of trading.

<ul><li>Before I get into my regular update, I want to share one fantastic chart that caught my eye.</li><li>It shows current earnings multiple of the S&amp;P 500, 400 and 600, respectively.</li><li>One takeaway is that large caps (S&amp;P 500) are at the high end of their historical trading range.</li></ul>

Before I get into my regular update, I want to share one fantastic chart that caught my eye.It shows current earnings multiple of the S&amp;P 500, 400 and 600, respectively.One takeaway is that large caps (S&amp;P 500) are at the high end of their historical trading range.

<ul><li>Hamee reported earnings on September 12, and the stock traded down ~6%.</li><li>The headline earnings looked awful but they included many one time and/or non cash expenses.</li><li>To me, the underlying business looks strong. The spin-off is on track for early November, and I expect it to serve as a hard catalyst to drive shares higher.</li></ul>

Hamee reported earnings on September 12, and the stock traded down ~6%.The headline earnings looked awful but they included many one time and/or non cash expenses.To me, the underlying business looks strong. The spin-off is on track for early November, and I expect it to serve as a hard catalyst to drive shares higher.

Hamee: “Demerger Arbitrage” Setup Remains On Track

Japan

Hamee Corp. designs and wholesales Smart Phone accessories and offers e-commerce service to sell their products. The Company also develops and provides Cloud type management platform for e-commerce businesses.

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Hamee Corp (3134 JP)

Buy Hamee Corp

Some of my favorite situations are international spin-offs because they fly under the radar. Hamee has not been written up on VIC, Seeking Alpha...

Richard Howe

BASE (4477 JP): SBI’s Tender Extension Signals a Price Bump Is Needed

SBI extended its BASE tender to 15 October at JPY340, signalling tepid take-up. Despite its partial-offer track record and peer derating, a bump...

Arun George

Weekly Update (MICC, 3134, 441A)

Unilever (UL) spun off the Magnum Ice Cream Company (MICC) on December 8, 2025. Shareholders and ADS holders received one Magnum Share...

Richard Howe

Weekly Update (3134, Versant, Aumovio)

Before I get into my regular update, I want to share one fantastic chart that caught my eye. It shows current earnings multiple of the S&P 500, 400...

Richard Howe

Hamee: “Demerger Arbitrage” Setup Remains On Track

Hamee reported earnings on September 12, and the stock traded down ~6%. The headline earnings looked awful but they included many one time and/or...

Richard Howe

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