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><p>The Wall Street Journal recently published <a href="https://www.wsj.com/business/media/streaming-prices-are-soaringand-consumers-are-still-paying-1bb7dbae?gaa_at=eafs&amp;gaa_n=AWEtsqerMaDRe0nUfUrSt2xrfSfCVuLx_ceJQsAUdBpc-rAhTsWuMKpo2YO_&amp;gaa_sig=4Cd9WfQr_CT1KGN0vDrLDYLksGu89gwWcpzYMWzVh2bkvmNwVFHiBWViDESQRiKPyLxoZINiok8yJX8rUPbQXg%3D%3D&amp;gaa_ts=691747da" target="_blank" rel="noopener">a good article</a> highlighting that streaming costs are soaring but consumers continue to be willing to pay.</p><figure class="editor-figure mceNonEditable"></figure></li><li>This is good news for Starz (STRZ), a pure play streaming service that is relatively cheap vs. its larger competitors.</li><li>I continue to think Starz looks attractive. It is showing sequential revenue growth and OTT subscriber growth yet trades at 3.7x EBITDA and 2x FCF.</li></ul>

The Wall Street Journal recently published a good article highlighting that streaming costs are soaring but consumers continue to be willing to pay.This is good news for Starz (STRZ), a pure play streaming service that is relatively cheap vs. its larger competitors.I continue to think Starz looks attractive. It is showing sequential revenue growth and OTT subscriber growth yet trades at 3.7x EBITDA and 2x FCF.

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. 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.

Thematic (Sector/Industry)

<ul><li>KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.</li><li>Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.</li><li>The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.</li></ul>

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

<ul>
<li>Gold leasing rates have surged from 2-3% to 6-7%, squeezing jewellers margins. Higher funding costs and volatile gold prices are forcing industry leaders to reconsider pricing strategies.</li>
<li>Foreign companies in India paid the lowest tax on earnings in over 30 years in FY24, with the tax burden dropping significantly due to corporate tax cuts and GST reforms.</li>
<li>Despite slow growth in India, <a href="https://www.smartkarma.com/entities/unilever-plc-9bad7ce3-0d24-469f-831a-14bf19340303" target="_blank" data-smartkarma-citation="entities:28467:1" rel="noopener">Unilever (UL US)</a> remains committed to its local operations, with plans to focus on expanding its beauty &amp; wellbeing segment as part of its 2030 strategy.</li>
</ul>


Gold leasing rates have surged from 2-3% to 6-7%, squeezing jewellers margins. Higher funding costs and volatile gold prices are forcing industry leaders to reconsider pricing strategies.
Foreign companies in India paid the lowest tax on earnings in over 30 years in FY24, with the tax burden dropping significantly due to corporate tax cuts and GST reforms.
Despite slow growth in India, Unilever (UL US) remains committed to its local operations, with plans to focus on expanding its beauty &amp; wellbeing segment as part of its 2030 strategy.


#105 India Insight: Gold Leasing Rates Surge, Tax Cuts Ease Foreign Firms' Burden, Unilever Expands

<ul>
<li>India is adapting to tougher US sanctions on Russian oil by rebuilding supply chains with non-sanctioned merchants, tankers, and insurance providers. </li>
<li>
<a href="https://www.smartkarma.com/entities/unilever-plc-9bad7ce3-0d24-469f-831a-14bf19340303" target="_blank" data-smartkarma-citation="entities:28467:1" rel="noopener">Unilever (UL US)</a>  plans to invest in India’s beauty and wellness sector, expecting improved demand conditions mid-term after fiscal stimulus.</li>
<li>
<a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">British American Tobacco (BATS LN)</a> will divest its 15% stake in ITC Hotels at the "best moment," aiming to maximize shareholder value, following ITC Hotels demerger from <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>  earlier.</li>
</ul>


India is adapting to tougher US sanctions on Russian oil by rebuilding supply chains with non-sanctioned merchants, tankers, and insurance providers. 

Unilever (UL US)  plans to invest in India’s beauty and wellness sector, expecting improved demand conditions mid-term after fiscal stimulus.

British American Tobacco (BATS LN) will divest its 15% stake in ITC Hotels at the "best moment," aiming to maximize shareholder value, following ITC Hotels demerger from ITC Ltd (ITC IN)  earlier.


#103 India Insight: India Adapts to US Sanctions, Unilever Invests in Beauty, BAT to Divest

Equity Bottom-Up

Blue Jet Healthcare Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blue-jet-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:36373:1" rel="noopener">Blue Jet Healthcare Ltd (BJHC IN)</a> is a science-led pharmaceutical company that has evolved into a strategic partner for the CDMO of advanced Pharmaceutical Intermediates and APIs.</li>
<li>Company gave a record breaking Q3FY25 primarily driven by capacity expansion in Contrast media and PI Segment. Strong demand for the cardiovascular product was also witnessed.</li>
<li>Company commissioned an additional manufacturing block during Q3 FY25 at Ambernath for manufacturing Advance Contrast Media with investment around Rs. 100Mn.</li>
</ul>



Blue Jet Healthcare Ltd (BJHC IN) is a science-led pharmaceutical company that has evolved into a strategic partner for the CDMO of advanced Pharmaceutical Intermediates and APIs.
Company gave a record breaking Q3FY25 primarily driven by capacity expansion in Contrast media and PI Segment. Strong demand for the cardiovascular product was also witnessed.
Company commissioned an additional manufacturing block during Q3 FY25 at Ambernath for manufacturing Advance Contrast Media with investment around Rs. 100Mn.


The Beat Ideas: Blue Jet Healthcare- Rising CDMO Player

United Kingdom

Unilever PLC manufactures personal care products. The Company offers consumer goods, food, detergents, fragrances, beauty, home, and personal care products. Unilever serves customers worldwide.

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Unilever (UL US)

Weekly Update (MICC, MEDXF, STRZ)

The Wall Street Journal recently published a good article highlighting that streaming costs are soaring but consumers continue to be willing to...

Richard Howe

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24. Despite the decline in interest rates, the...

Topline Securities

#105 India Insight: Gold Leasing Rates Surge, Tax Cuts Ease Foreign Firms' Burden, Unilever Expands

Gold leasing rates surge, squeezing jewellers' margins; foreign companies in India enjoy lowest tax burden in 30 years; Unilever remains committed...

Sudarshan Bhandari

#103 India Insight: India Adapts to US Sanctions, Unilever Invests in Beauty, BAT to Divest

India adapts to US sanctions on Russian oil by rebuilding supply chains; Unilever eyes investment in India's beauty sector; British American...

Sudarshan Bhandari

The Beat Ideas: Blue Jet Healthcare- Rising CDMO Player

Blue Jet Healthcare Ltd saw record-breaking Q3FY25 results due to capacity expansion in Contrast media and PI Segment, with strong demand for...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Update (MICC, MEDXF, STRZ)

The Wall Street Journal recently published a good article highlighting that streaming costs are soaring but consumers continue to be willing to...

Richard Howe

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24. Despite the decline in interest rates, the...

Topline Securities

#105 India Insight: Gold Leasing Rates Surge, Tax Cuts Ease Foreign Firms' Burden, Unilever Expands

​Gold leasing rates surge, squeezing jewellers' margins; foreign companies in India enjoy lowest tax burden in 30 years; Unilever remains committed...

Sudarshan Bhandari

#103 India Insight: India Adapts to US Sanctions, Unilever Invests in Beauty, BAT to Divest

​India adapts to US sanctions on Russian oil by rebuilding supply chains; Unilever eyes investment in India's beauty sector; British American...

Sudarshan Bhandari

The Beat Ideas: Blue Jet Healthcare- Rising CDMO Player

​Blue Jet Healthcare Ltd saw record-breaking Q3FY25 results due to capacity expansion in Contrast media and PI Segment, with strong demand for...

Sudarshan Bhandari

Gold leasing rates surge, squeezing jewellers' margins; foreign companies in India enjoy lowest tax burden in 30 years; Unilever remains committed...

India adapts to US sanctions on Russian oil by rebuilding supply chains; Unilever eyes investment in India's beauty sector; British American...

Blue Jet Healthcare Ltd saw record-breaking Q3FY25 results due to capacity expansion in Contrast media and PI Segment, with strong demand for...