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>This week, I closed out my WDC recommendation.</li><li>Not because I’ve soured on the stock, but because my “demerger arbitrage” thesis has played out, and I want to focus on other high conviction special situations.</li><li>When I first recommended WDC, it was a demerger arbitrage: we were buying ahead of the SanDisk separation, and the stock was cheap on every metric (absolute, relative and SOTP).</li></ul>

This week, I closed out my WDC recommendation.Not because I’ve soured on the stock, but because my “demerger arbitrage” thesis has played out, and I want to focus on other high conviction special situations.When I first recommended WDC, it was a demerger arbitrage: we were buying ahead of the SanDisk separation, and the stock was cheap on every metric (absolute, relative and SOTP).

<ul><li>I’m closing out my WDC recommendation.</li><li>Not because I’ve soured on the stock, but because my “demerger arbitrage” thesis has played out, and I want to focus on other high conviction special situations.</li><li>When I first recommended WDC, it was a demerger arbitrage: we were buying ahead of the SanDisk separation, and the stock was cheap on every metric (absolute, relative and SOTP).</li></ul>

I’m closing out my WDC recommendation.Not because I’ve soured on the stock, but because my “demerger arbitrage” thesis has played out, and I want to focus on other high conviction special situations.When I first recommended WDC, it was a demerger arbitrage: we were buying ahead of the SanDisk separation, and the stock was cheap on every metric (absolute, relative and SOTP).

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.

Equity Bottom-Up

<ul><li>Western Digital Corporation reported strong financial performance for fiscal year 2026, driven by a focused strategy as a pure-play hard disk drive (HDD) company.</li><li>The company achieved 36% year-over-year revenue growth to $12.9 billion, with gross margins expanding by 970 basis points to 49.1% and operating margins improving by 1,290 basis points to 37.3%.</li><li>Earnings per share (EPS) more than doubled to $10.22, supported by $3.5 billion in free cash flow and a strengthened net positive cash position.</li></ul>

Western Digital Corporation reported strong financial performance for fiscal year 2026, driven by a focused strategy as a pure-play hard disk drive (HDD) company.The company achieved 36% year-over-year revenue growth to $12.9 billion, with gross margins expanding by 970 basis points to 49.1% and operating margins improving by 1,290 basis points to 37.3%.Earnings per share (EPS) more than doubled to $10.22, supported by $3.5 billion in free cash flow and a strengthened net positive cash position.

Western Digital’s Next Big Storage Bet — Can HAMR And UltraSMR Reshape Capacity?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.</li>
<li>SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in themes that are driving returns globally.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned -9.8% vs. MSCI World (-1.3%) – underperformed the benchmark by -8.5%.</li></ul>

The strategy seeks to invest in themes that are driving returns globally.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned -9.8% vs. MSCI World (-1.3%) – underperformed the benchmark by -8.5%.

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

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Western Digital (WDC US)

Weekly Update (Vylor, CTVA, WDC)

This week, I closed out my WDC recommendation. Not because I’ve soured on the stock, but because my “demerger arbitrage” thesis has played out, and...

Richard Howe

WDC: Closing Out a 588% Winner

I’m closing out my WDC recommendation. Not because I’ve soured on the stock, but because my “demerger arbitrage” thesis has played out, and I want...

Richard Howe

Western Digital’s Next Big Storage Bet — Can HAMR And UltraSMR Reshape Capacity?

Western Digital Corporation reported strong financial performance for fiscal year 2026, driven by a focused strategy as a pure-play hard disk...

Baptista Research

Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. In this note, we have a look at the...

Sumeet Singh

Global Thematic Portfolio (14-Sep-2026)

The strategy seeks to invest in themes that are driving returns globally. By adopting a portfolio of stocks instead of individual stocks, the...

Crea8

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