Ahsan Soorani

Passionate activist investor

[Ahsan Soorani @ahsansoorani]

@the_zack_zhu And I suppose $JD is very good at inventory turnover (big fat negative working capital) due to years and years of investment in logistics!!

[Ahsan Soorani @ahsansoorani]

@TSOH_Investing Market did not like the SSS growth of 2%. They need to go above 3% for SG&A leverage. Secondly, most of Shrink and inventory efficiency is already reflected in the OPM of ~6%.
Stock is attractive though at current levels.

[Ahsan Soorani @ahsansoorani]

@ahern_brendan @AJButton2 https://t.co/vnIetCiK6o
Bloomberg also quoted the same number after the 4Q result.

[Ahsan Soorani @ahsansoorani]

@VariantMkt Would love to get the full letter!

[Variant @VariantMkt]

Repost for access to the full letter!

[Alex Morris (TSOH Investment Research) @TSOH_Investing]

Dollar General CEO Todd Vasos: "We estimate delivery sales contributed roughly 80 basis points to our comp sales growth of 4.3% in Q4 FY25."

[Ahsan Soorani @ahsansoorani]

@TSOH_Investing Surprising market reaction despite them mentioning TheFork strategic alternative option. ~$1bn mkt cap suggest market is assigning no value to the experiences and hotels category as a whole. $50mn buyback means they bought 2.5% of the company in a single Q with $170mn balance.

[Ahsan Soorani @ahsansoorani]

@the_analyst_24 Very insightful post. Viator also has a new CEO Pepijn Rijvers. He spent 12 yrs at BKNG, where he played a key role in building and scaling the industry's largest accommodations marketplace. Rijvers held executive roles including CMO & SVP, MD of Global Hotels and Accommodations.

[Ahsan Soorani @ahsansoorani]

$JD $BABA
https://t.co/PR71UjMCdH

[Ahsan Soorani @ahsansoorani]

@weary_centurion @Cubsz2016 By doing IPO of JD Industrial and JD Property next inline, this is one way companies look to unlock shareholder value. Initiating share buybacks last year and a significant dividend is also step in the right direction.

Overall a great and well researched post!!!

[Ahsan Soorani @ahsansoorani]

@ratrace232 @TSOH_Investing That was prior to Liberty TripAdvisor share buyback and shareholding structure simplification I guess. With Starboard and other activist owing >10%, it’s just a matter of time that sale of TheFork or Viator will happen. I see it as time arbitrage :) $TRIP

[Ahsan Soorani @ahsansoorani]

@ratrace232 @TSOH_Investing This is priced in 6x EV/EBITDA or 10% FCF yield? Market is effectively giving negative (not zero either) value to brand TripAdvisor if we do SoTP valuation. Klook will list at $4bn valuation, meaning similar or discounted multiples for Viator could fetch $3-5bn. $TRIP

[Ahsan Soorani @ahsansoorani]

@chitchatstocks $JD, $TRIP & $CNH

[Ahsan Soorani @ahsansoorani]

@TSOH_Investing Viator has much better profitability numbers than Klook, although growth has slowed down recently. Starboard would been keenly following the IPO as it would have implications for SoTP based valuation of TripAdvisor which has total market cap of <$2bn.

[Ahsan Soorani @ahsansoorani]

@dividenddude Could be Zoetis. They have owned it in the past as well. $ZTS

[Ahsan Soorani @ahsansoorani]

@AliKhizar Could be Leapmotor which has a 49:51 International JV with Stellantis, owner of Peugeot brand.

[Ahsan Soorani @ahsansoorani]

@Nabulio91 I also think Adrian Hallmark has a good chance of turning around this struggling brand. In the stock since 2024 with the same expectation but every time get a nasty revision/reality check to guidance with one reason or another. Fingers crossed 🤞

[Consensus Media @ConsensusGurus]

Core & Main $CNM -18% because sales into residential were a big disappointment.

Lennar $LEN results in a week or so = the next big housing event.

[Ahsan Soorani @ahsansoorani]

@HiddenValueGems @youngallien Can/should Core Reckitt (11 power brands) with normalize LFL growth of 4-5% after sale of Essential home and Mead Johnson trade above 20x like other consumer companies with lower growth profile? Best in class category growth profile, operating margins & ROIC.

[Ahsan Soorani @ahsansoorani]

@ChrisPavese I think Reckitt has a much higher chance of trading over 20x PE once they sell their non core essential home business and resolution of Mead Johnson legal case. In the meantime, enjoy 4% DY and 3% buyback Yield.