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Summary Holmen is trading at a premium (P/E ~23) amid cyclical weakness in sawmill products and lower energy income. A more reasonable multiple on “normalized” earnings is likely ~10–15× over a longer cycle, suggesting possible overvaluation if 2025 earnings do not rebound.

Sector: Financials Industry: Transacted & Payment Processing Services Quant Sector Ranking (as of 12/23/2024): 75 out of 686 Quant Industry Ranking (as of 12/23/2024): 8 out of 43 Market Capitalization: $54.11B Quant Rating: Strong Buy "Block, Inc., formerly known as Square, Inc., is a top quant-ranked Transaction & Payment Processing Services stock founded in 2009 by Jack Dorsey and Jim McKelvey. The company has evolved from its initial focus on payments to become a diversified fintech.

Positives 1. Market Leadership in GPUs and AI Acceleration: NVIDIA dominates the discrete GPU market, particularly for high-performance gaming and data center AI workloads.

Catalysts Products and Services : Zscaler is revolutionizing cloud security with the industry’s first Security as a Service platform. Their innovative solutions are used by more than 5,000 leading organizations, including 50 of the Fortune 500.

Catalysts Group Buying Model: PDD’s unique appeal lies in its group buying function. Users can join groups to purchase items at lower prices.

TransJamaican Highway (TJH US): Infrastructure Investment Analysis – March 9, 2025 Company Overview TransJamaican Highway operates Jamaica's critical 50-kilometer East-West toll road network under a concession agreement extending until 2036. Currently trading at US$0.028, the stock offers a 7.5% dividend yield based on consistently growing toll revenues.

Key Takeaways TSMC is the current leader in chip manufacturing, boasting the most advanced technology and a strong customer base High-Performance Compute (HPC), AI, and EVs will drive growth, while the smartphone market slowly becomes saturated Their specialization strategy optimizes chips for specific use cases, allowing them to maintain their edge Peers are catching up, and a capital intensive industry will lower the bottom-line for investors TSMC has a high intrinsic value, but their exposure to China expands the risk to reward range Catalysts TSMC Will Remain Market Leader Key semiconductor competitors differ in their innovation and business approach. Roughly speaking, the quality of a semiconductor tends to be judged by its size, the smaller it is, the more transistors you can fit on a chip.

Main “Take aways”: - You get a good managed company, with a healthy balance sheet, at a fair price. - There is more “future” than you can see in the Snowflake.

Catalysts Millennial and Gen Z Preferences : The growing preferences of Millennial and Gen Z travelers favor Airbnb over traditional hotels. Airbnb’s unique listings appeal to these demographics’ desires for authentic, local stays and memorable experiences.