Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Friday, October 30, 2026

Back to today

TSOH Weekly Roundup (10/30/2026)

Markel spent $315 million repurchasing shares in Q3 as Thrive agreed to buy ADT for $7.6 billion and Hasbro cited rising adult toy demand.

BBW $327M
TSOH Investment Research 1 click

From X

@StableBread

Fajasy on X

TOYO Co., Ltd’s $TOYO strategy chief says full output at its Texas panel plant would bring in “about $140 million a year” of U.S. tax credits, 85.6% of its market cap, and $TOYO leaves them out of its forecasts. Regardless of how the four U.S. trade actions on its Ethiopian cells turn out, $TOYO’s answer is to make more in the U.S., which has plenty of panel capacity but few cell plants. The Solar Energy Industries Association’s October update counts 75.3 GW of operating U.S. module capacity, but $TOYO’s deck counts just 3.2 GW of operating U.S. cell capacity, citing SEIA’s September data, so most U.S. panel makers still rely on imported cells. Texas modules qualify for the Section 45X production credit, a U.S. tax credit earned on each unit of solar equipment made in the U.S. For modules, it’s $0.07/W at full value through 2029, then 75%, 50%, and 25% of full value in 2030-2032, and nothing after. $TOYO said on July 21 that its Texas subsidiary expects to be eligible to claim the credits for its 2025 tax year, which covers the plant’s first months of production. But Rhone Resch, $TOYO’s Chief Strategy Officer, said on the Q2 call that $TOYO will quantify the credits only after its tax, legal, and accounting work is done. For the panels themselves, $TOYO announced $185.6M of purchase orders under two master agreements with U.S. developers on June 10, and ~$240M of binding contracts signed “since mid-June” on September 28, with deliveries through H1 2027. The releases don’t say whether the two overlap, so to stay conservative, I only count the ~$240M. If priced like $TOYO’s H1 2026 module sales (~$0.25/W), ~$240M would be ~1 GW of panels, or ~6 months of the Texas plant’s 2 GW nameplate.

Investor Letters

All letters

Namib Minerals: Research Flash

Namib Minerals’ How Mine mill reached 55,000 tonnes per month, 36% above prior capacity, while a proposed $30 million Ecobank facility…

NAMM $43M
Atrium Research - Equity Research 2 clicks

Bimergen Energy: Research Flash

Bimergen Energy filed for a Texas retail-power license to supply data centers directly and gained eligibility for federal contracts through…

BESS $15M
Atrium Research - Equity Research 3 clicks
OSG · long

Octave Specialty Group INC

Octave Specialty Group, formerly Ambac Financial, is pitched as a long after its municipal bond insurance past.

OSG $222M
Value Investors Club 1 click

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 67 of 269

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

190 firms

Sectors

Ordered by how often our editor reaches for them.