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FUI holds convocation Islamabad:The convocation 2024 for the Faculty of Arts and Social Sciences, Foundation University School of Science and Technology (FUSST), was held at Topi Rakh, near Ayub Park, says a press release. Dr. Ata-ur-Rahman, renowned scientist and recipient of Nishan-e-Imtiaz, Hilal-e-Imtiaz, Sitara-e-Imtiaz, and Tamgha-e-Imtiaz, graced the occasion as the chief guest. The Rector, Major General (r) Muhammad Kaleem Asif, HI(M), and Pro Rector/Director Brig (r) Dr. Abdul Ghafoor, Foundation University School of Science and Technology, were also present. A total of 520 students were awarded degrees, including 8 gold medals, 8 silver medals, 60 certificates of distinction, and 104 merit certificates. The pro rector/director of FUSST presented the annual report, highlighting significant milestones achieved by the Faculty of Arts and Social Sciences. This year, 520 degrees are being awarded across programs in psychology, media, computer arts, and English, with merit certificates introduced for MS graduates. FUSST’s PhD programmes have produced 112 scholars, with over 120 currently pursuing advanced research. Addressing the graduates, the Pro Rector encouraged them to become innovators, uphold ethical standards, and make meaningful contributions to society while honoring their parents’ sacrifices. He reaffirmed FUSST’s commitment to academic and research excellence. Dr. Ata-ur-Rahman, the chief guest, congratulated the graduates, medal winners, and their parents for their hard work and achievements.edatanetworks Inc. Granted Patent by USPTO for Expedited Loyalty Platform On-Boarding
SARAJEVO, Nov. 21 (Xinhua) -- Bosnia and Herzegovina's (BiH) economy is forecast to grow by 2.5 percent in 2024 and 3 percent in 2025, driven by increased private consumption, wage growth, and slight investment gains, according to a senior expert with the International Monetary Fund (IMF). Presenting the IMF's "Regional Economic Outlook for Europe" in Sarajevo on Thursday, IMF Resident Representative Andreas Tudyk highlighted risks to BiH's economic forecast, including Europe's economic slowdown, political tensions, and fiscal challenges. Goran Mirascic, economic advisor to the BiH prime minister, noted BiH's moderate debt and said most borrowing supports infrastructure projects. While weaker demand from key trading partners like Germany and Italy affects exports, BiH's gross domestic product (GDP) growth is expected to remain between 2.5 percent and 2.8 percent in 2024, he said.NEW YORK (AP) — Free agent pitchers Luis Gabriel Moreno and Alejandro Crisostomo were suspended for 80 games each by Major League Baseball on Friday following positive tests for performance-enhancing substances under the minor league drug program. Moreno tested positive for Nandrolone, and Crisostomo tested positive for Boldenone and Nandrolone, the commissioner’s office said. A 26-year-old right-hander, Moreno was released by the New York Mets’ Class A Brooklyn Cyclones on Tuesday. He was 5-1 with a 5.33 ERA in 12 relief appearances this season for Brooklyn after spending 2016-23 in the San Francisco Giants organization. Crisostomo, a 24-year-old right-hander, was released by Minnesota on Aug. 24 after going 0-1 with a 7.13 ERA this year with the Florida Complex League Twins. He signed with Boston in 2017, spent 2018 in the Dominican Summer League with the Red Sox, then signed with Minnesota and spent 2023 with the Twins DSL team. Nineteen players have been suspended this year for positive drug tests, including eight under the minor league program and nine under the new program for minor league players assigned outside the United States and Canada. Two players have been suspended this year under the major league drug program. Noelvi Marté , a 22-year-old infielder who is the Cincinnati Reds’ top prospect, missed the first 80 games following a positive test for boldenone. Toronto Blue Jays infielder Orelvis Martínez was suspended for 80 games on June 23 following a positive test for the performance-enhancing drug clomiphene, an announcement made two days after his major league debut . AP MLB: https://apnews.com/hub/mlb
Jeremy Edwards/E+ via Getty Images Saul Centers ( NYSE: BFS ) is an old-line shopping center REIT with its properties concentrated in the Washington DC MSA. Despite its tenure, the company never really came across our radar because it consistently traded at a premium FFO multiple. Back in 2015 it traded at 20X while other shopping center REITs were far cheaper. S&P Global Market Intelligence Saul’s multiple dropped to about 11X during the pandemic but even that wasn’t cheap because REITs were so absurdly discounted in 2020 that we were buying other shopping centers at 8X or lower. Today, however, Saul trades at just over 12X FFO and 17X AFFO making it cheaper than the grocery-anchored shopping center averages of 14.6X and 17.8X FFO and AFFO respectively. It is now interesting as a potential way to buy prosperous Washington DC properties at a significant discount to replacement cost. We bought a tiny starter position in BFS and began our due diligence. We shall begin with a company overview of BFS and then follow with our analysis on fundamental outlook, valuation and the multitude of idiosyncratic factors to consider with this somewhat atypical company. Saul Centers Overview Saul Centers is a mid-cap REIT with properties consisting primarily of shopping centers with about a quarter of its portfolio in mixed-use apartment/office. BFS It has a few properties located along most of the East Coast, but the bulk of its assets are in DC. S&P Global Market Intelligence We see this as a great market for shopping centers because DC has higher median household income than any other state, coming in at $106,049. S&P Global Market Intelligence In combination with fairly high population density, Sauls’ shopping centers have access to a high number of affluent customers within their catchment radii. Since the company has been around for a long time, long-term charts of key metrics serve as a means of understanding its track record. FFO/share has grown moderately over time. S&P Global Market Intelligence For most real estate sectors the above growth would be quite slow, but recall that the period from 2007 through 2018 was the dark ages for retail real estate. Shopping centers were overbuilt heading into the Financial Crisis and then the already oversupplied sector had to battle the advent of E-commerce. Thus, while the growth rate was not impressive from a broader standpoint, it is more than adequate given the environment in which it was operating. As we have discussed more thoroughly here , fundamentals of the shopping center sector have improved dramatically. Shopping centers are now undersupplied and strong net absorption is allowing landlords to raise rents materially. Thus, the forward growth rate for shopping centers should be much higher than it was historically. This is showing up in the numbers with Saul achieving greater than 6% same-store NOI growth in the most recent quarter. S&P Global Market Ingelligence Its earnings were fairly typical of retail REITs in 2024 with rental rates getting rolled up upon renewal/re-leasing. Saul is among the more dividend focused shopping center REITs with a current yield of about 6%. Aside from a small cut from the Financial Crisis, Saul’s dividend has been stable to growing. S&P Global Market Intelligence Given the fundamental outlook, we see its forward dividend as quite reliable, making it a reasonable income investment. Growth Potential Occupancy is roughly full with the typical frictional level of vacancy, so most of Saul’s growth potential comes from rental rate growth. Saul’s rent per square foot is about $24 for its retail portfolio, which strikes me as well below market rates, particularly for the DC area. Saul’s leasing strategy is less aggressive than most with a clear preference to renew existing tenants rather than finding new tenants. Doing so allows them to forgo most of the tenant improvement costs and other capex but it likely leaves money on the table with regard to rental rates. 84.7% renewal rate is very high and I would argue a bit too high. BFS That said, the currently well below market rents can be unlocked in the future as rents roll. I would anticipate forward organic growth around 5% annually with some fluctuation based on the percentage of existing leases expiring each year. More expiration would translate to more growth given the magnitude of mark-to-market. Valuation Saul is quite discounted relative to its own history, but a purchase decision today is not based on it being a better buy than it was. The hurdle it must overcome is being better than shopping center peers. For this, we can turn to a relative valuation. As discussed above, Saul trades at a lower multiple than peers, but it also higher leverage than most of the sector. S&P Global Market Intelligence Below we plotted the AFFO multiple of each shopping center REIT on the Y axis against the debt to capital on the X axis. 2MC Those with higher leverage should trade at lower multiples and indeed they do as seen with the trendline. On a leverage neutral basis, Saul trades right in-line with peers. Absolute valuation is also worth considering here and it is perhaps the area where Saul looks more opportunistic. Consensus NAV is $52.50, so its $39.70 price tag represents a substantial discount. S&P Global Market Intelligence Analysts forming the consensus are using a 6.61% cap rate in valuing Saul’s properties and that feels about right given age, location and type. DC shopping centers would typically go for higher prices (maybe a 5.5% cap rate), but Saul’s properties are a bit higher average age which would pull the cap rate back up. Idiosyncratic oddities BFS is a quiet company. It doesn’t raise capital very often, so it operates more like a private company than a public. It doesn’t do quarterly conference calls and rarely puts out investor presentations. We have seen similar levels of quietness among One Liberty Properties ( OLP ) and Urstadt Biddle (UBA) prior to UBA being bought out. Another strange detail is that BFS has extremely high insider ownership. 35.5% of common shares are held by B.F. Saul Real Estate Investment Trust. An additional 3.14% of common shares are held by B. F. Saul Co. S&P Global Market Intelligence Additionally, there are 10 million OP units, many of which are owned by the Saul Family. S&P Global Market Intelligence Per the 10-Q: “As of September 30, 2024, the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (collectively, the “Saul Organization”) held an aggregate 29.0% limited partnership interest in the Operating Partnership represented by approximately 10.0 million convertible limited partnership units. These units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Company’s Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns or will own after the exercise, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers, excluding shares credited to directors’ deferred fee accounts (See Note 8). As of September 30, 2024, approximately 628,000 units could be converted into shares of Saul Centers common stock.” Insider ownership of this magnitude is a double-edged sword. On the positive side, management is financially aligned with shareholders and on the negative side, the Saul family has nearly impenetrable control of the company. It is difficult to say if this is overall positive or negative. Thus far, I have not been able to detect any signs of management abusing their entrenched position. It is merely something to make note of. Buyout potential Among the shopping center REITs a few stand out as the most ripe for getting bought out. Whitestone ( WSR ) has repeatedly been the subject of hostile takeover attempts Slate Grocery ( OTC:SRRTF ) and Saul each trade at steep discounts to NAV Due to its small size, Slate is a highly accretive acquisition target because there would be substantial opex savings. Saul stands out as a potential target due to its property concentration in DC. It is a highly desirable submarket and it would be difficult to otherwise assemble such a portfolio so the prospect of getting that exposure at a discount to NAV could be enticing to peer REITs or private equity. Overall take Saul’s valuation looks about right relative to its peers although I think the entire shopping center sector is opportunistic given the fundamental outlook being stronger than multiples imply. It has a strong property portfolio but some internal oddities which along with high leverage make it slightly riskier than peers. Overall, it is not a slam dunk but potentially a good investment. We will watch it and perhaps buy more if it gets cheaper or there are signs of more imminent M&A. Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks. At Portfolio Income Solutions we do ad hoc analysis of special situations as well as full reports on specific stock. If you found this analysis compelling please check out our library of work which you can access at a discounted rate through this link. https://seekingalpha.com/affiliate_link/40Percent I hope you enjoy the plethora of data tables, sector analysis and deep dives into opportunistic stocks. Dane Bowler is the Chief Investment Officer and a registered investment adviser at the 2nd Market Capital Advisory Corporation. He has over a decade of experience running a proprietary portfolio with a specialization in REITs. On-site property tours and critical analysis of REIT management help inform his selection process. Dane leads the investing group Portfolio Income Solutions along with Simon and Ross Bowler. Features of the service include: a diversified high-yield REIT portfolio, data tables on every REIT, tax guidance, macro analysis, fair value estimates, and quick updates via chat on breaking news. Learn More . Analyst’s Disclosure: I/we have a beneficial long position in the shares of BFS, WSR, SRRTF, KIM, BRX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. All articles are published and provided as an information source for investors capable of making their own investment decisions. None of the information offered should be construed to be advice or a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.The information offered is impersonal and not tailored to the investment needs of any specific person. Readers should verify all claims and do their own due diligence before investing in any securities, including those mentioned in the article. NEVER make an investment decision based solely on the information provided in our articles.It should not be assumed that any of the securities transactions or holdings discussed were profitable or will prove to be profitable. Past Performance does not guarantee future results. Investing in publicly held securities is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions.Commentary may contain forward looking statements which are by definition uncertain. Actual results may differ materially from our forecasts or estimations, and 2MC and its affiliates cannot be held liable for the use of and reliance upon the opinions, estimates, forecasts, and findings in this article.S&P Global Market Intelligence LLC. Contains copyrighted material distributed under license from S&P2nd Market Capital Advisory Corporation (2MCAC) is a Wisconsin registered investment advisor. Dane Bowler is an investment advisor representative of 2nd Market Capital Advisory Corporation. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Friday essay: Ukraine is the world’s most heavily mined country. Meet some of the people cleaning up this deadly messOregon beats San Diego State, improves to 7-0
Viral "Social Lives" Key to Developing Treatments for Bacterial Infections NEW YORK , Dec. 12, 2024 /PRNewswire/ -- Viruses that infect and kill bacteria, called phages, hold promise as new treatment types for dangerous infections, including strains that have become resistant to antibiotics. Yet, virologists know little about how phages persist in the populations of bacterial cells they infect, hampering the development of phage therapies. Published online December 12 in the journal Science , a new study offers the first evidence that a single bacterial species—the host of the phage—can maintain a diverse community of competing phage species. Led by researchers at NYU Grossman School of Medicine, Oxford , and Yale University , the study showed that several phage species coexist stably on a population of a genetically uniform strain of E. coli , a bacterial species that colonizes the human gut and includes disease-causing variants. The researchers found that, despite competition between the viruses, different phage species preferred slower or faster growing cells that randomly appeared in the population. In this way, each phage species was able to find a separate niche on the same host, leading to stable coexistence. Lack of local access to nutrients (starvation), for instance, may slow the growth of some cells to preserve scarce resources. In the current study, two species of phage, labeled N and S, co-existed because N was more fit to survive in fast-growing bacterial cells, while phage S was better in slow-growing cells. The designers of phage therapies hope to avert the problem in treatment with antibiotics, where a certain drug kills bacteria but leaves alive the fraction that by chance are the most resistant to that drug's mechanism of action. These survivors are a major concern because they have become resistant to available treatments. "Knowing how more than one kind of phage can survive over time on a single bacterium could help in designing next-generation phage cocktails," said first study author Nora Pyenson , PhD, a post-doctoral scholar in the lab of co-author Jonas Schluter , PhD , of the Institute of Systems Genetics at NYU Langone Health. "For example, each phage species might attack the bacterium in a different part of its lifecycle and enabling the whole population to be killed before resistance to the treatment evolves." "No phage therapies have yet become standard treatments for bacterial infections, either because in past attempts a single phage did not kill all the targeted bacteria or because the bacteria evolved to be resistant, similar to the evolution of antibiotic resistance," adds Dr. Pyenson. Labs are already testing phage treatments as an alternative to antibiotics. A co-author of the current paper, Paul Turner , PhD , at Yale University , for instance, leads a clinical trial that uses phages against the species Pseudomonas aeruginosa , which can contribute to severe inflammation in the lungs of patients with cystic fibrosis. Dr. Schluter's lab is studying the role of phages in the gut ecosystem of humans and mice that could shape future therapies for infections like Salmonella . A main goal is to anticipate the impact of phage administration and design phage therapies that, unlike current versions that must be tailored to a single patient, work universally across many patients. Importance of Phage Ecology Understanding species diversity is a fundamental question in ecology and evolutionary biology. A major factor enabling diversity, from birds to plants to bacteria, is that species find ways to coexist while still competing for resources. However, viruses were not traditionally thought of in this "social" context. The current research team experimentally tested the long-held assumption that the genetic diversity of bacteria limits the diversity of viral species. This led to an expectation that one phage type would outcompete all others to be the lone survivor. However, just as multicellular organisms host a wide array of bacterial species within their microbiome, the new results show that a single bacterial strain can, itself, host a diverse community of phage species. "Our study contributes to the burgeoning field of studying the social lives of viruses ," adds Dr. Pyenson. "We often think of viruses purely in terms of their impact on the host, but they also exist in the context of other viral species. These phage communities show how diversity emerges even among the simplest bits of biology." Interestingly, the presence of a diverse population of bacteria in the human gut is a sign of health, as the diverse set of species (microbiome) is better able to resist attempts at dominance by any invading, disease-causing species. By the same token, the population of viruses occupying the bacteria that live in the gut is also emerging as an important regulator of health, with abnormal phage mixes thought to contribute to conditions like sepsis. "This work represents a shift in our understanding of phage ecology," said Dr. Schluter, also a professor in the Department of Microbiology at NYU Langone. "Thanks to Nora's work, which she carried through a pandemic and across four labs, we can now begin to understand the evolution of phages when they are in community with diverse viral species and how this shapes their role in health and disease." Along with Drs. Pyenson and Schluter at NYU Langone, and Dr. Turner at Yale , study authors were Asher Leeks and Odera Nweke in the Department of Ecology and Evolutionary Biology at Yale University ; Joshua Goldford in the Division of Geological and Planetary Sciences at the California Institute of Technology in Pasadena; Kevin Foster in the Department of Biology at the University of Oxford ; and Alvaro Sanchez of the Institute of Functional Biology & Genomics, CSIC & University of Salamanca in Spain . Drs. Foster and Sanchez were corresponding authors alongside Dr. Pyenson. Funding for parts of the work was through the Life Science Research Foundation and the Simons Foundation provided to Dr. Pyenson, and through a New Innovator Award to Dr. Schluter (DP2AI164318) from the National Institute of Autoimmune and Infectious Diseases, part of the National Institutes of Health. Contact: Gregory Williams , gregory.williams@nyulangone.org View original content to download multimedia: https://www.prnewswire.com/news-releases/diverse-virus-populations-coexist-on-single-strains-of-gut-bacteria-302330342.html SOURCE NYU Langone Health SystemNone
Keysight Technologies Inc. stock underperforms Wednesday when compared to competitors