Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>The Open Banking initiative in the UK, the PSD2 directive in the EU and a Japanese equivalent are forcing banks to provide third party access via software APIs to customer data and accounts.</li>
<li>In effect, the new regulations will enable a separation of the functions of money i.e. the traditional bundling role of banks is being disintermediated in an ‘open source’ financial data world.</li>
<li>From being financial department stores, banks will have to become more like malls, hosting a range of independent…</li>
</ul>


The Open Banking initiative in the UK, the PSD2 directive in the EU and a Japanese equivalent are forcing banks to provide third party access via software APIs to customer data and accounts.
In effect, the new regulations will enable a separation of the functions of money i.e. the traditional bundling role of banks is being disintermediated in an ‘open source’ financial data world.
From being financial department stores, banks will have to become more like malls, hosting a range of independent…


Payments Battle Goes Global, as Fintech Threat Evolves…

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in mid-2025, the Abercrombie Group (TAG), the family office of Andrew Abercrombie, tabled a <a href="https://announcements.asx.com.au/asxpdf/20250625/pdf/06l2zmbfzc4v92.pdf" target="_blank" rel="noopener">A$0.58/share NBIO</a>, by way of a Scheme for <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">humm (HUM AU)</a>. Abercrombie then held 26.6%.</li>
<li>Matters then muddied, considerably, for the non-bank lender. First from disgruntled activist/shareholders seeking a board spill; then the Takeovers Panel waded in over shareholders being misled on a competing Offer. </li>
<li>That rival Offer, A$0.77/share Scheme or A$0.72 off-market, both NBIOs, was from <a href="https://www.smartkarma.com/entities/credit-corp-group-ltd" target="_blank" data-smartkarma-citation="entities:12691:1" rel="noopener">Credit Corp (CCP AU)</a>. Due diligence is nearing completion. Does CCP firm terms or walk?</li>
</ul>


Back in mid-2025, the Abercrombie Group (TAG), the family office of Andrew Abercrombie, tabled a A$0.58/share NBIO, by way of a Scheme for humm (HUM AU). Abercrombie then held 26.6%.
Matters then muddied, considerably, for the non-bank lender. First from disgruntled activist/shareholders seeking a board spill; then the Takeovers Panel waded in over shareholders being misled on a competing Offer. 
That rival Offer, A$0.77/share Scheme or A$0.72 off-market, both NBIOs, was from Credit Corp (CCP AU). Due diligence is nearing completion. Does CCP firm terms or walk?


Humm (HUM AU): Credit Corp Nears DD Completion

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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-limited" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs (PINELABS IN)</a> raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

With approx. 90% of names with mkt-cap above ¥50bn already announcing 1Q results, we looked back to see how companies did. If we look at the overall numbers, total Sales is up 7% YoY, OP is up 11% YoY and Net Income is up 26% YoY.At the sector level, Semiconductors &amp; Semiconductor Equipment sales is up 32% YoY and Material sector sales is up 12%. On the other side, only the Retail sector had sales fall YoY. 1Q Sales is down 2% in Retail. Sales for Health Care Equipment &amp; Services is only up 1%…

With approx. 90% of names with mkt-cap above ¥50bn already announcing 1Q results, we looked back to see how companies did. If we look at the overall numbers, total Sales is up 7% YoY, OP is up 11% YoY and Net Income is up 26% YoY.At the sector level, Semiconductors &amp; Semiconductor Equipment sales is up 32% YoY and Material sector sales is up 12%. On the other side, only the Retail sector had sales fall YoY. 1Q Sales is down 2% in Retail. Sales for Health Care Equipment &amp; Services is only up 1%…

1Q Results a Good Start in Japan - 133 Names Achieved More than 30% of Full-Year OP Guidance....

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>On the back of the “risk on” phase, we remove the sell rating on Affirm shares, and after their recent period of underperformance</li>
<li>We keep our buy rating on Klarna, primarily for its deep value credentials but also for its current high level of short interest</li>
<li>Block (XYZ US) is not a pure BNPL play, but is increasingly exposed to the sector through its acquisition of Afterpay; we maintain our neutral rating on Block</li>
</ul>


On the back of the “risk on” phase, we remove the sell rating on Affirm shares, and after their recent period of underperformance
We keep our buy rating on Klarna, primarily for its deep value credentials but also for its current high level of short interest
Block (XYZ US) is not a pure BNPL play, but is increasingly exposed to the sector through its acquisition of Afterpay; we maintain our neutral rating on Block


BNPL Companies; Risk on Phase, Stick with Buy on Klarna (KLAR US), Lifting Short on Affirm (AFRM US)

United States

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

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Block (XYZ US)

Payments Battle Goes Global, as Fintech Threat Evolves…

The Open Banking initiative in the UK, the PSD2 directive in the EU and a Japanese equivalent are forcing banks to provide third party access via...

Sean Maher

Humm (HUM AU): Credit Corp Nears DD Completion

Downside appears limited here - ~8% to where shares traded shortly after TAG walked away last November. I'm guessing no new developments until...

David Blennerhassett

Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

1Q Results a Good Start in Japan - 133 Names Achieved More than 30% of Full-Year OP Guidance....

With approx. 90% of names with mkt-cap above ¥50bn already announcing 1Q results, we looked back to see how companies did. If we look at the...

Custom Products Group

BNPL Companies; Risk on Phase, Stick with Buy on Klarna (KLAR US), Lifting Short on Affirm (AFRM US)

A switch to "risk on" in markets and the stock's recent de-rating drives our closing out of Affirm's sell; we keep Klarna on a buy rating for deep...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Payments Battle Goes Global, as Fintech Threat Evolves…

The Open Banking initiative in the UK, the PSD2 directive in the EU and a Japanese equivalent are forcing banks to provide third party access via...

Sean Maher

Humm (HUM AU): Credit Corp Nears DD Completion

Downside appears limited here - ~8% to where shares traded shortly after TAG walked away last November. I'm guessing no new developments until...

David Blennerhassett

Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

1Q Results a Good Start in Japan - 133 Names Achieved More than 30% of Full-Year OP Guidance....

With approx. 90% of names with mkt-cap above ¥50bn already announcing 1Q results, we looked back to see how companies did. If we look at the...

Custom Products Group

BNPL Companies; Risk on Phase, Stick with Buy on Klarna (KLAR US), Lifting Short on Affirm (AFRM US)

A switch to "risk on" in markets and the stock's recent de-rating drives our​ closing out of Affirm's sell; we keep Klarna on a buy rating for deep...

Victor Galliano

A switch to "risk on" in markets and the stock's recent de-rating drives our closing out of Affirm's sell; we keep Klarna on a buy rating for deep...