Daily Brief Financials: Refine Co Ltd, Lifestyle Communities, Inter & Co, Migalo Holdings, National Stock Exchange and more

• One of the minority investors in Refine Co (377450 KS) called Cha Partners is heavily opposed this deal and has demanded higher shareholder returns. 
• The tender offer price is approximately 35% lower than the 27,159 won per share paid by Realty Fine when acquiring the stake from the existing largest shareholder.
• At this point, it appears that the tender offer completion rate could be about 50-70% of total shares up for tender offer (5.2 million).

• Operational Normalisation Post-FY25 Headwinds: Following a challenging FY25 marked by significant non-cash property revaluations and regulatory scrutiny surrounding exit fees, Lifestyle Communities has rebounded in FY26, reporting revenue of A$205.9M, a return to net profitability at A$46.9M, and robust positive free cash flow of A$92.1M.
• Compelling Valuation Discount to Sector Peers: Trading at 0.9x Price-to-Book and a forward P/E of 13.0x, LIC offers a substantial discount relative to pure-play peer Gemlife Communities Group (1.6x P/B and 31.2x P/E), providing institutional investors with a significant margin of safety backed by high-quality underlying real estate assets.
• Secular Demographic Tailwinds Tempered by Capital Allocation Discipline: Long-term demand remains supported by Australia’s aging demographic and downsizer affordability needs; however, near-term capital returns remain paused (FY26 DPS at A$0.00) as management prioritises balance sheet de-leveraging and self-funded project delivery.

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• Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations
• Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution
• We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk

• On August 6, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q1 FY2027 (AprilJune) earnings results.
• The number of condominium buildings implementing FreeiD, the Companys facial recognition platform service and a key growth driver, adopting the system increased to 423 as of the end of June 2026, up from 228 YoY.
• Although the real estate sector is currently facing broad headwinds, the flow of positive catalystsmost notably FreeiD adoption announcements from major developers and participation in large-scale residential-commercial mixed-use projectspositions the stock as an investment opportunity with meaningful upside potential.

• SEBI has approved the draft prospectus of NSE. As per news reports, the management has completed extensive roadshows and is looking to launch the IPO as early as 21st September.
• The new Closing Auction Scheme by SEBI impacts options trading—the NSE’s primary revenue driver.
• Renewed focus on NSE’s dependence on options revenue amid SEBI’s regulatory crackdown is raising concerns that the exchange’s valuation is stretched too high.