Daily Brief Financials: National Stock Exchange, Japan Property Management Center, Elite UK REIT, FleetPartners Group , Japan Treasury, Medibank Private and more

• National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO.
• NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
• We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the index impact, or lack thereof.

• In this insight we discuss about updates from National Stock Exchange (NSEIN IN)’s RHP.
• We discuss in detail various operational parameters and market share in key areas.
• Finally, we discuss why NSE stock is not running away.

• Ahead of the first close, Sunrise Capital increased its Japan Property Management Center (3276 JP) offer by 0.9% from JPY2,250 to JPY2,270. The closing date is 5 October.
• The price increase was funded by Hikari Tsushin (9435 JP) agreeing to a share buyback. It also has the added benefit of locking in additional support for the offer.
• Overall, the revised terms do not reflect an offer struggling to complete but good governance in securing better (even if modest) terms for minorities. 

The Corporate Webinar will be hosted on Tuesday, 13 October 2026, 18:00 SGT.

About Elite UK REIT

Elite UK REIT (“英利英国房地产信托”), is a UK REIT listed on the Singapore Exchange and managed by Singapore-headquartered Elite UK REIT Management Pte. Ltd. (the “Manager”).

With its portfolio, Elite UK REIT is one of the largest providers of critical social infrastructure to the UK’s Department for Work and Pensions and other government departments, with a portfolio of mostly freehold assets valued at £489 million as at 30 June 2026.

The portfolio has 148 properties which are mostly freehold or virtually freehold, geographically diversified across the UK and strategically located in town centres, near amenities and transportation nodes. The Manager is also capitalising on sectors exhibiting strong growth potential in the UK, such as purpose-built student accommodation and built-to-rent residential assets. With a long and diversified lease expiry profile and prudent capital management

For more information on Elite UK REIT, please visit https://www.eliteukreit.com/

• The company released a positive set of results for H1 2026, with improvements across the board.
• Revenue increased by 0.8% yoy to GBP18.9mn, on new acquisitions and a higher occupancy rate (99.9% vs 95% a year ago).
• Distributable income grew 3.6% yoy to GBP10.1mn and dividend per unit (DPU) rose to 1.55 pence (vs 1.54 pence a year ago), representing a distribution yield of 9.8%.

• National Stock Exchange (NSEIN IN), India’s largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.
• I previously discussed the IPO in National Stock Exchange of India IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.

• National Stock Exchange is launching India IPO to raise nearly INR 12.6B. They operate a vertically integrated stock exchange offering integrated platform for trading, clearing, listing, and other services.
• In Q1FY27, NSE revenue increased by 9.5% to INR 52.5B, driven by increase in transaction charges. Net profit rose 11% to INR 31.2B with net margin down 150bps to 59.4%.
• Though, the valuation seems slightly pricey, the intrinsic growth opportunity that comes from the breadth of their offerings, operational scale and profitability, makes this offering a good long-term bet.

• Takeover premiums are driven by strategic synergies rather than financial arbitrage, with the A$4.65 revised non-binding proposals from ORIX and Sumitomo valuing FleetPartners (FPR) at A$982.1 million. While SG Fleet’s A$4.55 bid presents a domestic consolidation opportunity, it faces significant regulatory risk from the ACCC due to a combined trans-Tasman fleet size exceeding 320,000 vehicles.
• The phased wind-down of the Australian Fringe Benefits Tax (FBT) exemption on electric vehicles (EVs)—as outlined in the May 2026 Statutory Review of the Electric Car Discount—will pressure future novated leasing volumes starting April 2027. However, grandfathering clauses protect existing leases, and the A$75,000 cap in Phase 2 shifts the competitive focus toward lower-priced EV models rather than a sudden volume cliff.
• FPR’s execution of the A$31.5 million “Accelerate” IT transformation program has delivered the promised A$6 million in annualized cost-out savings, but the transition compromised near-term customer service. While the standalone business has normalized back to a net cash position of A$28 million in late 2025, the current executive incentive structures and the recent A$31.4 million Remunerator acquisition indicate management was building standalone scale, though they will ultimately recommend a sale if bids exceed A$4.80.

• Japan’s 30-year yields 4.16%, 236 basis points over the Bank of Japan’s neutral midpoint. Part is fiscal premium; the rest is the price of a domestic bid returning at 4%
• Post-Covid inflation was supply-driven, imported through the yen, oil and food. Inflation excluding food and energy never exceeded 2.7%. Real wages are rising, consumption grows 1%: neutral, not above it.
• The buyers’ strike is ending. Life insurers sold ¥2.1 trillion of super-longs in FY2025 and are buying again; Meiji Yasuda doubled its plan; GPIF is pressed to add domestic assets.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: In Australia, currently five pair trade opportunities persist across four sectors.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.