Smartkarma Daily Briefs

• Property developer Guangdong – Hong Kong Greater Bay Area Holdings (1396 HK) (GHKGBA) is currently suspended pursuant to the Takeovers Code.
• GHKGBA, previously known as Hydoo, was subject to an unconditional MGO in 2019 after China Guangdong-Hong Kong Greater Bay Area (CGHKGBA) acquired a 51.56%.  CGHKGBA currently holds a 50.94% stake
• At a guess, CGHKGBA will seek to take GHKGBA private by way of a Scheme. The rub/pushback? GHKGBA’s share price is up 2,383% YTD. And trailing P/B is ~7x. 

• Abacus Storage King (ASK AU) disclosed a non-binding proposal from Ki Corporation and Public Storage (PSA US) at A$1.65 per unit, a 14.7% premium to its previously rejected offer.
• The Board will grant six weeks of due diligence. While below NTA (implies P/NTA of 0.95x), the offer is reasonable compared to peer multiples and historical trading ranges.   
• The consortium will likely need to switch to a takeover offer as National Storage REIT (NSR AU), which holds effectively a blocking stake, is unlikely to vote in favour. 

• Volume trends and sub-sector splits highlight where interest is most concentrated.
• We revisit top names that appeared prominently in last week’s active lists
• Trading patterns suggest a mix of positioning motives across Financial names.

• BSE’s Option Premium ADTO in July MTD is down 25% MoM to INR 105bn amid lower market volatility and regulatory overhang from SEBI’s ban on Jane Street.
• This weakness has triggered another 6–8% volume cut assumption in the market, on top of the 4–5% volume cut in June 2025.
• BSE will face pressure in the near-term due to lower volume and valuation pressure, but long-term optimism tied to earnings if volumes normalize and reforms push investors toward cash equities.

• Discussion covers topics including dollar signals, $CNY fixes, tariffs, and observations on Swiss and sterling
• Dollar remains bearish despite some systematic signals turning less bearish or even bullish
• Client sentiment may be shifting tactically towards throwing in the towel on the bearish dollar trend due to technical patterns, but long-term view remains unchanged

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• China International Capital Corporation (3908 HK)‘s 1H25 positive profit alert is encouraging, with 1H25 results growing by 55-78% YoY.  
• YTD, CICC has a 59.5% share of the HK IPO market. The solid H-share IPO pipeline of A-share companies is beneficial, as this is its major area of strength.
• Market consensus has underestimated its FY25 earnings, inflating its PER multiples. The current 51% discount of its H-share to A-share is just too steep (average 37.7%).

• BPER acquired 58.35% of Sondrio with an enhanced bid, but low take-up signals shareholder dissatisfaction and opens room for further action.
• Revised terms imply a 3.9% gross spread, offering a compelling short-term arbitrage play with estimated 12.4% annualized return.
• A potential reopening or share accumulation remains likely, with Unipol’s dual role adding strategic weight and optionality to the situation.

• We think the student housing sector / PBSA is interesting– the sector is driven by strong drivers including steady university enrolment, rising international student mobility, as well as urbanization
• The sector is further characterized by the huge demand/supply imbalance – supply has high entry barriers including high construction costs, inflationary pressures, and complex planning issues
• We like XIOR, which is a leading student housing company focused in Europe, on the back of its high asset quality, strategic growth as well as pricing power

• NTT DC REIT’s IPO, scheduled for July 14, has a market capitalisation of US$1.03 billion, featuring six data centres.
• NTT DC REIT projects a 7.5% annualised distribution yield for 9M FY26, surpassing other Data Centre S-REITs.
• KDC’s AUM is S$4.9 billion, with 24 data centres; Digital Core REIT manages US$1.7 billion in assets.

• Kasumigaseki Hotel REIT (401A JP)  is looking to raise up to US$195m in its upcoming Japan IPO.
• It is a REIT with hotel assets, sponsored by Kasumigaseki Capital (3498 JP) . 
• In this note, we look at the firm’s past performance.