Financials

• Today after the close, Tokyo-based Dear Life (3245 JP) announced a primary offering to raise approximately ¥7bn through 15% dilution. Implying a 13+% price drop to protect PER.
• But the company plans on growing earnings. It has some projects in inventory, but it obviously plans a lot of turnover this year and needs to replenish.
• The MTMP “slogan” is “2028 – Ride the Wave!”  This is a bit what investing in Tokyo real estate is like now. So one rides it until one doesn’t.

• Reportedly, Brookfield and Singapore’s GIC will make an Offer for National Storage REIT (NSR AU), Australia and New Zealand’s largest landlord of self-storage sites .
• The AFR is reporting that Brookfield/GIC are on the cusp of launching a bid around NTA.  NSR entered into a trading halt this morning. 
• Earlier this year, key peer Abacus Storage King (ASK AU) fielded an NBIO from Ki Corporation/Public Storage (PSA US) at a ~3% premium to NTA; however, Ki/PSA ultimately walked. 

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing
• SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
• We have looked at past performance in our earlier notes. In this note, we talk about valuations.

• Priority Technology received a non-binding privatization offer from founder Thomas Priore at $6-$6.15/share, with Priore owning 58%.
• Activists Buckley Capital and Steamboat Capital oppose the bid, claiming it undervalues PRTH, suggesting a fair value of $10-$17/share.
• The company’s segments include Merchant Solutions, Payables, and Treasury Solutions, with 64% of adjusted gross profit from recurring revenues.

• CICC (3908 HK)‘s announced merger with Dongxing Securities (601198 CH) and Cinda Securities (601059 CH) will elevate it to the 3rd largest HK-listed Chinese securities company.
• Based on our assumptions, its EPS will be diluted by 7.1%, BPS enhanced by 12.2%, and ROE lowered by 1pp for FY26, before accounting for synergy.
• Its presence in Fujian (+616.7%), Liaoning (+500%), and Beijing (+100%) will be significantly enlarged. Additionally, it will open up potential benefits from optimisation.

• NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
• NSG aims to raise around US$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
• In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.

• Bajaj Housing Finance (BHF IN) is a priced to perfection narrative.
• The current valuation (37.3x P/E, 4.2x P/B) prices the stock for absolute perfection in an environment that is distinctly imperfect and rapidly deteriorating.
• A critical red flag highlighted in the Q2 transcript is the elevated annualized attrition rate.

• Priority Technology (PRTH) received a non-binding privatization offer from its founder at $6-$6.15/share, with activist opposition.
• KNOT Offshore Partners (KNOP) received a non-binding privatization offer at $10/unit, with expectations of a bumped offer.
• Lennar Corporation (LEN) completed a tender offer, with a final exchange ratio of 4.1367x and oversubscription.

• Grayscale positions for a 2025 IPO as the largest U.S. digital-asset investment platform with $35 billion AUM and broad institutional-grade product coverage.
• The firm targets a $4 trillion digital-asset market, leveraging diversified ETPs and strong investor adoption to expand regulated access and long-term growth potential.
• Despite sector volatility, Grayscale aims to capitalize on rising institutional demand, product innovation, and its scale advantages to drive future public-market performance.

• Shinyoung Securities demonstrates a compelling value proposition with a low price-to-book ratio and a consistent, high dividend yield, appealing to value and income-oriented investors.
• Despite strong multi-year growth in net income and EPS, the company exhibits significant top-line volatility and deeply negative operating cash flows, raising concerns about the quality and sustainability of its earnings.
• The firm operates in the highly competitive and cyclical South Korean securities industry, facing pressures on margins and earnings streams that are heavily influenced by macroeconomic conditions and market trading volumes.

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• This insight compares the iEdge Singapore Next 50 Index with regional mid-cap indices, focusing on methodology, sector composition, and historical performance. 
• Combining flagship and next-tier indices can broaden sector exposure and balance within an Asia-focused equity portfolio. 
• A volatility-driven allocation strategy is presented, showing that dynamic mid-cap exposure can help moderate drawdowns and enhance returns during market cycles.

• Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
• United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
• Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

• Paymentus is a high-growth, cloud-based bill payment technology provider, capitalizing on the secular shift from paper to electronic transactions. Its strong revenue growth is driven by onboarding new clients and increasing transaction volumes.
• The company’s proprietary Instant Payment Network (IPN) and omni-channel platform create a network effect, enhancing its competitive moat. Strategic partnerships with major financial institutions and technology companies are expanding its market reach.
• While the company exhibits strong top-line momentum and improving profitability, it faces risks from customer concentration, potential margin pressure from large enterprise clients, and intense competition in the fragmented electronic payments market.

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• Cosmo Giang, partner at Pantera Capital, discusses the investment thesis behind digital asset treasury companies (DATs) and their role in the crypto ecosystem, particularly highlighting Solana as their largest position.
• Giang compares DATs to traditional financial companies, emphasizing how they can generate yield on assets like Bitcoin and Solana, similar to how banks generate returns on deposits.
• Giang reveals how Solana’s smart contract platform offers more sustainable yield potential compared to Bitcoin, leading to Pantera’s bullish stance on the cryptocurrency.

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• Neinor will complete the voluntary OPA at €21.335 with Castlelake’s 79%, then launch a mandatory €24/share offer for minorities if acceptance falls below 50%, effectively setting a regulatory floor.
• Aedas shares jumped to €23.65 as the market prices a near-certain €24 exit. The resulting 1.5% spread offers a mid–single-digit annualized return, driven mainly by timeline rather than deal risk.
• Next steps include CNMV approval of the voluntary OPA, acceptance verification, and automatic escalation to the mandatory €24 offer. Execution risk remains minimal; timing drift is now the main variable.

• NS Group (471A JP) is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.   
• The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.   
• The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage. 

• 4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.
• Given the strong institutional interest in crypto after the US passed the GENIUS Actand the amount of capital going into digital asset treasury (DAT) companies, we could see a similar strong performance in 4Q25.
• There has been significant interest in DAT companies, particularly those focusing on coins other than Bitcoin and those adding return enhancers to their models, DAT++ companies.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
• SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
• We have looked at past performance in our earlier notes. In this note, we undertake a peer comparison

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: SBI Shinsei Bank (8303 JP) is looking to relist by raising about US$2 billion, and Toyoda Gosei (7282 JP)‘s US$0.8 billion secondary offering. 
• Event-Driven developments: Digital Holdings Inc (2389 JP), Jinke Smart Services (9666 HK), RPMGlobal Holdings Limited (RUL AU), Webjet Group (WJL AU). 

• Hs underperformed As on average by 1.88% within the liquid AH pair universe. Defensive Hs outperform As. Others not.
• Nine new recos last week. The one labelled saw H underperform A by 2%. Ouch. 15+ new trades this week.
• The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

• We think Wharf REIC, which owns luxury malls in Hong Kong, is undergoing a structural de-rating, on the back of macro headwinds, currency impact and company fundamentals
• Southbound consumption into Hong Kong has weakened deeply, catalyzed by a punitive USD-pegged Hong Kong Dollar (HKD) and a collapsing Japanese Yen (JPY)
• In latest interim results, Wharf REIC reported HK$5.1 billion revaluation deficit and a HK$2.4 billion net loss, representing negative rental reversions crystallizing into lower asset values.

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
• Our latest estimates suggest there could be one regular change for F100 and four regular changes for the F250 index during the December 2025 rebal.
• The index changes for the December 2025 rebal will be based on the close of 2nd December 2025 and announced after the close of 3rd December 2025.

• Context: The Axis Bank (AXSB IN) vs. ICICI Bank (ICICIBC IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long ICICI Bank (ICICIBC IN) and short Axis Bank (AXSB IN) targets a 5% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Keybridge Capital is a small, opportunistic investment company with a highly volatile financial track record, characterized by significant swings in revenue and profitability.
• The company’s strategy involves a diversified portfolio of equity and debt investments, with a recent history of engaging in specialized situations like stablecoin arbitrage and activist investing, exemplified by a profitable exit from Magellan Global Fund Options.
• Extreme financial volatility, negative cash flows, a no-dividend policy to date, and a highly concentrated management structure present significant risks for investors, despite a recent profitable year and very low valuation multiples.

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• Moon River published a PEA on the potential restart of the 25% owned Endako Molybdenum Mine.
• Endako is a large brownfield project that was once one of the largest molybdenum producers in North America.
• The PEA depicted a highly profitable operation utilizing the substantial existing infrastructure; After-tax NPV8% was $790M & IRR was 40%.

• TRC’s chief growth strategy revolves around 3 planned MPCs using non-dilutive JV funding.
• Given that construction would be 2-3 years away, we believe the timeline does not meet shareholder objectives.
• Investors are looking for earlier catalysts.

• Toast, a leading provider of point-of-sale and management platforms for restaurants, reported strong performance in its third-quarter results for 2025.
• The company achieved notable milestones with annual recurring revenue (ARR) surpassing $2 billion, demonstrating robust 34% top-line growth, and maintaining a consistent adjusted EBITDA margin at 35%.
• These achievements underscore Toast’s strengthened market presence and operational efficiency.

• TPG, a global asset management firm, highlighted several key trends and outcomes for the third quarter of 2025, which can be used to construct an investment thesis.
• TPG reported a GAAP net income of $67 million and after-tax distributable earnings of $214 million, translating to $0.53 per share of Class A common stock.
• The company declared a dividend of $0.45 per share, consistent with its history of shareholder remuneration.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
• SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
• In this note we talk about the not-so-positive aspects of the deal.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, is looking to relist by raising about US$2 billion. The primary/secondary split is 40%/60%.
• I discussed the investment thesis in SBI Shinsei Bank (8303 JP) IPO: The Investment Case. 
• In this note, I discuss valuation. My analysis suggests that SBI Shinsei is fairly valued at the IPO price of JPY1,440 per share. 

• Canara Bank reported a robust Q2 FY26, defying sector-wide headwinds. The headline surprise was the sharp asset quality improvement, with GNPA collapsing to 2.35% and NNPA at a pristine 0.54%.
• The bank has successfully pivoted from “balance sheet repair” to “sustainable compounder.” While NII is flat, the bank is offsetting this with volume growth and 42% jump in non-interest income.
• With the “bad bank” legacy officially buried(PCR >93%), the narrative now shifts to value unlocking. The listing of subsidiaries and the decline in credit costs makes the current valuation attractive.

• Elite UK REIT offers a unique, counter-cyclical investment proposition with a portfolio of 148 properties primarily leased to the UK Government, providing stable, sovereign-backed cash flows.
• The REIT’s primary risk is its high tenant concentration, with the Department for Work and Pensions (DWP) being the main lessee. Management is actively mitigating this by diversifying into growth sectors such as Purpose-Built Student Accommodation (PBSA) and data centres.
• Trading at a discount to its Net Asset Value and offering a high dividend yield, the REIT presents an attractive valuation, though this is balanced by risks associated with its high gearing and the uncertainty of future DWP lease renewals beyond 2028.

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• This report argues that the August 2025 Executive Order allowing Bitcoin inside 401(k) plans is a structural breakthrough — potentially more transformative than the ETF approvals.
• While ETFs made Bitcoin easy to buy, 401(k) integration ties BTC to the U.S.’s largest savings engine: $9.3 trillion in employer retirement plans funded automatically every paycheck.
• Unlike ETF flows that rise and fall with sentiment, 401(k) contributions are programmatic, recurring, and extremely sticky — with 95% of participants never changing allocations.

• CBC priced at the low end and delivered a steady first-day performance, a strong outcome for an OTC up-listing with limited float.
• Investor demand was multiple-times oversubscribed, driven by long-only and sector specialists, with the family retaining majority control and offering only 7.4% of shares.
• Near-Term trading is expected to quiet sharply, with the stock likely to move in line with broader regional bank sector trends rather than company-specific catalysts.

• Kobo reported assay results from 12 holes as part of the ongoing drill program at its 100% owned Kossou Project in Côte d’Ivoire.
• The 12 holes total 2,755m of drilling, bringing the cumulative diamond drilling at Kossou to 26,267m and total drilling completed to 32,154m.
• Today’s results continue to expand Kossou’s mineralized footprint both at the Jagger and Road Cut Zones.

• NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies. 
• NSG aims to raise around US$260m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

JDC Group reported a 5.6% increase in revenues, to €55.1m, and 9.1% higher EBITDA of €2.5m in Q325. Management reiterated FY25 guidance for revenues of €260–280m and EBITDA of €20.5–22.5m, but said it expected results to come in at the lower end of the range due to increasingly negative consumer confidence in Germany. Management also reiterated FY26 EBITDA forecast of over €35m. The recently acquired 60% stake in FMK Group was consolidated in JDC’s results as of 1 September and contributed to the results for one month. We have lowered our estimates to reflect the shift in the guided range. At our new estimates, we still believe that JDC’s valuation is undemanding. Our discounted cash flow (DCF) analysis arrives at a fair value of €35.63 per share (previously €36.89 per share).

After more volatile public markets and an ‘uncertainty pause’ in global IT spending in early 2025, the environment has become more favourable for HgT, leading to positive NAV TR in Q2 and Q3. We remain convinced in its equity story as a strong compounder benefiting from the secular digitalisation trend, as illustrated by its healthy NAV TR of 14.5% and 17.8% per year over the five and 10 years. While the consequences of a platform shift like the one now triggered by AI are difficult to predict, HgT’s investment manager is experienced in navigating such disruptive changes and has built extensive AI capabilities to support its portfolio in the adoption journey, with some initial promising outcomes. HgT’s shares now trade at a 16.1% discount to NAV, versus a 10-year average of 8%.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, is looking to relist by raising about US$2 billion. The primary/secondary split is 40%/60%. 
• In December 2021, Shinsei Bank was privatised by SBI Holdings (8473 JP) through a contentious tender offer at JPY2,800 per share. 
• The investment case rests on growth in accounts/deposits, robust loan book growth, accelerating revenue growth, rising margins and improving asset quality.

• November 21st marks the close of the review period for the S&P/ASX 200 (AS51 INDEX) December rebalance. Changes will be announced on December 5th. 
• Implementation of changes begins December 19th, read Brian Freitas‘ recent insight to learn about the 7 possible modifications to the ASX 200.
• Passive tracker flows can significantly move markets around index rebalance dates. In this insight, we leverage our models to identify critical support and resistance zone (the index is very OVERSOLD).

• We upgrade BolsaMex to a buy rating; we believe that it is too cheap to ignore and that it has sound growth credentials with its healthy share of post-trade revenues
• We downgrade B3 Exchange to a neutral from buy, after its strong share price performance since mid-October lows; we feel it is still attractive but not as compelling as BolsaMex
• We upgrade BSE to a neutral rating from sell despite it trading on rich fundamental valuations; India’s strong IPO pipeline is one major factor in de-railing our sell recommendation

• We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
• From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
• With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.

• Sify Infinit Spaces Ltd (2026850D IN) is looking to raise US$484m in its upcoming India IPO.
• Sify Infinit Spaces Ltd is a provider of data center colocation services in India.
• In this note, we look at the company’s past performance.

Halyk Bank today announced the launch of a fully marketed offering and bookbuilding process for international and domestic investors for at least 12m global depository receipts (GDRs), representing c 4% of Halyk’s outstanding common shares. The GDRs are offered for sale by Halyk’s majority shareholder (ALMEX Holding Group), which currently holds a 69.5% stake (the remaining 30.5% is considered free float). Therefore, Halyk will not issue any new shares nor raise fresh capital in the process. The announcement follows an earlier declaration by ALMEX that, following feedback received from the investment community, it is evaluating ways to improve the liquidity of Halyk’s shares and GDRs, including a potential partial sale of its stake. The offering should also help diversify Halyk’s shareholder base. ALMEX will retain a majority stake in Halyk and remain fully committed to the bank’s long-term success.

• Top Pick Among GEM Exchanges with Deep Value: Bolsa Mexicana de Valores (BMV) stands out as a premier investment choice among emerging market exchanges, primarily due to its attractive valuation and significant growth potential in post-trade revenues. The company’s integrated business model, encompassing trading, clearing, settlement, and data services, provides a resilient and diversified revenue base.
• Dominant Market Position Facing New Competition: As Mexico’s long-standing primary exchange, BMV enjoys a deeply entrenched market position. However, the emergence of the Bolsa Institucional de Valores (BIVA) in 2018 has introduced competition, creating a new dynamic in the Mexican capital markets landscape that requires strategic adaptation.
• Macroeconomic and Political Headwinds: The company’s performance is intrinsically linked to the health of the Mexican economy and investor sentiment, which faces uncertainty from domestic political reforms, potential US tariff policies, and global market volatility. These factors represent the most significant risks to the company’s near-term growth and profitability.

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• Strong Financial Performance and Growth: UBL has demonstrated a robust growth trajectory with significant year-over-year increases in revenue and net income, driven by a high-interest-rate environment and expansion in its investment portfolio. The bank’s profitability is expected to remain strong, supported by a large deposit base and unrealized gains on government securities.
• Digital Transformation Leader: The bank is a recognized leader in digital banking in Pakistan, with a continuously growing base of digitally registered customers. This focus on technology provides a competitive edge, enhances operational efficiency, and positions UBL to capitalize on the growing trend of financial inclusion and digital adoption in the country.
• Significant Macroeconomic and Regulatory Risks: UBL operates in a challenging environment characterized by Pakistan’s economic and political instability. Key risks include high inflation, potential currency devaluation, and evolving regulatory changes from the State Bank of Pakistan, which could impact profitability and operational stability.

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• CPKF’s results were impressive.
• Third quarter net earnings increased $1.9 million, or 74%, to $5.2 million year over year, while 2025’s third quarter diluted EPS rose $0.41, or 74%, to $0.96, excluding a $0.3 million one-time aftertax gain, or $0.07 per diluted share, on the sale of a building, but including a $0.7 million aftertax gain, or $0.16 per diluted share, from adjustments on SBIC fund investments.
• We note the SBIC gains are a recurring item, though typically not as large as occurred in 2025’s third quarter.

• As the UK’s largest listed residential landlord, Grainger is well-positioned to capitalize on the structural undersupply of rental housing and growing demand, particularly in the build-to-rent (BTR) sector.
• The company’s integrated business model of originating, investing, and operating provides a competitive advantage, enabling control over asset quality and operational efficiencies, which should support long-term rental and net asset value growth.
• Despite a challenging macroeconomic environment with higher interest rates and inflation, Grainger’s focus on mid-market rentals and a strong development pipeline are expected to drive future earnings and dividend growth, though recent net income has been volatile due to valuation movements.

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• Jinke Smart Services (9666 HK) has announced an enhanced offer from Boyu at HK$8.69, a 30.3% premium to the existing base offer of HK$6.67.
• The enhanced offer is conditional on the shareholders’ approval of the delisting resolution and the 90% minimum acceptance condition from disinterested shareholders.
• The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the undisturbed price. 

• As Brian Freitas recently outlined, the Hang Seng Index (HSI INDEX) changes will be announced November 21st (this Friday) and take effect on December 6th.
• Brian predicted index additions and no deletions. As with all rebalances, inflows, outflows, and adjustments could trigger volatility. Our models, trained on decades of market data, help forecast these moves.
• Currently the HSI INDEX is in a mild WEEKLY correction, after a previous modest 2-week rally. We are still waiting for a meaningful correction, after the recent monster rally.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
• SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
• In this note, we talk about the positive aspects of the deal.

• UST yields were little changed at the close yesterday, as earlier yield declines were pared after Amazon announced a USD 15 bn sixpart notes offering.
• The yield on the 2Y UST remained at 3.61%, while the yield on the 10Y UST declined 1 bp to 4.14%.
• Equities slumped, ahead of Nvidia Corp’s widely anticipated earnings release tomorrow and amid market concerns over high AI valuations. 

• After its Oct 25 trading update, we knew Tatton had maintained its exceptional growth momentum; Assets-Under-Management/ Influence (AUI) were up 18% over H1-26, and net flows remained strong at £281m/ month, above Tatton’s guidance for FY26 of £200-£250m/ month.
• In the post-results period, AUI growth has continued, up another 5% to £27.1bn on 14 Nov 25.
• YTD net flows have increased from £1.68bn over H1 to £2.07bn.

• International Entertainment is undergoing a high-stakes transformation, marked by explosive revenue growth driven by its Philippine hotel and gaming operations. However, this growth is coupled with severe and widening net losses and significant cash burn, raising concerns about its path to profitability.
• The company is making a significant capital investment to acquire and renovate a casino in Manila, transitioning from a hotel operator and equipment lessor to a fully integrated resort operator. This move hinges on the continued growth of the Philippine gaming market and the company’s ability to manage a large-scale development.
• Extreme financial distress, evidenced by collapsing margins, negative cash flows, and a history of profit warnings, presents a high-risk profile. The company’s future viability is dependent on a successful operational turnaround and its ability to generate profit from its rapidly growing revenue base.

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• Context: The Union Bank of India (UNBK IN) vs. Canara Bank (CBK IN) price ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Union Bank of India (UNBK IN) and short Canara Bank (CBK IN) targets a 10% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Key F2Q26 takeaways include: 1) from a strategic standpoint, marketing/new originations initiatives likely focus more on HNW individuals versus larger institutional investors, with ongoing efforts to broaden the franchise into adjacent markets and increasingly leveraging in-house technology 2) key financial priorities include optimizing revenue generation to the benefit of public company shareholders and further streamlining the operating model and balance sheet 3) in light of sluggish monetizations, realizations, and distributions across Customer ExAlt Trusts, management more recently instituted an Asset Sales Initiative generating $46.4 million of gross proceeds thus far in F2026 and 4) BENF’s interim CEO and Chairman recently converted 101.3 million preferred units ($52.6 million) into Class A common stock, thereby meaningfully enhancing shareholder alignment and bringing the company back in compliance with Nasdaq listing requirements.

Key points (machine generated)

• Ichigo Co., Ltd. reported a 64.3% increase in operating profit to 11,261 million yen for the interim period ending February 2026.
• Sales rose by 40.6% to 51,024 million yen, driven by strong stock and flow revenue.
• The company focuses on real estate value enhancement and renewable energy, aiming for record profits in the current fiscal year.

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Key points (machine generated)

• FISCO Ltd. projects significant revenue and profit increases for TKP, leading to an upward revision of its full-year forecast.
• TKP specializes in transforming idle real estate into affordable conference rooms and banquet halls for corporate clients.
• As of August 2025, TKP operates 219 facilities in major Japanese cities, serving over 30,000 corporate clients despite a temporary decline due to the COVID-19 pandemic.

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• On the 28th April 2025, PRC-incorporated property management play Jinke Smart Services (9666 HK) announced a possible unconditional MGO take-under at HK$6.67/share from a Boyu-backed Offeror.
• The Offeror (and Concert Parties), bought a 18.05% stake in Jinke at auction, lifting their stake >50% triggering the MGO. The Offeror’s intention was to maintain Jinke’s listing. 
• That’s now changed. The Offeror is now seeking Jinke’s delisting at HK$8.69/share; however, as Jinke is PRC incorporated, the privatisation conditions include a Scheme-like vote and a 90% tendering condition. 

• Align Partners is launching a tender offer of 19.91% stake in APlus Asset Advisor. Tender offer price is 8,000 won per share, which is 35.6% higher than current price.
• The tender offer period is from 18 November to 7 December. The total value of the tender offer is 36 billion won involving 4.5 million shares.
• This tender offer has a sizeable premium and likely to positively impact its share price. 

• FSC’s rule gives same‑day vote ratios, offering quick sentiment read and partial visibility on appraisal risk—step one toward faster hard‑count disclosure down the line.
• Hard count of dissenting shares only surfaces in quarterly reports, post‑appraisal window—denominator risk stays live for corp‑action trades tied to appraisal rights.
• FSC rule applies from March ’26 AGMs/EGMs; half‑baked disclosure, but appraisal‑linked corp‑actions may see new post‑meeting trading patterns—stay prepped for the shift.

• United Urban Investment (8960 JP) is looking to raise US$155m in a primary placement.
• The purpose is for financing of its medium-term growth strategy plan which includes the acquisition of new assets.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Japan’s Q3 GDP shrank 1.8% vs forecast 2.5% (annualised), while consumption slowed to 0.1%. This is the first contraction in six quarter.
• The cause is the drop in exports in the face of U.S. tariffs, automakers in particular plummeted, following a period of hiking exports before tariffs came into effect.
• We’ve consistently flagged the Nikkei 225 (NKY INDEX) as overbought. This tactical short-term analysis pinpoints critical support (and resistance, but we think the index may fall).

• Avidia Bancorp (AVBC US) went public in August and despite its low market cap, the impact from passive funds is significant due to low liquidity, high free float, and tracking.
• Inclusion in US indices took place in September 2025 with passive fund demand causing an observed impact of 6 ADV.
• Inclusion in a major US index is expected in December 2025 with passive fund demand forecasted to cause an impact of more than 20 ADV. 

• Discounted earnings valuation but premium to book; limited float and up-listing suggest muted early trading despite strong fundamentals.
• CBC leverages low-cost deposits, diversified lending, and disciplined organic and acquisition-driven growth to sustain stable, long-term regional banking performance.
• IPO demand is multiple-times oversubscribed; small float and family control create scarcity but may limit early trading liquidity.

Key points (machine generated)

• Wada Kousan is a 126-year-old real estate company thriving in the Kobe and Hanshin condominium market.
• The company expects significant revenue and profit increases for the interim period ending February 2026.
• Wada Kousan has been the top condominium seller in Kobe City for 27 years and is diversifying its business beyond condominiums.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Deutsche Beteiligungs’ (DBAG’s) NAV total return (TR) of 2.1% in 9M25 was dampened by the continued weak market backdrop in Germany. That said, DBAG has seen a good flow of transactional opportunities, both in terms of new investments (underpinned by, among others, its ability to structure more complex deals involving bilateral agreements with existing owners) and exits (as illustrated by the successful realisation of duagon, signed in September 2025). DBAG is now fully invested, but continues its new deal origination and buybacks given the contracted exit proceeds and the fact that portfolio companies representing over 20% of its NAV are subject to ongoing discussions with investors on realisations. Share repurchases were NAV-accretive given the wide discount at which DBAG’s shares trade to the NAV of its private market investments (34.8% at present), on top of which DBAG’s shares offer exposure to its fund services business, generating recurring earnings (guided at €10–15m in FY25).

• Polar’s +25% AUM growth rate over H1-26 was far stronger than all peers and almost five times the sector-median (page 4).
• AUM opened on 1 Apr 25 at £21.4bn, near the trough of the ‘tariff turmoil’ dip.
• It then jumped £5.3bn over H1 to £26.7bn, as markets recovered and Polar’s returns (+29%) beat broad market indexes by some distance (MSCI ACWI GBP: +15%).

• SBI Shinsei Bank (8303 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 17 December.
• At the indicated IPO price of ¥1,440/share, the IPO will raise up to ¥367.6bn (US$2.38bn) and value SBI Shinsei Bank (8303 JP) up to ¥1,290bn (US$8.34bn).
• The stock should be added to the TOPIX INDEX at the close on 29 January while inclusion in global indices should take place in May and June.

• There could be 23 changes for the CSI A500 Index at the December rebalance. Turnover is estimated at 2.9% and the round-trip trade is around US$1.6bn.
• There is a fair amount of balance between sectors with Consumer Discretionary and Health Care expected to lose index spots to Industrials, Information Technology and Materials.
• The forecast adds outperformed the forecast deletes from June-September but have given up gains since then. Position in stocks that will have same-way flows from passive trackers of other indices.

• Australian banks’ November earnings triggered sharp and divergent share-price reactions, widening performance dispersion across the sector.
• Based on the most recent moves, ANZ (ANZ AU) and Westpac (WBC AU) appear overvalued versus peers and potentially overbought, while two other banks screen as comparatively oversold.
• Statistical analysis identifies sixteen actionable opportunities for quantitative traders targeting mean reversion plays within the sector.

• A tactical snapshot of the Asian indices and stocks we cover.
• Multiple Asian stocks we track are flashing oversold signals—creating tactical long setups worth considerin.
• We find no overbought stocks or indices in Asia at present. US equities show the same pattern, indicating a synchronized global market pullback

• Hs outperformed As on average, slightly, within the AH pair universe. Last week’s reco gained vs the A on the week, but not Monday close to Friday. Stay long.
• There are nine new recos this week after a bunch of trades were closed last week.
• The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

• Shinhan Financial Group is one of South Korea’s largest and most diversified financial institutions, with a strong market position in banking, credit cards, securities, and insurance. Its scale and diversified business model provide a stable earnings base.
• The company is actively pursuing digital transformation and global expansion to drive future growth. Strategic initiatives like the ‘Super SOL’ application and investments in fintech aim to enhance competitiveness against traditional peers and emerging digital players.
• While the company exhibits attractive valuation multiples (low P/E and P/B ratios), it faces key risks from the domestic economic slowdown, potential deterioration in asset quality, particularly from real estate project financing (PF), and intense competition within the South Korean financial sector.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Monex Group is strategically positioned at the intersection of traditional online brokerage and the high-growth crypto-asset market through its key subsidiary, Coincheck. This dual focus offers a diversified revenue stream but also exposes the company to significant market volatility.
• The company’s financial performance is highly sensitive to cryptocurrency market fluctuations, as evidenced by volatile earnings and a recent net loss attributed to one-time costs for Coincheck’s Nasdaq listing. However, core operations in Japan and the U.S. remain profitable, supported by strategic partnerships and growing assets under management.
• Facing intense competition and a zero-commission trend in the Japanese online brokerage industry, Monex is focused on expanding its crypto-asset business globally and growing its asset management segment to drive future growth and enhance shareholder value, underscored by a strong dividend payout.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Public Bank is a premier Malaysian financial institution renowned for its consistent profitability, prudent management, and strong asset quality. Its core strength lies in the retail and SME banking sectors, where it holds significant market share in residential property, commercial property, and passenger vehicle financing.
• The bank has a long-standing reputation for operational efficiency, consistently maintaining one of the lowest cost-to-income ratios and highest return on equity in the Malaysian banking industry. This is attributed to a deeply ingrained cost-conscious culture and a focus on prudent risk management.
• While fundamentals remain robust, the bank faces headwinds from potential net interest margin (NIM) compression due to the competitive environment. Additionally, recent challenges include a decline in its ESG score and isolated incidents of customer data breaches, which require management focus.

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• CIMB is a leading universal bank in the ASEAN region, with Malaysia, Indonesia, Singapore, and Thailand as its core markets. Its diversified business model includes consumer banking, wholesale banking, and a strong Islamic banking franchise.
• The bank faces a challenging macroeconomic environment characterized by net interest margin (NIM) compression due to potential policy rate cuts and intense deposit competition. However, this is partially offset by expectations of stable asset quality and potentially lower-than-expected credit costs.
• Strategic execution of its Forward23+ plan, focusing on digital transformation, customer-centricity, and sustainable finance, will be critical for navigating near-term headwinds and driving long-term, profitable growth across its key markets.

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Key points (machine generated)

• Landix Co., Ltd. revised its full-year forecast upward due to strong sales in residential real estate and improved competitiveness.
• The company increased dividends from 42 yen to 47 yen and introduced a commemorative shareholder benefit for its 25th anniversary.
• Landix outlined its medium-term management plan, focusing on breaking away from previous performance metrics.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• TSE has approved the relisting of SBI Shinsei Bank (8303 JP), which is scheduled to go public on 17 December 2025 with an anticipated market cap of $8.4bn.
• SBI Shinsei Bank (8303 JP) is forecasted to achieve fast-entry in one Global index in December.
• SBI Shinsei Bank (8303 JP) may be included in the other Global index at the next review, subject to float cap risk.

• I tally 39 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below
• Five new deals were discussed on Smartkarma this week: China Shengmu Milk (1432 HK), Forum Engineering (7088 JP), Star Micronics (7718 JP), Paris Miki (7455 JP), and Maruwn (9067 JP). 
• Key updates/news also took place on: AUB Group Limited (AUB AU), Mayne Pharma (MYX AU), Seven West Media (SWM AU), and Jinke Smart Services (9666 HK).

• ING Groep NV is a global financial institution with a strong European base, offering a wide range of banking services through a digital-first approach. The company’s primary revenue streams are net interest income from lending activities and fees from financial services.
• The company has demonstrated strong financial performance, with record total income of €22.6 billion and a net result of €6.4 billion in 2024. Fee income has shown significant growth, increasing by 11% year-on-year.
• ING is strategically focused on organic growth, leveraging its digital banking leadership to expand its customer base. The bank is also committed to sustainability, with a target of mobilizing €150 billion in sustainable finance annually by 2027.

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