Financials

• TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
• This report skipped two months as there were no real developments until the 13 November Council meeting. 262 companies filed CGRs in November, 243 in October, 230 in September.
• The most recent set of documents has some really disappointing comments and questions from companies and their executives. It makes one wonder…

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, busy season remains in full swing going into the year end.
• On the placements front, there were a few large deals and looked at some of the upcoming likely deals.

• 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), NS Group (471A JP), JD Industrials (7618 HK) IPOs.
• Event-Driven developments: Predictive Discovery (PDI AU), ANE Cayman Inc (9956 HK), Fast Fitness Japan Inc (7092 JP), Tsuruha Holdings (3391 JP), Spindex Industries (SPE SP). 

• Compass Diversified is navigating a significant operational and reputational crisis following the discovery of pervasive fraud at its subsidiary, Lugano, necessitating a full restatement of financial statements for fiscal years 2022 through 2024.
• The company’s diversified model, with eight other subsidiaries remaining operational and cash-flow positive, provides a potential buffer against the isolated incident at Lugano, though the event has exposed significant governance and oversight weaknesses.
• Financial performance has been weak, characterized by negative net income and deteriorating operating and free cash flows over the past three years, raising concerns about the sustainability of its historically attractive dividend.

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• The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th December 2025.
• There will be four ADD/DELs for T50, three separate ADDs/DELs for T100, and three ADDs/DELs for TDIV. 
• All of these changes were correctly predicted except for one surprise TDIV addition.

• First, EQT, then CVC joined, in a A$45/share NBIO for AUB (AUB AU), an insurance “matchmaker”: CVC Joins EQT In Pursuit Of AUB Group (AUB AU). Talks ceased this week. 
• Reportedly, AUB’s larger insurance rival, Steadfast (SDF AU), is now attracting PE interest, such as Blackstone.
• Steadfast is down ~25% from its recent high following a workplace complaint towards CEO/MD/founder Robert Kelly – now concluded on “a confidential basis”, with Kelly resuming his roles. 

Halyk Bank reported a 13.8% y-o-y increase in net interest income in Q325 with a sustained high net interest margin (NIM) of 7.1% versus 7.3% in Q324 and robust loan book growth of 19.7% y-o-y (8.2% ytd). Combined with good cost discipline (the cost-to-income ratio (CIR) was 16.3% in Q325 vs 16.1% in Q324), this allowed the company to maintain an ROE above 30% (34.3% in Q325 on an annualised basis). Halyk preserved a strong capital base with a CET-1, Tier-1 and total capital ratio of 17.4% at end-September 2025 (with an indicative FY26e target of 17–19%) and local capital ratios of 18.3% versus the regulatory requirement for total capital (k2) of 12.0%. We believe this provides the bank with a solid balance sheet to continue delivering attractive dividends (its payout from FY24 earnings of KZT50.64 per share represents a c 16% yield based on the current share price). We note that Halyk’s majority shareholder (ALMEX Holding Group) recently sold a 7.6% stake at a price per common share and global depository receipt (GDR) of KZT298.66 and $23.0, respectively, to improve the liquidity of Halyk’s shares and broaden the shareholder register. It retained a majority stake and declared full commitment to the bank’s long-term success.

Halyk Bank reported a 13.8% y-o-y increase in net interest income in Q325 with a sustained high net interest margin (NIM) of 7.1% versus 7.3% in Q324 and robust loan book growth of 19.7% y-o-y (8.2% ytd). Combined with good cost discipline (the cost-to-income ratio (CIR) was 16.3% in Q325 vs 16.1% in Q324), this allowed the company to maintain an ROE above 30% (34.3% in Q325 on an annualised basis). Halyk preserved a strong capital base with a CET-1, Tier-1 and total capital ratio of 17.4% at end-September 2025 (with an indicative FY26e target of 17–19%) and local capital ratios of 18.3% versus the regulatory requirement for total capital (k2) of 12.0%. We believe this provides the bank with a solid balance sheet to continue delivering attractive dividends (its payout from FY24 earnings of KZT50.64 per share represents a c 16% yield based on the current share price). We note that Halyk’s majority shareholder (ALMEX Holding Group) recently sold a 7.6% stake at a price per common share and global depository receipt (GDR) of KZT298.66 and $23.0, respectively, to improve the liquidity of Halyk’s shares and broaden the shareholder register. It retained a majority stake and declared full commitment to the bank’s long-term success.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Greentown China
• UST yields rose 2-4 bps yesterday, led by the front end, following the strong jobless claims data. The yield on the 2Y UST jumped 4 bps to 3.52%, while the yield on the 10Y UST climbed 3 bps to 4.10%. Fed-dated OIS were steady, and continued to price in a 92% probability of a rate cut next Wednesday.
• Equities edged up slightly towards record high levels. The S&P 500 and Nasdaq rose 0.1% and 0.2% to 6,857 and 23,505, respectively.

• Inocsa secures ~98% of Grupo Catalana Occidente Sa (GCO SM) after 94.27% acceptance, completing the take-private process and removing any remaining deal risk.
• With Spain’s 90/90 thresholds exceeded, a squeeze-out at €49.75 is now available, leaving minimal optionality for remaining minorities.
• GCO trades just below terms as liquidity evaporates; the spread has closed and the trade moves to passive cash settlement mid-December.

• Very quiet trading this week with a weekly closing range near the lows for the year.
• Breadth deteriorated from last week’s elevated readings as the market tries to push higher. 
• Quiet earnings calendar with only six companies issuing earnings reports in the coming week.

• The SBI Shinsei Bank (8303 JP) IPO is due to be priced on 8 December and start trading on 17 December 2025.
• I have been reluctant to write because of my general lack of excitement regarding the IPO and its after-market prospects. It is, as a friend says, “neither here nor there.”
• But as the bank was my High Conviction Long trade for 2021, 2022, and 2023 and I wrote about the events in the interim, I thought I should opine.

• Aspen Group (APZ AU) will be added to a global sector index at the close 19 December. The stock is also a potential inclusion to a global index in March.
• Estimated passive buying in Aspen Group (APZ AU) is U$21m and positioning in the stock could continue to build in the next few days.
• Positioning in the stock has been increasing over the last few months with a jump that started at the beginning of November.

• Context: The GPT Group (GPT AU) vs. Stockland (SGP AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Stockland (SGP AU) and short The GPT Group (GPT AU) targets a 4% return, with Stockland (SGP AU) supported by a lower P/E multiple.
• 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.

• Futu Holdings is a high-growth, technology-driven online brokerage and wealth management platform with a strong foothold in Hong Kong and expanding international operations.
• The company has demonstrated exceptional financial performance, characterized by robust revenue and net income growth, and superior profit margins compared to industry peers, driven by a scalable business model.
• Significant regulatory risks, particularly concerning its mainland China client base and the evolving cross-border financial services landscape, remain a key uncertainty and a primary concern for investors.

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• FUTU’s risk-reward is asymmetric:  Structurally low valuation, active consensus upgrades and a near-term catalyst (HK crypto VATP license), which can boost further upgrades (2026e) sets up a compelling long entry.
• HK-VATP enables FUTU to expand its crypto related revenues, product offerings and margins, and remove third-party dependency. With crypto <2% assets, this new earnings leg is entirely absent from consensus.
• FUTU’s pullback to ~15.6x FY2 P/E puts it at the bottom of a ~15x-25x – reasonable valuation band. With upgrades and catalysts ahead, it stands as a strong rerating candidate.

Molten Ventures posted a solid 7.9% NAV per share total return in H126, supported by a c 6% constant currency increase in gross portfolio value (driven by operational performance and in some cases improving market multiples) and a c 2% NAV accretion from buybacks. Standout return drivers were two spacetech businesses (ICEYE and Isar Aerospace), fintech Revolut, digital asset custody business Ledger and AI-powered, cloud-based phone platform Aircall. Molten maintains a good realisation pace, with £62m in proceeds in H126, representing 4.5% of opening gross portfolio value (broadly in line with its through-the-cycle target of 10% per year). Management highlighted improving visibility on further realisations. Molten’s shares currently trade at a 36% discount to NAV.

• The end-to-end solutions provider for branded merchandise reports interims to September.
• Revenue improved 18% to $21.6m with an 8% increase in operating profit to $1.6m while net debt increased 188% to $2.3m.
• The uplift in net debt reflects the working capital investment required to bring new Gear Shop sites into operation, including the increase in total inventory held across the expanded store base.

• Our key themes for Japanese banks in 2026 are top line growth due to a hawkish BoJ and the potential for shareholder value creation through cross-holding disposals
• In the big caps, we stick with Resona Holdings as our top pick for its strong gearing to rising interest rates and its relatively high equity cross-holdings to market value
• Our top mid-caps picks are Iyogin Holdings and Hokuhoku, both of which are well positioned to benefit from higher interest rates and also have healthy cross-holdings relative to market value

• Chubb Insurance (1071557D MK) is looking to raise at least US$300m in its upcoming Malaysian IPO. The deal will be run by Maybank.
• It is a general insurer in Malaysia, offering a diversified portfolio of products across property and casualty, accident and health, and motor insurance.
• Originally incorporated in 1970 as Jerneh Insurance Corporation, the company was acquired by the Chubb Group in 2010.

• Bitcoin has been selling off since early October 2025 and reached a -35% loss around November 20, then bounced back, the rally is currently ongoing.
• Our focus is always short-term and in this insight we will try to analyze how far the current BTC-USD spot rally can go before a new sell-off begins.
• The alternate hypothesis is that the current downturn is merely a sharp, tactical correction within a larger secular bull market. Under this interpretation, the pullback could be a buying opportunity.

Partners Group Private Equity Limited (PEY) continues its strong exit activity with €65.4m in distributions in the first nine months of 2025 (9M25) and a further 22% of its end-September 2025 NAV in agreed sales processes. Another 11% of NAV is in listed holdings, which gradually will be sold off. Overall, PEY’s manager expects c €200m in proceeds in both FY25 and FY26, which would bring its exit activity closer to the historical average of 21% of opening NAV per year and which bodes well for its share buybacks. PEY posted a 2.1% NAV total return (TR) in Q325 (supported by a 2.6pp impact from changes in portfolio value), which partly offset the (largely fx-driven) 5.7% NAV TR decline in H125. On a constant currency basis, PEY’s portfolio value was up 10.6% in the 12 months to end-Q325, with two of its three holdings that floated last year (Vishal Mega Mart and Galderma) being important drivers. EBITDA growth and higher multiples contributed 7.0pp and 3.0pp, respectively, to this increase, partly offset by a 4.5pp impact of higher net debt (amid refinancing in late 2024 and early 2025 on improved terms to drive growth).

• The UST curve twisted marginally steeper yesterday, as the market focused on the selection for the next Fed Chairman amid little macro developments.
• The yield on the 2Y UST declined 2 bps to 3.51%, while the yield on the 10Y UST was unchanged at 4.09%.
• Equities recovered from Monday’s sell-off, in tandem with a rise in cryptocurrencies. The S&P 500 and Nasdaq rose 0.2 and 0.6% to 6,829 and 23,414, respectively. 

• Niche Player with Strong Recent Growth: Repco Home Finance has demonstrated robust growth in recent years, evidenced by a 3-year net income CAGR of 33.47%. The company focuses on the underserved self-employed and non-salaried segments in Tier-II and Tier-III cities, particularly in South India, which provides a pricing power advantage.
• Attractive Valuation with Improving Asset Quality: The company trades at a significant discount to fair value, with a Price-to-Book ratio of 0.61 and a Price-to-Earnings ratio of 4.55. Asset quality has shown marked improvement, with Gross Non-Performing Assets (GNPA) declining from a peak of 7% in FY22 to 4.1% in FY24.
• Key Risks Center on Concentration and Competition: The business faces risks from its high geographical concentration in South India (83% of its loan portfolio) and its reliance on the economically sensitive self-employed segment. Intense competition from larger banks and other Housing Finance Companies (HFCs) could pressure margins and growth.

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• NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among larger positions), ii) well positioned for improving exits (mature portfolio with a number of exit-ready companies), iii) balance sheet strength (flexibility to increase investment in attractive new opportunities in addition to returning capital to shareholders, iv) optimal access via co-investments (NB’s differentiated co-investment platform provides efficient access to attractive opportunities alongside high-quality managers), and v) attractive investment pipeline (focus on mid-life co-investments providing exposure to companies already in the value-creation phase).

Key points (machine generated)

• The document transcribes a financial results briefing for Nippon Insure Co., Ltd. held on December 3, 2025.
• Shinya Sakamoto, the President, discusses the company’s performance for the fiscal year ending September 2025.
• The briefing includes important disclaimers and is produced by FISCO Ltd., urging stakeholders to review the disclosures.

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

• There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
• If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
• The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.

• Brian Freitas has discussed in a recent insight the methodology changes for the NSE Nifty Bank Index that will be implemented starting from December 30.
• HDFC Bank (HDFCB IN) is one of the two stocks that passive trackers need to sell (the other is ICICI Bank Ltd).
• HDFC Bank (HDFCB IN) is falling this week, so we analyze our model’s WEEKLY support entry zones, to evaluate how much HDFC Bank can fall, for hedging or re-entry purpose. 

• KakaoBank is a dominant digital-only bank in South Korea, leveraging the vast user base of the KakaoTalk messenger platform to achieve significant market penetration and rapid growth. Its branchless model provides a structural cost advantage over traditional incumbents.
• The bank is pursuing an aggressive growth strategy focused on expanding its customer base to 30 million and total assets to KRW 100 trillion by 2027. Key initiatives include diversifying into new loan products, enhancing platform services (e.g., advertising, loan comparison), and expanding internationally into markets like Indonesia and Thailand.
• While growth has been robust, the company faces significant risks from intense competition from other digital banks (K-Bank, Toss Bank) and traditional banks’ digital offerings. Furthermore, regulatory uncertainty, particularly concerning its largest shareholder, Kakao Corp., and potential government measures to manage household debt, presents a material headwind.

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• Wealthfront targets digital-native high earners, with 1.3 million funded clients and $88.2 billion in platform assets, driving strong client retention and organic growth.
• The IPO offers 34.6 million shares at $12–$14, raising $255.2 million, with proceeds supporting working capital, debt repayment, and potential acquisitions.
• The company demonstrates robust financial performance: 26% year-over-year revenue growth, 36% net income margins, and a proven product-led growth strategy supported by strong client engagement.

• H1-26 (to 30 Sep 25) saw EBITDA jump 14% y-o-y to £4.2m and EBITDA margin up from 20.8% to 24.6%.
• Impressively, this was achieved in a muted period for portfolio activity, with revenue slightly down from £17.6m to £17.2m.
• AUM was marginally up at £2.0bn.

• Our key picks for 1H 2026 are driven by fundamental valuations, margin and growth prospects; top of our buy list is Nexi, with PagSeguro in second place
• Our key sell is Affirm; the increasingly competitive BNPL market is a potential “banana skin” for its premium growth forecasts, coupled with potentially worsening consumer credit delinquency
• Klarna is one to watch in 1H 2026, but it is not there yet; the share price’s underwhelming performance post-IPO reflects the competitive BNPL market, especially in the US

Key points (machine generated)

• Realgate, listed on the Tokyo Stock Exchange under code 5532, reported an operating profit over 1 billion yen for the fiscal year ending September 2025.
• Founded in 2009 and led by President Yutaka Iwamoto, Realgate focuses on revitalizing old buildings in urban areas into flexible workspaces.
• The company has shown consistent revenue growth for 16 periods and became a consolidated subsidiary of CyberAgent in July 2021, leading to its listing in June 2023.

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Target Healthcare REIT has acquired three operational care homes and one new development for a total of £45m, deploying more than half the proceeds of its recent nine-home portfolio disposal. The high-quality homes, let to a strong new but established tenant, have been acquired at an accretive blended net initial yield of more than 6%. With significant remaining available capital, and a strong pipeline of similarly attractive opportunities, we expect acquisitions, in combination with indexed rent reviews, to drive continuing earnings and DPS growth.

• Dominant Market Position with a Wide Moat: As the sole domestic reinsurance company in Taiwan, Central Reinsurance holds a significant competitive advantage, benefiting from strong relationships with local clients and a deep understanding of the domestic market.
• Strong Financial Performance and Shareholder Returns: The company has demonstrated robust growth in net income and has a track record of attractive dividend payouts, underscored by a very strong capital and earnings position.
• Exposure to Catastrophe Risk and Geographic Concentration: The company’s earnings are inherently volatile due to its exposure to natural catastrophes, particularly earthquakes and typhoons in its geographically concentrated Taiwanese market.

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• SBI Shinsei Bank (8303 JP), a Japanese financial institution, has set an IPO price range of JPY1,440 to JPY1,450 per share compared to the reference price of JPY1,440.
• I discussed the relisting in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Valuation Insights. 
• The relisting has attracted solid interest from several investors. The peers have modestly re-rated, and the IPO price range is attractive.

• NSE Indices has announced the methodology changes for the NSE Nifty Bank Index (NSEBANK INDEX) that will be implemented in 4 tranches starting in December.
• Yes Bank (YES IN) and Union Bank Of India (UNBK IN) will be added to the index to increase the number of constituents from 12 to 14.
• Passives need to sell HDFC Bank (HDFCB IN) and ICICI Bank Ltd (ICICIBC IN) while buying all the other stocks in the index.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn 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 looked at the company’s past performance in our earlier note. In this note, we talk about valuations.

• Global team focusing on what’s new for 2026 in terms of market outlook
• Bullish on Eurodollar, expecting more modest gains due to US resilience
• Dollar maintains yield supremacy, but new cyclical currencies emerging as carry efficient options for hedging volatility shocks

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Macro crew discussed a benign outlook on carry fairly risk on climate for the first half of the year
• FX vols expected to be fairly contained in 2026 due to factors like US growth and central bank activity
• Themes for positioning in 2026 include bullish European growth, antipodean FX, and bearish Yen outlook

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
• Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
• In our previous note, we looked at its past performance. In this note, we will talk about valuations.

• Top Hong Kong Stock Exchange listed covered call candidates for the month of December.
• The top 10 provide an average ~6.9% premium with a potential ~8.4% upside P&L if exercised.
• Investors with a neutral 1-month view on the underlying can seek to generate income.

• 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$220m 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 and peer comparison. In this note, we talk about the pricing updates and IPO valuations.

• Priority Technology received a non-binding privatization offer from its founder at $6-$6.15/share, with a 11%-14% spread.
• Generation Bio completed restructuring, now a cash shell with net cash at $7.6/share, 50% above current price.
• Sotherly Hotels’ preferred shares trade with a 12-14% spread to offer price, common shares at 5% spread.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Genting Berhad, Meituan
• UST yields climbed 1-3 bps on Friday, albeit there were no material catalysts as the market returned after Thanksgiving. The yield on the 2Y UST rose 1 bp to 3.49%, while that on the 10Y UST was up 2 bps at 4.01%. Equities climbed on thin trading in a shortened postholiday session. The S&P 500 and Nasdaq advanced 0.5% and 0.7% to 6,849 and 23,366, respectively.
• China’s November official manufacturing PMI edged up to 49.2 (49.4 e / 49.0 p), albeit remaining in contraction territory for the eighth straight month. The non-manufacturing PMI slipped to 49.5 (50.0 e / 50.1 p), with the composite PMI declining to 49.7 (50.0 p).

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, has set an IPO price range of JPY1,440 to JPY1,450 per share compared to the reference price of JPY1,440.
• I discussed the relisting in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Valuation Insights. 
• The relisting has attracted solid interest from several investors. The peers have modestly re-rated, and the IPO price range is attractive.

• NSE Indices has announced the methodology changes for the NSE Nifty Bank Index (NSEBANK INDEX) that will be implemented in 4 tranches starting in December.
• Yes Bank (YES IN) and Union Bank Of India (UNBK IN) will be added to the index to increase the number of constituents from 12 to 14.
• Passives need to sell HDFC Bank (HDFCB IN) and ICICI Bank Ltd (ICICIBC IN) while buying all the other stocks in the index.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn 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 looked at the company’s past performance in our earlier note. In this note, we talk about valuations.

• Global team focusing on what’s new for 2026 in terms of market outlook
• Bullish on Eurodollar, expecting more modest gains due to US resilience
• Dollar maintains yield supremacy, but new cyclical currencies emerging as carry efficient options for hedging volatility shocks

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Macro crew discussed a benign outlook on carry fairly risk on climate for the first half of the year
• FX vols expected to be fairly contained in 2026 due to factors like US growth and central bank activity
• Themes for positioning in 2026 include bullish European growth, antipodean FX, and bearish Yen outlook

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
• Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
• In our previous note, we looked at its past performance. In this note, we will talk about valuations.

• Top Hong Kong Stock Exchange listed covered call candidates for the month of December.
• The top 10 provide an average ~6.9% premium with a potential ~8.4% upside P&L if exercised.
• Investors with a neutral 1-month view on the underlying can seek to generate income.

• 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$220m 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 and peer comparison. In this note, we talk about the pricing updates and IPO valuations.

• Priority Technology received a non-binding privatization offer from its founder at $6-$6.15/share, with a 11%-14% spread.
• Generation Bio completed restructuring, now a cash shell with net cash at $7.6/share, 50% above current price.
• Sotherly Hotels’ preferred shares trade with a 12-14% spread to offer price, common shares at 5% spread.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Genting Berhad, Meituan
• UST yields climbed 1-3 bps on Friday, albeit there were no material catalysts as the market returned after Thanksgiving. The yield on the 2Y UST rose 1 bp to 3.49%, while that on the 10Y UST was up 2 bps at 4.01%. Equities climbed on thin trading in a shortened postholiday session. The S&P 500 and Nasdaq advanced 0.5% and 0.7% to 6,849 and 23,366, respectively.
• China’s November official manufacturing PMI edged up to 49.2 (49.4 e / 49.0 p), albeit remaining in contraction territory for the eighth straight month. The non-manufacturing PMI slipped to 49.5 (50.0 e / 50.1 p), with the composite PMI declining to 49.7 (50.0 p).

• 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), NS Group (471A JP), JD Industrial Technology (2231713D CH) IPOs, and Toyoda Gosei (7282 JP)‘s US$0.8 billion secondary offering.
• Event-Driven developments: ANE Cayman Inc (9956 HK), Canon Electronics (7739 JP), Digital Holdings Inc (2389 JP), Mandom Corp (4917 JP), National Storage REIT (NSR AU), Qube Holdings (QUB AU). 

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Canon Electronics (7739 JP), Smart Share Global (EM US), AUB Group Limited (AUB AU), Dongfeng Motor (489 HK), Low Keng Huat Singapore (LKH SP), Digital Holdings,
• Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Toyota Industries (6201 JP), Seven West Media (SWM AU), Ainsworth Game Technology (AGI AU), Star Micronics (7718 JP).

• Render is one of the earliest real-use utility tokens with a functioning marketplace for GPU compute, and adoption is expanding beyond crypto-native users.
• Its migration to Solana and support for AI/ML workloads positions Render to benefit from rising demand for decentralised GPU resources, although competition from hyperscalers remains a structural risk.
• As increasing real-world usage and transparent tokenomics provide upside optionality, but liquidity and regulatory uncertainties warrant conservative sizing.

• CNMV approves Neinor’s €21.335 voluntary OPA; minorities unlikely to tender, making the mandatory €24 offer the highest-probability exit with minimal regulatory risk.
• Aedas trades at €23.65, pricing a near-certain €24 outcome. Remaining 1.48% spread offers a high-certainty, mid–single-digit annualized IRR driven primarily by timing, not deal completion.
• Key tail event is a >90% acceptance squeeze-out at €21.335, but probability remains extremely low. Most realistic path is a mandatory €24 OPA settling mid–February 2026.

• SPASX200 gained steadily through the week despite slowing daily momentum, nearly reversing last week’s decline
• Market breadth strengthened, with a broad rebound across optionable stocks.
• Implied vols declined across most single stocks, bringing the average back toward mid range levels after last week’s elevated readings

• Onex is a leading alternative asset manager with a long-term track record of value creation, primarily through its private equity and credit platforms. The firm is currently navigating a challenging macroeconomic environment by focusing on strategic acquisitions and a shift towards a more capital-light model.
• A recent strategic partnership with AIG, including a significant capital commitment to Onex’s funds and AIG taking an equity stake, is expected to be transformational, enhancing the asset management platform’s profitability and accelerating growth in fee-generating assets under management (AUM).
• Despite near-term headwinds in fundraising and volatile financial performance tied to the exit environment, the company’s disciplined capital allocation, including consistent share buybacks at a discount to intrinsic value, and a growing, scalable credit business, position it for potential long-term shareholder value creation.

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• Market Leader with Strong Growth: Element Fleet Management is the world’s largest publicly traded, pure-play automotive fleet manager, demonstrating robust growth with a 3-year revenue CAGR of 24.00% and a 3-year EPS CAGR of 19.94%.
• Comprehensive Service Offering Drives Value: The company provides end-to-end fleet management services, including financing, acquisition, maintenance, and remarketing. This integrated model allows clients to reduce total cost of ownership by an estimated 10-20%, fostering high client retention rates.
• Strategic Focus on Technology and EVs: Element is strategically investing in technology, such as data analytics and telematics, and positioning itself to capitalize on the transition to electric vehicles (EVs), which is a significant long-term growth driver for the industry.

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• Findev Inc. is a specialized real estate finance company providing short-term (one to five-year) financing to developers in the Greater Toronto Area, focusing on projects with the potential for above-average returns.
• The company presents a compelling value and dividend proposition, evidenced by a low price-to-book ratio and a high dividend yield. However, this is contrasted by a track record of negative net income and EPS growth over the past three years.
• Findev operates in a Canadian real estate financing market that is currently stabilizing after a period of volatility. Key risks include rising mortgage delinquencies, borrower defaults, and the potential for a downturn in the real estate market, particularly in Ontario.

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• Cypherpunk Holdings has rebranded to Sol Strategies Inc. (effective September 2024), pivoting from a Bitcoin and privacy-focused investment thesis to becoming a pure-play vehicle for the Solana ecosystem.
• The company’s new strategy involves direct investment in SOL, generating revenue through staking and validator operations, and making strategic private equity investments in Solana-based projects, offering investors a unique, dual-stream exposure to the network’s growth.
• Led by a new management team with deep expertise in both digital assets and traditional finance, the company is aggressively accumulating SOL and building institutional-grade infrastructure, but faces high volatility and execution risks inherent in the cryptocurrency market.

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• Klarna Group had a successful IPO in September, but shares were volatile in October and November along with Affirm Holdings and other BNPL market players.
• A Swedish first mover in the BNPL space went public at $40.00 per share, raising ~$169M of net proceeds. Selling shareholders offloaded ~$1.2B worth of Klarna Group shares.  
• Klarna Group reported record results in 3Q as a public company, surpassing analyst expectations. However, net loss widened to $95M and provisions for credit losses jumped.

• Nuvei is a global payment technology provider with a comprehensive, modular platform, enabling it to serve diverse, high-growth verticals like iGaming, online retail, and regulated markets across 200+ markets.
• The company has demonstrated a strong growth track record, driven by both organic expansion and strategic acquisitions, such as Paya and SafeCharge, to enhance its B2B and integrated payment capabilities.
• Despite its growth, Nuvei operates in a highly competitive and fragmented industry, facing pressure from established giants like Stripe and Adyen, which could impact margins and market share. A pending take-private transaction by Advent International, expected to close in late 2024 or early 2025, introduces both opportunities for strategic investment and uncertainty regarding its future public status.

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• IGM Financial stands as a leading diversified wealth and asset management firm in Canada, operating through well-established brands including IG Wealth Management and Mackenzie Investments.
• The company’s growth is intrinsically linked to capital market performance, which drives its assets under management and advisement (AUMA). It faces significant competition from low-cost investment products and digital advice platforms.
• Strategic investments in fintech, such as Wealthsimple, and expansion into the U.S. market through acquisitions like Rockefeller Capital Management, are key pillars of its future growth strategy, aiming to diversify revenue streams and enhance digital capabilities.

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• Definity Financial is a leading Canadian Property & Casualty (P&C) insurer with a strong market position, ranking as the sixth-largest carrier in Canada and third-largest in the broker channel.
• The company is executing a dual-channel strategy, leveraging both traditional broker networks (Economical Insurance) and a direct-to-consumer digital platform (Sonnet), which is driving strong premium growth and operational efficiencies.
• While facing industry-wide headwinds such as rising catastrophe losses due to climate change and a complex regulatory environment, Definity has demonstrated resilient financial performance, strong top-line growth, and solid underwriting profitability.

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