Category

Financials

Daily Brief Financials: Mitsui Fudosan, Bandhan Bank Ltd, Bitcoin, Chesnara PLC, China Jinmao Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • JAPAN ACTIVISM:  Mitsui Fudosan (8801) Responds to Elliott with Buyback, Amended Long-Term Plan
  • NIFTY Bank Index Rebalance Preview: Canara Bank Still Cheap; Double Deletion for Bandhan?
  • Crypto Moves #23 – The Bitcoin ETFs Run the World
  • Chesnara (CSN): Good 2023 results set platform for future progress
  • Morning Views Asia: China Jinmao Holdings, Yuexiu Property


JAPAN ACTIVISM:  Mitsui Fudosan (8801) Responds to Elliott with Buyback, Amended Long-Term Plan

By Travis Lundy

  • 9 weeks ago, the FT reported Elliott Management had a stake in Mitsui Fudosan (8801 JP) and had asked them to sell cross-holdings and do a ¥1trln buyback. 
  • The stock popped 7% the next day to ¥1302, on the highest volume since the covid crash, hesitated a day, then powered almost 20% higher through the end of March. 
  • Today, Mitsui Fudosan responded with an Amendment to their Plan out to 2030. It has a higher dividend, a share buyback, higher EPS target growth, and higher ROE target. But…

NIFTY Bank Index Rebalance Preview: Canara Bank Still Cheap; Double Deletion for Bandhan?

By Brian Freitas


Crypto Moves #23 – The Bitcoin ETFs Run the World

By Mads Eberhardt

  • 2024 stands out as the landmark year for exchange-traded crypto products, especially those related to Bitcoin.
  • After years of existing somewhat separately from traditional finance, the crypto market is finally being recognized as a legitimate part of the broader financial landscape.
  • The United States set the stage in January by securing approval from the US Securities and Exchange Commission (SEC) for the first US-based Bitcoin spot ETFs. To any observer, it is unmistakably clear that the United States has triggered a wave of global approvals for exchange-traded crypto products.

Chesnara (CSN): Good 2023 results set platform for future progress

By Hardman & Co

  • Chesnara has announced its 2023 results.
  • Positive returns from equity markets and gains from acquisitions in the first half were somewhat offset by adverse changes to operating assumptions in the second.
  • Economic Value profit of £59.1m marked a good turnaround from a loss of £85.1m in 2022.

Morning Views Asia: China Jinmao Holdings, Yuexiu Property

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


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Daily Brief Financials: Aozora Bank Ltd, Elite Commercial REIT, Bank of Communications , Sompo Holdings, China Vanke , Utilico Emerging Markets Ltd and more

By | Daily Briefs, Financials

In today’s briefing:

  • JAPAN ACTIVISM: Murakami’s Aozora Bet Not Going Anywhere, But No Sales Yet
  • Smartkarma Corporate Webinar | Elite Commercial REIT: Essential Assets at an Attractive Yield
  • SSE50 Index Rebalance Preview: 5 Changes and US$2.7bn Round-Trip Trade
  • Sompo Holdings Cross-Shareholding – At Least US$8bn of Cross-Shareholding to Sell
  • Morning Views Asia: China Vanke , Melco Resorts and Entertainment (Philippines)
  • Utilico Emerging Markets Trust – Quality of UEM’s assets is underappreciated


JAPAN ACTIVISM: Murakami’s Aozora Bet Not Going Anywhere, But No Sales Yet

By Travis Lundy

  • Just under 6 weeks ago, Japanese activist Murakami-san’s company and daughter reported a 5+% stake in Aozora Bank Ltd (8304 JP). They bought after a sharp dip caused CRE-related writedowns. 
  • As is normal, they bought more (now 8.92%) post-5%-filing-trigger, but before the actual first filing. And as is normal these days, the stock popped on the first filing.
  • Then it fell, and hasn’t recovered much. So far, on a weighted basis, they are up 1% vs TOPIX Banks Index. 

Smartkarma Corporate Webinar | Elite Commercial REIT: Essential Assets at an Attractive Yield

By Smartkarma Research

For our next Corporate Webinar we are glad to welcome Elite Commercial REIT’s CEO, Mr Joshua Liaw.

In the upcoming webinar, Joshua will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Sumeet Singh

Sumeet will also be providing an industry overview, featuring landscape commentary and returns analysis. The Corporate Webinar will include a live Q&A session.

In the spirit of giving back to our community, one of the attendees will also be awarded an Amazon Kindle as part of our exclusive lucky draw. 

The Corporate Webinar will be hosted on Monday, 15 April 2024, 19:00 SGT.

About Elite Commercial REIT

Elite Commercial REIT (“Elite REIT”) is a Singapore real estate investment trust established with the investment strategy of principally investing, directly or indirectly, in commercial real-estate related assets in the United Kingdom (“UK”). Elite REIT is the only UK REIT listed in Pound sterling on the Singapore Exchange.

Elite REIT’s portfolio (“Portfolio”) comprises predominantly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. The Portfolio offers a stable government-backed income stream with over 99% of the gross rental income derived from the UK Government, backed by AA-rated sovereign credit strength. The leases are on triple net basis and Elite REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions (“DWP”) and other UK Government departments. The DWP is the UK’s largest public service department that is responsible for welfare, pensions and child maintenance policy, serving over 20 million claimants and customers. The Portfolio is part of the crucial social infrastructure through which the DWP provides services to local communities.


SSE50 Index Rebalance Preview: 5 Changes and US$2.7bn Round-Trip Trade

By Brian Freitas

  • With the review period nearing completion, 6 stocks are in inclusion zone and 8 are in deletion zone. However, there can be a maximum of 5 changes at a review.
  • We estimate a one-way turnover of 7% at the June rebalance leading to a one-way trade of CNY 9.7bn (US$1.34bn). Index arb balances could increase the impact on the stocks.
  • The inflows into mainland China ETFs have further increased the flow and impact on the potential changes. The potential adds have continued to outperform the potential deletes.

Sompo Holdings Cross-Shareholding – At Least US$8bn of Cross-Shareholding to Sell

By Sumeet Singh

  • The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.
  • Sompo Holdings (8630 JP) had a stake over US$100m in at least 16 listed Japanese stocks, amounting to a total of around US$6bn.
  • In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.

Morning Views Asia: China Vanke , Melco Resorts and Entertainment (Philippines)

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


Utilico Emerging Markets Trust – Quality of UEM’s assets is underappreciated

By Edison Investment Research

Utilico Emerging Markets Trust’s (UEM’s) manager Charles Jillings, at specialist investor ICM, is very excited about the prospects for the trust’s investee companies. He believes that investors underappreciate the quality of these businesses and the teams that manage them. Jillings travels extensively, along with deputy portfolio managers Jacqueline Broers and Jonathan Groocock, meeting with current portfolio and other firms and relevant organisations in emerging markets. They report first hand that companies in the fund are performing very well, with robust top-line growth and cost reductions leading to higher margins. Because of the nature of UEM’s holdings in infrastructure and utility assets, the fund has a consistently low beta. Successful stock selection has led to the trust’s NAV outperformance versus the MSCI Emerging Markets Index over the last one, three, five and 10 years – most notably over the last three years. Since inception in 2005, UEM’s NAV total return compounded at 9.5% per year.


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Daily Brief Financials: Aichi Financial Group , Huatai Securities Co Ltd (A), Aavas Financiers Ltd, Industrivarden AB, Korea Stock Exchange KOSPI 200, Seazen (Formerly Future Land), Picton Property Income, Regional REIT Ltd, Extra Space Storage and more

By | Daily Briefs, Financials

In today’s briefing:

  • The TOPIX Big April Basket Flows:  ¥200bn a Side Including Many Multi-ADV Flows
  • Quiddity Leaderboard SSE50/180 Jun 24: Past Trades Successful but Time to Unwind Some
  • [#21] Namaste India 🙏 | Business Updates and Earnings Playbook
  • Industrivärden Q1 2024, NAV Evolution and Discount
  • EQD | KOSPI 200 WEEKLY Buy-The-Dip Opportunity
  • Morning Views Asia: Pakuwon Jati, Sunny Optical Technology Group
  • Picton Property Income – Accretive portfolio repositioning
  • Regional REIT – Performing as expected ahead of refinancing
  • Extra Space Storage Inc (EXR) – Tuesday, Jan 9, 2024


The TOPIX Big April Basket Flows:  ¥200bn a Side Including Many Multi-ADV Flows

By Travis Lundy

  • Every year in April there is an interesting phenomenon with TOPIX. It is what Janaghan Jeyakumar, CFA calls “The Big April Basket.” The TSE re-assesses Liquidity Factor Coefficients.
  • It also does a FFW change, and this year it has Phased Weight Reductions for those slowly leaving TOPIX and PWR re-inclusions for those identified last October as going back.
  • Janaghan had 18 “High Conviction” LF removals. All were hits. They are upweights. Then there are 34 changes to FFW coefficients.

Quiddity Leaderboard SSE50/180 Jun 24: Past Trades Successful but Time to Unwind Some

By Janaghan Jeyakumar, CFA

  • SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.
  • In this insight, we take a look at our expectations for potential index changes for SSE 50 and SSE 180 during the June 2024 index rebal event.
  • According to my estimates, the SSE 50 expected ADDs and DELs could see US$1.7bn index buying and US$828mn index selling respectively (leaving nearly $900mm of funding sales to do).

[#21] Namaste India 🙏 | Business Updates and Earnings Playbook

By Pranav Bhavsar

  • Market momentum continues to be strong. As we head into earnings season, the momentum is likely to continue.
  • Strong operational updates Info Edge India (INFOE IN); Aavas Financiers Ltd (AAVAS IN) & Sula Vineyards (SULA IN).  
  • The overall market sentiment, represented by the average revisions across all sectors, is nearly flat, with a slight positive revision for FY1E at 0.02% and essentially stable for FY2E.

Industrivärden Q1 2024, NAV Evolution and Discount

By Jesus Rodriguez Aguilar

  • As of end of Q1, NAV was SEK 166.8 billion (SEK 386/share). NAV increased by 11% due to a sharp decrease in leverage, while the portfolio value rose by 6%.
  • Industrivärden C shares are trading at a 5.5% discount to NAV (vs. 8.8% average for the last 5 years). It seems risky to bet on a further discount reduction.
  • My target NAV is SEK 173,116 million (SEK 400.8/share). My TP for the C shares of Industrivärden, assuming a 5% discount to NAV, is SEK 361.7.

EQD | KOSPI 200 WEEKLY Buy-The-Dip Opportunity

By Nico Rosti

  • The KOSPI 200 INDEX is currently pulling back for a 2nd week in a row.
  • This could be an opportunity to go LONG,  if the pullback is limited to this (or at most the next) week closing down and reaching targets between 365 and 338.
  • If the index goes down for 3 weeks and reached below 343 caution is advised: the pullback may be larger than expected in that case.

Morning Views Asia: Pakuwon Jati, Sunny Optical Technology Group

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


Picton Property Income – Accretive portfolio repositioning

By Edison Investment Research

Picton Property Income has agreed the sale of Angel Gate, its second largest office asset, and largest portfolio void, with an agreed consideration above the Q323 valuation. The sale is part of its strategy to repurpose selective office assets and accretively recycle the capital. This sale supports NAV, and we expect a positive impact on earnings. Further repurposing asset management initiatives are being progressed.


Regional REIT – Performing as expected ahead of refinancing

By Edison Investment Research

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.


Extra Space Storage Inc (EXR) – Tuesday, Jan 9, 2024

By Value Investors Club

  • Author has a negative outlook on self-storage REITs, particularly EXR
  • Valuations are high despite challenging outlook and higher interest rates
  • Predicts industry’s long-term prospects are unfavorable due to institutionalization and increased competition

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


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Daily Brief Financials: Greentown China, Bitcoin, Arbuthnot Banking, JDC Group AG, Oportun Financial , Tiptree Financial Inc A and more

By | Daily Briefs, Financials

In today’s briefing:

  • Morning Views Asia: Greentown China
  • Crypto Crisp: Bitcoin Leads the Market
  • Arbuthnot Banking Group (ARBB): 2023 – delivering strategy with strong profit growth
  • JDC Group – Accelerating again in FY24
  • Oportun Financial Corp (OPRT) – Monday, Jan 8, 2024
  • Fortegra And Tiptree (TIPT) – Monday, Jan 8, 2024


Morning Views Asia: Greentown China

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


Crypto Crisp: Bitcoin Leads the Market

By Mads Eberhardt

  • Greetings from a sunny Copenhagen, where it feels like summer is just around the corner, and the warm weather seems to be spreading to the crypto market as well.
  • Bitcoin has risen by approximately 4.5%, reaching $72,250, and Ethereum has seen an increase of nearly 4%, up to $3,620 during the same timeframe.
  • We would like to reiterate our optimistic outlook from last week, as highlighted in both Crypto Crisp and Crypto Moves #22.

Arbuthnot Banking Group (ARBB): 2023 – delivering strategy with strong profit growth

By Hardman & Co

  • The saying goes, the proof of the pudding is in the eating.
  • ABG’s 2023 results proved that the strategic positioning of the group, as a relationship bank, has created enormous value.
  • Key highlights were i) PBT £47.1m (2022: £20.0m), ii) operating income £178.9m (2022: £137.4m), iii) average net margin 5.7% (2022: 5.1%), iv) EPS +103% to 222.8p, v) total dividend for the year of 46p (2022: 42p), vi) net assets of £252.4m (2022: £212.0m), NAV per share of 1,547p (2022: 1,411p), vii) CET1 ratio of 13.0% (2022: 11.6%), and total capital ratio of 15.2% (2022: 14.0%).

JDC Group – Accelerating again in FY24

By Edison Investment Research

JDC Group (JDC) reported FY23 results that were in line with the preliminary results published on 8 March. After a very strong Q423, JDC expects FY24 revenue growth to accelerate to c 17% (FY23: 10.0%) and EBITDA to grow by 36% (FY23: 30.2%) at the midpoint of guidance. To reach the FY25 target of €246m in revenue, JDC also needs 17% top-line growth in FY25. JDC trades at an FY25e EV/EBITDA multiple of 13.7x on our estimates, which we believe is undemanding for what is essentially a fast-scaling platform business. Our DCF provides a valuation of €34.04/share (versus €34.09/share previously).


Oportun Financial Corp (OPRT) – Monday, Jan 8, 2024

By Value Investors Club

  • Writer reflects on past experience selling leads to Oportun and shares insights on company’s loan performance
  • Receives letter from Findell Capital in March 2023, sparking interest in potential changes at Oportun
  • Believes company’s board and management may comply with Findell’s requests, especially with additional shareholder pressure, and anticipates significant changes in the near future.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


Fortegra And Tiptree (TIPT) – Monday, Jan 8, 2024

By Value Investors Club

  • Tiptree plans to IPO its subsidiary, The Fortegra Group, potentially driving over 50% upside for investors
  • Fortegra filing recent S1s and strong syndicate team indicate IPO in late January at 17.5x 2023 Adjusted Net Income
  • Estimates suggest Tiptree’s ownership in Fortegra could be worth around $31.87/share, making it a valuable asset for investors.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


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Daily Brief Financials: NIFTY Index, Ethereum, HD Hyundai Marine Solution , Cactus Acquisition Corp 1 Ltd, Bread Financial Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • EQD / NSE Volatility Update / 01-Apr-24 to 05-Apr-24
  • Restaking, the Biggest Opportunity and Risk in Ethereum
  • ECM Weekly (8th Apr 2024) – Hyundai Marine, Waaree Energies, Horizon Robotics, Bharti Hexacom
  • Electrifying the Fleet
  • Bread Financial Holdings Inc (BFH) – Monday, Jan 8, 2024


EQD / NSE Volatility Update / 01-Apr-24 to 05-Apr-24

By Sankalp Singh

  • Equities shrug off hawkish RBI rhetoric – eye on $3 Billion inflows from MSCI rejig & June Elections results
  • Short dated IVs trade lower. Quarterly-expiry IVs continue to hold at >13.0% levels as they capture multiple event risks
  • Short vega positions recommended as “High & Down” vol state persists. Use current scenario to buy tail hedges as protection for long Equity positions. 

Restaking, the Biggest Opportunity and Risk in Ethereum

By Edward Wu

  • Crypto market is driven by narrative in the short term, and capital favors new narratives. Ethereum restaking is the brand new narrative and biggest investment opportunity in this cycle.
  • Restaking and Liquid Restaking will bring upward pressure to ETH, and tokens of Liquid Restaking protocols will benefit from the growing restaking market.
  • DeFi use cases related to Liquid Restaked Tokens introduce increased financial leverage to the Ethereum DeFi ecosystem, which also entails heightened risks.

ECM Weekly (8th Apr 2024) – Hyundai Marine, Waaree Energies, Horizon Robotics, Bharti Hexacom

By Ethan Aw


Electrifying the Fleet

By subSPAC

  • This last week was packed with deals, amendments, and merger breakups.
  • A SPAC is set to merge with an electric utility firm, and a blank-cheque firm is taking a critical metals supply chain-focused firm.
  • Also, Sam Altman’s SPAC surges as it nears a deal, and a SPAC terminates a merger with a hydrogen energy firm. Read on to find out the latest about all things SPACs. 

Bread Financial Holdings Inc (BFH) – Monday, Jan 8, 2024

By Value Investors Club

  • Bread Financial (formerly Alliance Data) has experienced a drop in stock price since 2015 but has improved its balance sheet.
  • The future earnings outlook is uncertain due to pending regulations, but the company is expected to generate a high return on equity.
  • Bread Financial issues private label and co-brand credit cards with major partners, making it a potentially valuable investment opportunity at its current price.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


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Daily Brief Financials: Affirm Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • Affirm Holdings: Initiation Of Coverage – Will Its Strength in Unit Economics and Operating Efficiency Last? – Major Drivers


Affirm Holdings: Initiation Of Coverage – Will Its Strength in Unit Economics and Operating Efficiency Last? – Major Drivers

By Baptista Research

  • Affirm Holdings, Inc had a strong performance in its second quarter of fiscal 2024.
  • A sense of optimism pervaded the call, as the company’s Founder and CEO, Max Levchin, and CFO, Michael Linford, highlighted the impressive run of results, attributing it to the strength of business across their merchant base and favorable economic conditions.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

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Daily Brief Financials: Hang Seng Index, Ramsdens Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • EQD | HSI Closed the Week Modestly Up: A Pullback Is Possible Next Week
  • Ramsdens Holdings Plc (RFX:LN) – Thursday, Jan 4, 2024


EQD | HSI Closed the Week Modestly Up: A Pullback Is Possible Next Week

By Nico Rosti

  • The Hang Seng Index has been rising for 2 weeks but the uptrend seems slow and weak. The rally may have stalled, a pullback may be behind the corner.
  • Based on our MONTHLY seasonal studies for the HSI, the index has a extremely high chance to close April in negative territory.
  • You can go SHORT now, or during this coming week if the index keeps rising, target the 17000 to 17300 areas.

Ramsdens Holdings Plc (RFX:LN) – Thursday, Jan 4, 2024

By Value Investors Club

  • Ramsdens Holdings PLC is a pawnbroker offering pawnbroking, precious metal buying, FX currency exchange, and retail jewelry sales services
  • They have a diverse customer base from lower-income households to higher income customers interested in premium watches and jewelry
  • With 158 stores in the UK, Ramsdens is the second largest pawnbroker behind H&T Group, focusing on increasing store estate and distributing dividends for further growth, making it an appealing investment opportunity.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


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Daily Brief Financials: Suruga Bank Ltd, Langham Hospitality Inv Ss, ZhongAn Online P&C Insurance C, H&T Group Plc, Bitcoin, China Vanke and more

By | Daily Briefs, Financials

In today’s briefing:

  • Suruga Bank (8358 JP) – New Div, New Buyback, New KPIs, New 6yr High Price
  • Great Eagle Seeks To Delist Langham Hospitality (1270 HK)
  • Baba’s Babies: Co-Parenting Works! Zhong An Online P&C Insurance
  • H&T Group (HAT): Core franchise build, short-term retail noise
  • Crypto Moves #22 – The 2024 Bitcoin Halving Will Be A ‘Buy the Rumor, Sell the News’ Event
  • Morning Views Asia: China Vanke , Indika Energy, Vedanta Resources


Suruga Bank (8358 JP) – New Div, New Buyback, New KPIs, New 6yr High Price

By Travis Lundy


Great Eagle Seeks To Delist Langham Hospitality (1270 HK)

By David Blennerhassett

  • Hong Kong hotel-play Langham Hospitality (1270 HK) was spun-off from Great Eagle (41 HK) on the 30 May 2013. Now GE intends to take the company back into the fold. 
  • Covid was devastating to the hospitality sector. As were the 2019 demonstrations. Langham’s share price never recovered, and is currently trading at a lifetime low and a P/B of 0.21x.
  • No price was mentioned in the announcement. Expect a healthy premium to undisturbed, should a firm Offer unfold. But I wouldn’t expect a knockout price.

Baba’s Babies: Co-Parenting Works! Zhong An Online P&C Insurance

By David Mudd


H&T Group (HAT): Core franchise build, short-term retail noise

By Hardman & Co

  • In our 15 March 2023 initiation, ‘Pawnbroking royalty, with strong, profitable growth’, and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities.
  • These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%.
  • Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2023.

Crypto Moves #22 – The 2024 Bitcoin Halving Will Be A ‘Buy the Rumor, Sell the News’ Event

By Mads Eberhardt

  • We are swiftly approaching the fourth Bitcoin halving, which is expected to take place at block number 840,000.
  • Currently, the network has reached a block height of approximately 837,700.
  • Bitcoin experiences a halving event every 210,000 blocks.

Morning Views Asia: China Vanke , Indika Energy, Vedanta Resources

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


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Daily Brief Financials: Langham Hospitality Inv Ss, Country Garden Services and more

By | Daily Briefs, Financials

In today’s briefing:

  • Langham Hospitality Investments (1270 HK): Great Eagle (41 HK)’s Possible Scheme Privatisation
  • Quiddity Leaderboard for Hang Seng Index Jun 24: Could Country Garden Services Get Deleted?


Langham Hospitality Investments (1270 HK): Great Eagle (41 HK)’s Possible Scheme Privatisation

By Arun George

  • Langham Hospitality Inv Ss (1270 HK) received a notice from Great Eagle Holdings (41 HK), the largest unitholder, that it intends to present a detailed proposal for scheme privatisation.
  • The privatisation interest is unsurprising, as the unit price has declined by 43% over the last twelve months. A tough 2023 did not help the declining sentiment.
  • Our methodology for triangulating the potential offer price results in a range of HK$0.63-1.76. Our best guess is an offer of around HK$0.85, a 47% premium to the last close.

Quiddity Leaderboard for Hang Seng Index Jun 24: Could Country Garden Services Get Deleted?

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes for the Hang Seng Index in June 2024.
  • The index changes for the June 2024 index rebal will be announced on 17th May 2024.
  • The HSI selection process is highly subjective and does not follow clear-cut rules. This insight is simply an attempt to provide readers with an overall understanding of the possible scenarios.

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Daily Brief Financials: Bajaj Finance Ltd, Commonwealth Bank of Australia, China Vanke , Abacus Life , Bitcoin, Cls Holdings, Information Services and more

By | Daily Briefs, Financials

In today’s briefing:

  • [#20] Namaste India 🙏 | Bajaj Finance’s Catch Up
  • CBA – Sharply Higher Past Due Loans, but Not Impaired, Alongside Surge of Australia Insolvencies
  • China Vanke – Earnings Flash – FY 2023 Results – Lucror Analytics
  • Abacus Life Inc (ABL) – Tuesday, Jan 2, 2024
  • Crypto Crisp: Where’s the Volatility?
  • CLS Holdings USA, Inc. – City Trees Expands into New York
  • Information Services Corporation – A busy end to a record FY23


[#20] Namaste India 🙏 | Bajaj Finance’s Catch Up

By Pranav Bhavsar


CBA – Sharply Higher Past Due Loans, but Not Impaired, Alongside Surge of Australia Insolvencies

By Daniel Tabbush

  • It is not only NPLs that we must worry about for banks, but also loans that can turn NPL amidst a worsening economic backdrop
  • CBA’s past due loans but not impaired are up 43% in past two years and this bucket of loans is now 2.6x NPLs compared with 1.9x NPLs recently
  • Australia shows surging insolvencies across many sectors through 17 March 2024 and this can mean past due loans are more prone to migrating to turn NPL

China Vanke – Earnings Flash – FY 2023 Results – Lucror Analytics

By Leonard Law, CFA

China Vanke’s FY 2023 numbers were somewhat soft in our view. While its top line and profitability declined in tandem with industry trends, the company’s property development gross margin remained robust (relative to peers) at c. 15%. Negatively, OCF (after interest and tax) was weak and net debt continued to rise. Leverage and coverage metrics deteriorated, but remained at reasonable levels (vs. peers).

Vanke’s liquidity at the holdco level is likely tight. In particular, the migration of bank borrowings to the project level has pressured the company’s holdco-level financing. The development may also indicate lenders’ reduced risk appetite towards Vanke. In addition, we view negatively that management did not disclose the amount of cash held under escrow restrictions. Moreover, it is unclear whether the Shenzhen government would provide extraordinary support (above and beyond market-oriented measures) to the company.


Abacus Life Inc (ABL) – Tuesday, Jan 2, 2024

By Value Investors Club

  • ABL’s SPAC merger did not generate significant proceeds, leading to limited research coverage and low visibility in the market
  • Investors have identified ABL as a promising long-term investment with the potential for a 20% return on equity over the next five years
  • ABL’s unique trading setup, with only 1.5 million shares available for trading due to insider ownership and a staggered lock-up period, presents challenges and opportunities for investors. Additionally, a $15 million share repurchase program has been announced, further adding to the intrigue surrounding the company.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


Crypto Crisp: Where’s the Volatility?

By Mads Eberhardt

  • As we predicted in the last few weeks’ Crypto Crisp, the crypto market has been relatively stable in recent weeks.
  • However, things are beginning to shift.
  • During a speech in San Francisco on Friday, Federal Reserve Chairman Jerome Powell mentioned that robust economic growth in the US allows Federal Reserve officials to take their time with interest rate cuts.

CLS Holdings USA, Inc. – City Trees Expands into New York

By Water Tower Research

  • CLS Holdings is a vertically integrated cannabis company with core operations in Nevada.
  • The company owns and operates Oasis cannabis dispensary, one of the leading stores in Las Vegas.
  • CLS also has a state-of-the art extraction and manufacturing facility in Nevada and a suite of top-performing brands.

Information Services Corporation – A busy end to a record FY23

By Edison Investment Research

In FY23, Information Services Corporation (ISC) enjoyed year-on-year top-line and adjusted operating profit growth, augmented by consistent organic expansion of its Services division and incremental earnings from fee uplifts linked to the Master Service Agreement (MSA) extension. Management’s encouraging FY24 guidance reflects organic growth potential from the Services division, alongside a full-year impact of earnings accretion from fee adjustments. We have raised our valuation modestly from C$37/share to C$40/share, which implies 48% upside.


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