Financials

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

• Back in May this year, shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
• This situation was discussed in Krungthai Card (KTC TB): Buying Opportunity After Margin Call. Reportedly Mongkol Prakitchaiwattana had pledged his shares in all four companies, leading to margin calls.
• On the 16th August, the SET released an updated list of securities pledged, with pledged shares in KTC now at 2.3% of shares outstanding, down from 16.3% in May.

• Context: The Macquarie (MQG AU) vs. ANZ (ANZ AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Macquarie (MQG AU) and short ANZ (ANZ AU) targets a 5% return to the statistical mean reversion level.
• 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.

• The main forecasted additions are Banco Bilbao Vizcaya Argentari (BBVA SM) and Rheinmetall AG (RHM GR) as they are both surpassing the entry rank.
• The main forecasted deletions are Mercedes-Benz Group (MBG GR) and BASF (BAS GR) as they are both below the exit rank.
• The highest-ranked among Deutsche Bank (DBK GR), BAE Systems (BA/ LN) and Barclays (BARC LN) may replace Diageo Plc (DGE LN) if its price falls further.

• Context: The Commonwealth Bank (CBA AU) vs. Bank of Queensland (BOQ AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: After Commonwealth Bank’s sharp post-earnings drop last week, a mean-reversion model suggests long Commonwealth Bank of Australia (CBA AU) and short Bank Of Queensland (BOQ AU).
• 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.

• Knowledge Realty Trust (258259D IN) raised around US$551m in its India IPO. The trust undertook a pre-IPO placement round of around INR14bn (US$160m) in June 2025 as well.
• Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
• In this note, we will talk about the trading dynamics.

• Edelweiss is a financial services platform offering asset management, lending, and insurance. It has restructured its corporate model in recent years, shifting from a diversified conglomerate to operating standalone businesses.
• The proposed IPO of the alternate-assets business and stake sale in MF business creates an event-driven opportunity. Group is out of liquidity issues now with legacy ARC assets resolved.
• Stock corrected 20% in the last month after SEBI returned the IPO application. We note that the reason was just reporting changes and company is on track for 2026 IPO.

• Back on the 18th Feb 2025, Shandong Hi-Speed (412 HK) (SHS) closed its unconditional Offer for Shandong Hi-Speed New Energy  (1250 HK). Shortly thereafter, SHS’ share price took off.
• SHS is now up 190% in the past six months. And ~1800% since Covid.
• What gives? It’s not index related. And forward earnings do not justify the move. This looks like a bubble. Short interest is on the move.

• In Chinese RCBs: Two Bailouts. How Many More At Risk?, I concluded Shengjing Bank (2066 HK) was one bank I would avoid. It’s now suspended pursuant to the Takeovers code.
• Shengjing Bank had one of the largest P/B and net income declines in recent years. It had borderline allowance/provision coverage. It also had the lowest net interest margin.
• Shengjing Bank is PRC-incorporated, therefore any delisting proposal would involve a Merger by Absorption, incorporating a Scheme-like vote. And probably a tendering condition.

• Shengjing Bank Co Ltd H (2066 HK) entered a trading halt “pending the publication of an announcement pursuant to the Hong Kong Code on Takeovers and Mergers.”
• It is likely that the SASAC of Shenyang Municipal People’s Government, the largest shareholder, is seeking to privatise Shengjing.
• Precedents point to a voluntary conditional offer and delisting proposal. My estimated offer price range is HK$2.00-HK$2.80, a 75.4%-145% premium to the last close.

• We close out our short on Nubank; despite the sharp share price move post 2Q25 results, our pairs trade just worked
• We therefore upgrade Nubank to a neutral from a sell on the back of a solid set of 2Q25 results, largely due to its sound operational performance
• We continue to recommend a long on Inter for its healthy credit quality credentials, improving operating performance and its very attractive valuations with premium earnings growth potential

• Context: Commonwealth Bank of Australia (CBA AU)’s FY 2025 results delivered record profits but missed analyst expectations, prompting a sharp share price adjustment.
• Insights: Detailed review of intraday price action and implied volatility behavior following the announcement shows how the market digested the results and how implied volatility established a new equilibrium.
• Why Read: Offers a concise, data-driven view of how Australia’s largest bank’s results influenced market dynamics. Gain practical perspective on intraday trading patterns and where implied volatility might be heading

• The introduction of Binance Alpha has been the most significant development in the exchange listing landscape in 1H 2025. Within 7 months, it evolved from trading in Binance wallet only to a 2.0 version that funnels Binance exchange liquidity directly to DEX trading, which was then followed by the introduction of a trading incentive program Alpha points.
• Binance Alpha listings placed a greater emphasis on tokens with an FDV under $100 million, a segment traditionally overlooked by Binance. With the launch of 2.0 and Alpha points, tokens listed through this program have been outperforming listing events on other exchanges, including Binance’s own, in both price and trading volumes.
• The growth of Alpha created competition for other exchanges. Mid-size exchanges have seen fewer listing events, and Alpha listings might be filling this void. Binance’s own listings have also been affected: the first 30-day trading volume for large FDV tokens shrunk by 20% on Binance, while this metric grew on Upbit, OKX, and Bybit. Additionally, Binance-listed tokens showed a below-average price performance compared to other exchanges.

• Miami International Holdings (MIAX US)  priced a full-size IPO of 15.0 million shares at $23.00, coming in $2 above the marketed $19–$21 range.
• Shares opened Thursday at $31.65, delivering a +37.6% gain at first trade, and reached an early high of $33.00 within the first 15 minutes.
• MIAX traded in a relatively tight intraday range compared to many recent IPOs, reflecting its position as a more traditional, easier-to-value business.

• Spectral AI is developing an AI-guided predictive medical device that employs multispectral imaging (MSI) to estimate a wound’s capacity to heal.
• The company is pursuing indications in burn and diabetic foot ulcers (DFUs) with the former receiving support from BARDA & other government agencies.
• Spectral is distinguished by its combination of MSI and AI to improve diagnoses.

• UST yields declined by 5-6 bps across the curve yesterday, as the market further firmed up expectations of a 25 bp Fed rate cut in September.
• As of yesterday, Fed-dated OIS were pricing in a 26 bp rate cut next month and 64 bps of rate cuts for the remainder of 2025.
• The yields on the 2Y UST and 10Y UST both declined 6 bps to 3.68% and 4.23%, respectively. 

• Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
• The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
• The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.

• Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).
• Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.
• Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.

• Operating revenue decreased 14.3% YoY to JPY1.9bn, with gross profit declining 24.9% YoY to JPY1.5bn.
• The recurring loss was JPY159mn, influenced by a JPY325mn drop in gross profit and foreign exchange losses.
• New investments were made in the Buyout and Growth strategies, and a Structured Equity Investment Strategy was launched.

• In the second quarter of 2025, Willis Towers Watson (WTW) reported a commendable financial performance, characterized by organic revenue growth and significant earnings per share (EPS) enhancements.
• The company delivered a 5% organic growth, achieving an adjusted EPS of $2.86, a 20% increase from the previous year.
• These results underscore WTW’s effective strategic execution in a challenging macroeconomic climate, reflecting strong resilience amidst geopolitical uncertainties and inflationary pressures.

• We downgrade RHB Bank Bhd (RHBBANK MK) , our sole buy in Malaysian banks, to a neutral from a buy rating
• Despite its attractive valuation credentials, RHB Bank, has not been one of our successful buy picks; nonetheless, quarter-to-date it has delivered a small positive (+2%) USD return
• Despite global market relief from another US-China tariff deadline extension, we believe that in the case of Malaysian banks, and RHB in particular, near-term positive catalysts are largely absent

• Grandy House’s Q1 FY03/26 sales were JPY12.6bn, with operating profit up 147.8% YoY, and recurring profit up 700.9% YoY.
• The company sold 279 new homes in Q1 FY03/26, down 34 units YoY, amid a challenging market environment.
• Total assets at end-Q1 FY03/26 were JPY67.7bn, with a JPY1.3bn decrease in cash and deposits from payments.

Deutsche Beteiligungs (DBAG) posted a 1.9% NAV total return (TR) in H125, with the positive impact of higher valuation multiples partly offset by a negative contribution from portfolio earnings growth and higher portfolio net debt. DBAG delivered on its promise of a pick-up in investment activity, with three private debt investments, a long-term minority investment into FinMatch (funded entirely from DBAG’s balance sheet) and a follow-on private equity (PE) investment in an existing portfolio company. Consequently, DBAG considers itself fully invested. Exits proved more difficult to complete in the current environment than expected, with management now assuming at least one realisation by the end of the year (compared to three to four exits expected until Q126 at the time of the Q125 results release). DBAG’s shares now trade at a wide 30.3% discount to the last reported NAV of its private market investments, on top of which DBAG’s shares offer exposure to its fund services business, generating recurring earnings (guided at €10–15m in FY25).

• The company reported Q1 sales of JPY3.0bn, a 51.2% YoY increase, with a gross profit of JPY692mn.
• Total assets increased by JPY1.2bn to JPY31.2bn, liabilities rose by JPY2.2bn, and net assets declined by JPY1.1bn.
• A stock split will increase total shares to 29,880,000, with a revised year-end dividend forecast of JPY40.0 per share.

• ARCIL (588250Z IN) is looking to raise at least US$344m in its upcoming India IPO. The deal will be run by IDBL Capital, IIFL Capital and JM Financial.
• Asset Reconstruction Company (India) Limited (ARCIL) is one of India’s leading asset reconstruction companies that acquires stressed assets, like non-performing assets, from banks and financial institutions. 
• The business is spread across three key verticals: Corporate loans, SME and Retail loans. Corporate loans have historically been the largest contributor to ARCIL’s AUM (75.48% in FY25).

• Covered call ETFs ramped up KOSPI 200 weekly call selling, pushing premiums unusually low despite modest overall volume—likely a key driver behind the premium compression.
• KOSPI 100 outperformed KOSPI 200 small-mid caps by 3.7%p last month, probably boosted by call-selling ETFs’ delta-hedge buying concentrated in large caps.
• Watch for hedge buy flows ramping up before big events. Timing short-term longs in large caps and shorts in smaller KOSPI 200 names around these windows can yield solid alpha.

• As Swire Pacific (A) (19 HK) plumbs new 12-month lows for its NAV discount and implied stub, Swire’s B shares have significantly outperformed the As over the past month. 
• Preceding my comments on Pac, Swire Properties (1972 HK) & Cathay Pacific Airways (293 HK), are the current setup/unwind tables for Asia-Pacific Holdcos. 
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• We take profits on our Canara Bank buy recommendation, due to adverse credit quality trends, and we stick with our two high conviction buy names UBI and Bank of Baroda
• UBI ranks top in our proprietary scorecard, replacing Canara Bank; UBI has high earnings and dividend yields; it ranks highly on NPL coverage and it has a well-controlled write-off ratio
• Baroda remains our core value pick; it has attractive valuations and potential to expand returns which we expect to emerge over the medium term, especially given its control of write-offs

• Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$2.0 billion. 
• On 8 May 2025, Tata Capital merged with Tata Motors Finance Solutions Limited (TMFL) through the issue of 183.9 million shares.
• The fundamentals are mixed. Positives include large size, high growth rates, low opex ratio and good asset quality. Negatives include below peer average NIM, interest spread and ROE. 

• Kasumigaseki Hotel REIT (401A JP)  raised US$193m in its upcoming Japan IPO.
• Kasumigaseki Hotel REIT Investment is a REIT with hotel assets. It is an investment corporation sponsored by affiliated developer, Kasumigaseki Capital.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation

• Global Indemnity Group, LLC, provides specialty and niche insurance products nationwide.
• GBLI focuses on small market property and casualty business.
• The company has made a concerted effort to reduce its property exposure.

S&U has issued a Q226 trading update confirming the growth trajectory of the business and providing support for H2 profit growth. The recent Supreme Court (SC) decision has given legal clarity to the motor finance business, Advantage, which is now in a strong recovery phase. Aspen, the property lender, continues to grow robustly, generating advances over the quarter that were up 15%. We view S&U’s Q2 exit trajectory positively and believe the company will meet our FY26 forecasts. The SC’s judgement should put to rest any existential worries about Advantage, allowing trend growth to resume and further supporting numbers.

• Key 2Q25 takeaways include: 1) loan origination volumes remain strong, with favorable lead indicators around steady demand trends, increasing throughput from the company’s pass-through partnership with Ally Financial, improving funding rates, and as newer salespeople continue to season 2) CPSS’s ABS volumes have remained consistently strong ($400+ million for each of the last five securitizations), while related cost of funds have continued to trend lower – a powerful combination from an earnings power perspective 3) we look for NCOs to continue to trend lower reflecting responsible underwriting, portfolio remixing, and improving recovery rates and 4) while we prefer to err on the side of caution, we note our 2026 EPS forecast jumps from $1.85 to $3.17 (70%+ accretion) if we layer in a 4.5% cost of funds (consistent with the company’s long-term average) for next year.
• Granted, lower interest expenses will take time to flow through the P&L, though we think our back-of-the-envelope math reinforces the considerable leverage in the model, as interest expense normalizes.

• Tata Capital Limited (TATACAP IN) is looking to raise upto US$2bn in its India IPO, which will be run by Kotak, Citi, JPM, Axis, ICICI, HSBC, IIFL, BNP,SBI and HDFC.
• Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
• It is categorized as an Upper Layer NBFC by RBI and caters to salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises and corporates.

• KCMC 2025 will likely reveal fresh, unpriced stimulus details, potentially sparking a price rally like last year’s 2% KOSPI 200 jump on the value-up ETF rollout.
• The key wildcard at KCMC 2025 is dividends—shifting from Yoon’s Japan-style ROE grind to a Taiwan-style push for bigger shareholder payouts.
• With Sept 29 approaching, dividend policy buzz may drive price moves—smart to prep dividend momentum trades to front-run this catalyst.

• On Thursday 7 August, the TSE/Nikkei announced the changes for the JPX Nikkei 400 28 August rebalance. A few surprises, but given there is a nebulous qualitative overlay, that’s expected.
• 39 were added. 34 deleted. We got 63 of 73 actual changes correct, achieving hit rates of 96%, 83%, and 44% for our High/Medium/Low Conviction Leaderboard predictions, respectively. 
• We see US$7.3bn of flows, two way. There should be another $3bn+ of flows on the 26th and 28th.

• PHP’s offer has gained momentum, with 8.82% acceptances, offering a +2.13% gross spread, but at a discount to EPRA NTA. The share component introduces long-term upside potential.
• KKR’s offer remains the more attractive option for immediate liquidity, offering a +3.79% gross spread with an estimated 46.1% annualized return, but needs to secure more acceptances by August 12.
• The Takeover Panel auction remains a key driver, with higher bids likely in a competitive scenario. The probability-weighted target price (TP) for Assura is 50.81p, reflecting potential upside from an auction or bid revision.

• AH premia down, bouncing back. “Beautiful Skew” continues generally, but curve skew less pronounced. Average AH moves remain volatile – often the sign of significant distribution changes.
• The Quiddity Portfolio is now smaller, less concentrated, and the net H vs A bias is MUCH smaller. Alpha continues, predicated on beautiful skew. But pair vol is very high. 
• The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

• The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.
• Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.
• The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.

• Edelweiss plans a INR 1,500–2,000 crore IPO of EAAA and a 25–30% stake sale in its mutual fund arm to accelerate deleveraging.
• These transactions could meaningfully reduce corporate debt from INR 6,325 crore, strengthen the balance sheet, and unlock shareholder value.
• Successful execution improves capital efficiency, supports high-margin business growth, and enhances upside potential, reinforcing the 56% target price appreciation case.

• Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
• In the first half of 2025 the adjusted revenue was $197m or 56% above the $126m in 1H 2024.
• As of August, they have built out all the technology pieces they need without adding head-count and now are in execution mode.

Target Healthcare REIT’s Q425 update shows indexed rent reviews continuing to drive increased earnings and property values, underpinning growing DPS. Q425 NAV total return was a strong 2.9%, taking the annual total to 9.0%. We will review our estimates when the FY25 results are published in detail in September, but continue to expect rental growth, a full-year contribution from development completions and asset management to drive further growth.

• UST yields rose on Friday, in a continuation of Thursday’s increase following the weak 30Y notes auction.
• In addition, there were no macro catalysts, ahead of Tuesday’s CPI data release (which may alter market expectations for the rate cuts currently priced in).
• The yield on the 2Y UST rose 3 bps to 3.76%, while that on the 10Y UST was up 3 bps at 4.28%. 

• Operating revenue declined by JPY4.6bn YoY to JPY60.7bn, with decreases in South Korea, Mongolia, and Real Estate.
• Operating profit increased by JPY2.6bn YoY to JPY4.6bn, driven by gains in Financial and Investment Businesses.
• Profit attributable to owners of parent fell to JPY1.4bn due to foreign exchange losses from yen appreciation.

• In May, SEBI recommended changes to the minimum number of constituents for non-benchmark indices and the capping for those indices. The recommendations have to be implemented by 3 November.
• There is a high probability that NSE Indices implements the changes for the NSE Nifty Bank Index (NSEBANK INDEX) at the September rebalance. Nothing has been announced yet though.
• If implemented in September, Yes Bank and Union Bank Of India could be added to the index. Estimated one-way turnover is 22.35% and the round-trip trade is INR 149bn (US$1.7bn). 

• 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.
• 783 new CGRs filed in July 2025 (after 1,389 in June). Our tools show every report, links to every document, and a diff-file tool. Input a name, see the changes.
• The JPX Council of Experts met on 9 July. The parent-sub changes are slow to come. 

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

• Context: This Insight is an update on two previously published relative value pairs.
• Highlight: The trades provide a case study illustrating how mean-reversion trades can fail to revert or hit stop-losses within extended timeframes.
• Why Read: Gain insights into timing-related challenges in mean-reversion strategies and time-based exit as a risk management choice.

• Bullish US (BLSH US) will be excluded from the one US index due to foreign SEC filings.
• Bullish US (BLSH US) will be excluded from the one Global index due to insufficient float cap.
• Bullish US (BLSH US) is expected to be added to Global SmallCap in November 2025 and to US-R1000 in December 2025 despite its foreign filings.

• Context: The UCO Bank (UCO IN) vs. Central Bank Of India (CBOI IN) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Both stocks are trading near 52-week lows, opening a window for a statistically supported mean-reversion setup.
• 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.

• We’ve got a locked-in floor on ’26 DPS and clear upside, providing a solid dividend yield baseline—ideal for leaning into aggressive trade setups.
• We can lean into spot longs with covered calls, but yields (especially KB, Shinhan) aren’t yet compelling. A pullback before the ’26 dividend run is a prime entry window.
• Plus, a bank long-short: long KB/Shinhan, short Hana/Woori. KB and Shinhan face payout increases, with ’26 guidance in 4Q25 earnings as the catalyst.

• The Reserve Bank of Australia (RBA) meets on Tuesday, 12 August 2025, with a rate decision due at 14:30h AEST.
• Highlight: Markets are divided between a 0.25% and 0.50% rate cut. Discover my unique take, which differs from both expectations, and the reasoning behind it.
• Why Read: Fixed income and equity derivatives markets are sending conflicting signals. Dive into the historical market impact of each possible scenario to better navigate the uncertainty.

• Coinbase’s second quarter 2025 performance indicates a mixed bag of financial and strategic outcomes.
• The company reported a total revenue of $1.5 billion and an adjusted EBITDA of $512 million, showing robust financial health.
• This result underscores the company’s effective management of its core businesses, despite a 40% decline in total trading volume influenced by macroeconomic conditions, lower volatility, and a strategic emphasis on revenue over trading volume for stablepairs.

• Intercontinental Exchange (ICE), a global data and technology company, reported another record quarter with robust growth across its primary business segments.
• The second-quarter adjusted earnings per share reached a historical high of $1.81, a 19% increase year-over-year, while net revenue climbed 9% to $2.5 billion.
• This performance was underpinned by contributions from all three major business areas: Exchange, Fixed Income and Data Services, and Mortgage Technology.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.

• S&P Global, a prominent player in financial information and analytics, reported solid results for the second quarter of 2025.
• The company’s revenue grew by 6% year-over-year, driven by a 7% increase in subscription revenue.
• Notably, operational efficiency resulted in a 150 basis point expansion in the trailing 12-month margin.

• Consolidated net operating revenue was JPY15.9bn, down 6.0% YoY and 6.4% QoQ, with decreased commissions and trading income.
• The Crypto Asset segment reported a pre-tax segment loss of JPY1.3bn, with SG&A expenses up 44.4% YoY.
• Asset Management and Wealth Management segment saw net operating revenue rise 41.3% YoY, with significant gains in operating profit.

• We update our proprietary scorecard and many of our charts based on the latest data; despite the recent lack of BoJ rate hikes, interest rate spreads are widening
• The JGB yield curve has continued to steepen, which is constructive for Japanese banks; in addition, market lending rates to June continue to rise faster than deposit rates
• We stick with our focus on two core attributes; gearing to higher interest rates and cross-holdings to market capitalization keeping Resona, Mizuho, Shizuoka and Kyoto on our list of buys

• Operating revenue increased by JPY157mn YoY, driven by deferred installment income reversal and credit guarantees accumulation.
• Consolidated operating expenses rose JPY2.7bn YoY, with increases in general expenses, bad-debt-related expenses, and finance costs.
• Overseas segment saw a transaction volume decline of 21.6% YoY, with losses reduced from JPY734mn to JPY452mn.

• In this edition: • NN Group | OGC beats consensus; S-II ratio above 150-200% comfort range • SBM Offshore | guidance up, share price down • ForFarmers | post earnings call comment • bpostgroup | 2Q25 beats consensus thanks to strong performance 3PL and Cross-border

• Q1 FY03/26 revenue was JPY27.3bn (+74.2% YoY), with operating profit at JPY6.0bn (+112.5% YoY).
• Segment revenue for the Hotel and Tourism business was JPY4.6bn (+24.9% YoY), with a profit of JPY1.1bn.
• Total assets at end-Q1 FY03/26 were JPY217.9bn, with net assets at JPY107.7bn (+1.7% from end-FY03/25).

• FY06/25 sales were JPY33.9bn (-21.3% YoY), with operating profit at JPY3.5bn (-27.7% YoY), and recurring profit at JPY2.8bn (+14.9% YoY).
• Real Estate business sales in FY06/25 were JPY33.7bn (+21.4% YoY), with a segment profit of JPY5.0bn (+29.6% YoY).
• Total assets at end-FY06/25 were JPY62.3bn, with liabilities at JPY45.0bn and net assets at JPY17.3bn.