Financials

• The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
• We expect two regular changes in September 2025 – maybe $10bn a side. There are also a couple of live M&A events which are likely to trigger intra-review index changes.

• Recurring revenue increased by 10.4% YoY to JPY18.2bn, driven by underwriting, investment, and non-insurance business growth.
• Recurring profit decreased by 40.7% YoY to JPY960mn, impacted by increased costs from AXA Direct insurance contract transfers.
• The combined ratio based on earned premiums rose 4.0pp YoY to 97.9%, influenced by higher medical costs and policy transfer expenses.

Utilico Emerging Market Trust’s (UEM’s) board has announced a series of initiatives, aiming to make the company more attractive and to enhance value creation for new and existing shareholders. These measures are: a new performance-based tender offer; continuation of the share buyback programme; further annual dividend increases; and bringing forward the 2026 continuation vote. UEM celebrated its 20th anniversary as a public company on 20 July 2025; over two decades, it has generated an annual NAV total return of 9.1%. This equates to an aggregate total return of 470.6%, which is meaningfully higher than the MSCI Emerging Markets Index’s 349.7% total return.

• With new tax rules kicking in from FY2026, firms may hold back FY2025 dividends to front-load later, creating potential downside surprise purely from tax-driven deferral, not fundamentals.
• If FY2025 payouts fall short, dividend names could go ex-div on inflated expectations, then trade heavy — setting up mispricing risk around year-end dividend capture trades.
• This may weaken post-ex-div price rebounds, creating dividend trap risks and short-term mispricing that traders can exploit via shorts, dip buys, or dividend swap long-short strategies.

• The NIFTY Index has been falling for 5 straight weeks: it is extremely oversold, according to our model.
• The index should rebound this week, or the next, in any case the downside should be limited at this point.
• A rally could bring the index back to 25398, but we are witnessing a BEARISH pattern at the moment, so any rebound rally will be short-lived.

• Seasonal patterns shift in August, with weaker average returns and greater downside skew supporting a case for selective hedging.
• Most markets are at or near 52-week highs, further strengthening the argument for protective positioning.
• Unlike July’s consistent vol-selling setup, August presents a more mixed environment for volatility strategies.

• Recent legislations in major economies have propelled the mainstream adoption of stablecoin. While offshore use of stablecoin has been centered around crypto trading and informal economies, we believe the regulated stablecoins present two key opportunities: “open-source digital wallets” for payments and “open clearing houses” for settlements.
• Digital wallet payment solutions built around stablecoin have a much lower bar than building a web2 digital wallet company, in both technology and commercial terms.
• In developed economies dominated by credit cards, stablecoins could drive a new wave of digital wallet adoption, potentially capturing significant market share.

• This is a follow-up on the relative value trade between Credit Corp (CCP AU) and Magellan Financial (MFG AU), originally flagged due to a significant deviation in their price ratio.
• Highlight: Credit Corp (CCP AU) surged 16.2% post-earnings, driving the pair to close with a 19.1% return in just 7 days.
• Why Read: Demonstrates how mean-reversion setups can still outperform, even in the presence of strong momentum. A valuable Insight for relative value traders navigating trend-heavy environments.

• Consolidated ordinary income reached JPY15.8bn (+13.3% YoY), with ordinary profit at JPY3.9bn (+36.2% YoY).
• Loan balance increased to JPY2.43tn (+2.2% YoY), with deposits at JPY3.08tn (+0.2% YoY).
• Capital adequacy ratio improved to 9.30% non-consolidated, reflecting higher capital and reduced risk-weighted assets.

• Sabadell approves €3.1bn TSB sale and €0.50 dividend, enhancing standalone value and reducing downside in a deal-break scenario; BBVA’s unchanged offer now implies a –8.1% gross spread.
• Spread has narrowed from –15.3% to –8.1%, as market reprices bump probability or resilient standalone outcome; dividend payout creates valuation floor, reshaping risk-reward for arbitrageurs.
• Base case: BBVA must revise terms or risk rejection and deferred re-engagement; standalone plan is credible, capitalised, and shareholder-friendly, with payout and CET1 strength supporting defensive positioning.

HgT’s muted -0.3% NAV total return (TR) in H125 (according to its preliminary trading update) was negatively affected by public market volatility that reduced HgT’s private portfolio valuations by 4pp. That said, it represents a NAV rebound in Q225 following the -2.0% TR in Q125. Last 12-month (LTM) revenue and EBITDA growth to end-May 2025 across HgT’s entire portfolio were both a robust 19%, translating to a 7pp positive effect on portfolio value. Minor headwinds came from fx changes and higher portfolio net debt (1pp NAV impact each). Gross realisation proceeds reached £165m (7% of opening NAV), which according to Hg compares favourably with peers in a challenging environment. Investments (including reinvestments) stood at £306m, or 12% of opening NAV.

• SES AI, a leader in AI-powered battery research, announced 2Q25 revenue of $3.5 million, which was in line with its preannouncement.
• SES’ 2Q25 gross margin came in at 74%, above its long-term gross margin range, as the manufacturing, software licenses, and services mix stabilizes.
• The company also reiterated 2025 revenue guidance of $15-25 million.

• Capitaland Integrated Commercial Trust (CICT SP) is looking to raise at least S$500M (US$388m) in a primary placement.
• The deal represents 9.7 days of 3 month ADV and ~3% of market cap.
• In this note, we comment on the deal dynamics and run the deal through our ECM framework.

• Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
• 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 our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

• We stick with Hana Financial as our sole buy in Korean banks; even though it does not top our proprietary scorecard, it remains attractively valued and its returns are improving
• We downgrade Woori to a neutral from a buy, with Woori now trading at a PBV premium to Hana; historically, this has been an indicator of future poor share performance
• KB Financial ranks top in our scorecard; KB is one watch, but remains a neutral due to limited appeal in terms of valuation

JDC Group has acquired 60% of lead generation specialist FMK Group. The total purchase price consists of a fixed component in the mid-double-digit million euro range and variable components in the form of earn-out payments in the low-double-digit million euro range. As such, it is JDC’s largest acquisition to date. We expect management to provide more information on the transaction and its metrics during the investor and analyst call scheduled for Wednesday 6 August at 2pm CET. JDC has also increased its FY25 guidance and provided guidance for FY26. Please note that the estimates below have not yet been adjusted for the acquisition.

• Bullish US will offer 20.3 million shares at $28-$31 and is scheduled to debut on Wednesday (8/13). 
• BlackRock, Inc., and ARK Investment Management, LLC and/or its affiliated entitiesindicated an interest in purchasing up to an aggregate of $200 million in this offering. 
• A combination of highly-notable existing shareholder base, anchor orders and tailwinds from the industry will likely have this IPO in high demand. 

• ProAssurance merger with The Doctors Company faces potential regulatory hurdles, particularly in California, risking a 30-40% stock drop.
• Lifeway Foods and Danone have resumed buyout talks, with confidentiality agreements in place, aiming for a resolution.
• Webjet Group sees increased stake from Helloworld Travel, indicating potential takeover interest following a rejected offer.

• Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
• Wellington has indicated an interest in purchasing up to $40 million in shares of common stock in this offering at the initial public offering price.
• Miami International is scheduled to price on August 13th for a Thursday, August 14th debut. 

• Zach Townsend is the co-founder and CEO of Meanwhile, a company reinventing life insurance by holding reserves in Bitcoin.
• Life insurance is about protection and risk sharing, with term life providing coverage for a specific term and whole life lasting a lifetime.
• Term life is more focused on protection for a specific period, while whole life is an investment product for intergenerational wealth transfer.

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

• Dollar strengthening due to positioning cleanup and various events this week
• Powell’s statement more dovish, payrolls weaker than expected
• Political pressure and potential Fed chair change could impact future Fed policy and dollar strength

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

• A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week August 4 – August 8.
• OVERSOLD: China Mobile (941 HK) , NIFTY Index , KOSPI 200 INDEX 
• OVERBOUGHT: NVIDIA Corp (NVDA US) is the only stock clearly overbought. 

• National Securities Depository Limited NSDL (NSDL IN) raised around US$460m in its India IPO.
• It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
• We have looked at the past performance in our previous note. In this note, we talk about the demand and trading dynamics.

• PJT Partners reported robust financial performance in the second quarter of 2025, with a record-setting trajectory in revenues, adjusted pretax income, and adjusted EPS.
• Revenues stood at $407 million, marking a 13% yearover-year increase.
• Correspondingly, adjusted pretax income and adjusted EPS surged by 22% and 29%, respectively.

• Operating revenue in Q1 FY03/26 was JPY5.5bn, a decrease of JPY9mn YoY, with origination-related revenue down 9.5%.
• Operating expenses increased by JPY362mn YoY to JPY5.0bn, driven by higher finance and personnel costs.
• Pre-tax profit declined by 45.0% YoY to JPY437mn, with profit attributable to owners down 43.5% YoY.

• Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow.
• iFAST Corporation saw S$50.3 million net institutional inflow, reversing its year-to-date outflow to S$42.9 million inflow.
• Raffles Medical and Keppel led share buybacks, with Raffles purchasing 3.3 million shares and Keppel announcing a S$500 million program.

• Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
• In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
• Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

• Event Preview: The Reserve Bank of India will announce its next policy decision on Wednesday, August 6, 2025. After June’s larger-than-expected 0.5% rate cut, consensus expects no change.
• Market Reaction History: The NIFTY 50 has historically moved more when the RBI surprises markets – a 27% occurrence rate over the past decade. 
• Options Perspective: This Insight investigates past market behavior during comparable RBI policy announcements and contrasts it with what current option pricing implies for this week’s move.

• Revenue increased by 8.9% YoY to JPY82.4bn, while operating profit decreased by 3.4% YoY to JPY4.9bn.
• SG&A expenses rose 17.5% YoY to JPY7.3bn, influenced by investments in human resources and IT infrastructure.
• Total operating assets increased 8.6% YoY to JPY1.24tn, driven by growth in finance and operating leases.

• Chinese property play Joy City (207 HK) has announced a Scheme buyback, with a price of $0.62/share (declared final), a 67.57% premium; but more like a 158% premium to undisturbed. 
• Yes, this is a 70% discount to NAV. Yet Joy City has traded at P/B of 0.14x, on average, the past five years. Earnings have trended south in that timeframe. 
• The IFA will likely cite liquidity and Joy City’s historical discount to NAV, and opine “reasonable”, and probably even “fair”. It is what it is for long-suffering shareholders.

• Today’s selloff spooked the ruling party, prompting top lawmakers to signal tax tweak talks less than 24hrs after rollout — and they’re clearly watching the tape.
• Cap gains threshold likely gets bumped to ₩3–5bn. STT hike stays. Div tax top rate may drop from 35% to 25% amid internal party push.
• President Lee’s focused on pragmatism—cutting household debt and boosting corporate liquidity. Expect the tax narrative to pivot next week, sending local market sentiment in a new direction from Friday’s tape.

• Yorkville Acquisition, Lutnick’s SPACs, and Renatus Tactical Acquisition are SPACs with political connections, targeting crypto and blockchain opportunities.
• Mayne Pharma’s acquisition by Cosette faces legal challenges over a material adverse change, with a court hearing in September.
• Currency Exchange International’s growth driven by FX Payments, potential uplisting, and closure of unprofitable Canadian business.

• ProAssurance merger with TDC faces potential regulatory hurdles, creating a short opportunity with limited downside and significant upside.
• PMV Pharmaceuticals trades at a discount to net cash with imminent trial results and strategic review as catalysts.
• Next Science plans to distribute US$30m from asset sale, offering a 13% spread to expected distribution price.

• Intercontinental Exchange, the parent of the NYSE and a dominant force in global futures and data markets, is reportedly in advanced discussions to acquire Enverus, a privately held energy data and analytics powerhouse, for a valuation north of $6 billion.
• The potential acquisition, first reported by Bloomberg, comes amid renewed optimism in the IPO pipeline, expanding energy futures participation, and ICE’s push into adjacent data ecosystems such as mortgage and environmental markets.
• Although a final agreement has not been reached and discussions could still fall through, the timing aligns with rising M&A sentiment as expectations for lower interest rates and a friendlier regulatory backdrop fuel executive confidence.

• FirstService Corporation reported solid performance in the second quarter of 2025 amid an environment marked by uncertainty and weak consumer sentiment.
• The company’s revenues recorded a 9% year-over-year growth, primarily propelled by tuck-under acquisitions and supported by organic growth of 2% within the period.
• However, the performance was not uniform across its segments, with FirstService Residential, Century Fire, and restoration brands showing positive gains, contrasted by stagnation in the Home Service segment and declines in Roofing operations.

• Revenues reached JPY90.6bn (+11.5% YoY), driven by record-high sales in Domestic Real Estate Fund Business.
• Operating profit was JPY19.2bn (-16.5% YoY), with a gross profit margin of 30.0% (-7.5pp YoY).
• Non-operating income increased to JPY2.6bn (+17.2% YoY), while non-operating expenses decreased to JPY1.7bn (-7.3% YoY).

• Q1 tends to be a seasonally weak quarter. However, Nesco posted 60%+ YoY growth in the Exhibition business. The Foods business grew 147% YoY led by restaurants and catering division.
• The IT Parks segment saw its revenue grow by 3.6% QoQ and 12% YoY in Q1FY26. Overall, Nesco’s revenue grew 37% YoY and PBT grew 23% YoY in Q1FY26.
• Given that Nesco due to its leasing based revenue is a bond proxy investment, we are increasing our fair valuation target to take into account the low interest rate environment.

• Aon plc’s second-quarter 2025 financial performance showcases a company effectively executing its strategic initiatives and achieving substantial growth in several key metrics.
• Aon’s financial model, underpinned by its Aon United strategy and the operational support of Aon Business Services (ABS), is demonstrating robust execution.
• For the quarter, Aon achieved notable results including 6% organic revenue growth, driven by new business and strengthened client relationships.

• WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
• WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
• In this note, we talk about the not-so-positive aspects of the deal.

• Joy City Property (207 HK) announced a share buyback by way of a scheme at HK$0.62, a 67.6% premium to the last close of HK$0.37 (17 July). The offer is final.
• The buyback is effectively a privatisation by the controlling shareholder, COFCO, at a significant discount to book value. The offer implies a P/B of 0.30x.
• While there are mitigating factors which lower the vote risk, there are several similarities to the failed Soundwill scheme. Therefore, the vote comes with non-neligible risk.

• NH Investment & Securities Co (005940 KS) announced that it plans to raise 650 billion won through a third party paid-in capital allocation.
• Expected price of the capital raise is 20,150 won. Nonghyup Financial Group is expected to fund this capital raise. 
• We believe there is likely to be some net selling of the Korean securities companies in the next several months due to disappointing new tax policies (especially for dividends). 

• WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
• WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
• In this note, we talk about the positive aspects of the deal.

• Brookfield offers 220p/share in cash for Just Group via scheme, valuing the UK annuity provider at £2.4bn — a 75% premium and 1.1x Tier 1 capital.
• The deal strengthens Brookfield’s UK pension risk platform, leverages its global asset engine, and provides Just with growth capital, operational scale, and improved investment capabilities.
• With high deal certainty and limited regulatory risk, the 3.5% gross spread offers an 8.5% annualised return by January 2026, presenting a compelling event-driven arbitrage opportunity.

• Consolidated ordinary income rose 20.7% YoY to JPY36.3bn, achieving 22.2% of the full-year target.
• Non-consolidated ordinary profit declined 35.6% YoY to JPY4.2bn, impacted by worsening bond-related gains/losses.
• The bank projects FY03/26 consolidated ordinary profit of JPY30.4bn, with plans to cut credit costs significantly.

The Law Debenture Corporation (LWDB) delivered a very strong performance in the six months to 30 June 2025 (H125), building on its already strong long-term track record. The share price total return of 14.2% was 5.1pp ahead of the benchmark, while the professional services business (IPS) grew revenues, earnings and operational fair value. The Q1 DPS was 4.7% ahead of last year. The prospects for continued growth in IPS look good, and the portfolio managers remain positive about the prospects for the mostly (89%) UK investment portfolio.

• Revenue increased 38.7% YoY to JPY20.8bn, achieving 99.4% of the company’s 1H forecast, driven by Operating Lease business.
• Operating profit rose 84.4% YoY to JPY11.4bn, reaching 100.7% of the forecast, despite foreign exchange losses.
• Total value of operating lease deals arranged was JPY217.6bn, up 86.5% YoY, with significant growth in vessel arrangements.

• Key F4Q25 takeaways include: 1) On 6/19/25, Brad Heppner resigned as CEO and Chairman of the company’s Board of Directors.
• Given Mr. Heppner’s history founding the company and prior role as CEO, his departure introduces uncertainty as it relates to Beneficient’s business strategy, growth prospects, and ownership structure.
• 2) Following Mr. Heppner’s resignation, the Board announced the separation of the Chairman and CEO roles, with the appointment of Thomas Hicks as Chairman and James Silk as interim CEO.

• Operating revenue increased by JPY197mn to JPY62.9bn, with growth in Settlement, Guarantee, and real estate sales.
• Operating expenses rose JPY1.7bn due to higher financial expenses, while SG&A expenses fell by JPY729mn.
• Recurring profit decreased by JPY1.5bn to JPY3.2bn, with a 26.3% progress rate toward the earnings forecast.

• ETF rebalancing’s key, but still too early to front-run — both use FnGuide screens based on FY1 DPS and prices from 20 days before November-end.
• Beyond the rebalance noise, ADR-local spreads have been widening — KB hit +6%, Shinhan’s also drifting. Likely tied to the recent liquidity surge in dividend names.
• ADR arb’s more doable with NXT tightening slippage. With proper FX hedging, it’s a clean side play riding the policy-driven liquidity wave.

• The stress periods are the times when the mettle of the best gets tested. We are in such a period and HDFCB has remained unscathed.
• Even Bajaj Finance, which is also rated gold-standard in underwriting and risk management, noted issues with asset quality in the current environment, however, HDFCB’s asset quality has remained pristine.
• HDFCB’s retail NPA ex-Agri has been steady at 0.82%. While HDFCB’s competitors have provided a cautious outlook, especially in unsecured loans, HDFCB has provided a stable outlook on asset quality.

• This insight describes about NSDL (NSDL IN) ‘s complete overhaul in top management team over the last 12 months.
• The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.
• The IPO provides investors a front-row seat opportunity to witness this turnaround.

• Executive Centre India Ltd (2026075D IN) (ECIL)  is looking to raise about US$300m in its upcoming India IPO. The bookrunners for the deal are Kotak and ICICI.
• ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.
• As per Kantar Brand Study, it was recognised for offering high-end services in the premium flexible workspace segment across India, Singapore, the Middle East, and Asia in FY25.

• Revenue increased to JPY14.4bn (+8.8% YoY) with operating profit at JPY4.1bn (-17.6% YoY) and net income JPY2.9bn (-13.8% YoY).
• Strike closed 192 M&A deals (+4.9% YoY) with revenue per deal at JPY75.2mn (+3.7% YoY).
• SG&A expenses rose 19.7% YoY to JPY4.3bn, increasing the SG&A ratio to 29.7% (+2.7pp YoY).

• As it executes its strategy to continue to expand its reach and distribution, HIT has added many new distribution partnerships, including with large players such as leading pharmacy benefit manager (PBM) MedImpact subsidiary, Verdegard Administrators, and Hilb Group, which ranks among the top 25 U.S. insurance brokers, among others.
• Moreover, HIT is preparing to launch AI-powered solutions for mid-sized and larger businesses later in 2025 and is optimistic about the prospects, based on interest it has generated to-date.
• Concurrently, HIT continues to serve and expand its offerings for the small- to medium enterprise (SME) market.

• Consolidated ordinary income reached JPY25.8bn (+17.9% YoY), with ordinary profit at JPY8.3bn (+126.2% YoY).
• Hokkoku Bank’s core operating profit was JPY3.7bn (+110.0% YoY), with ordinary profit at JPY7.9bn (+141.2% YoY).
• Consolidated gross profit increased to JPY12.2bn (+49.8% YoY), driven by net interest income and other operating income.

• Revenue reached JPY16.3bn, a 41.2% YoY increase, driven by higher average fees per closed deal and more deals.
• Operating profit rose 95.2% YoY to JPY5.6bn; recurring profit increased 96.0% YoY to JPY5.7bn.
• Net income attributable to owners of the parent grew 101.6% YoY to JPY3.8bn, with unchanged company forecasts.

Molten Ventures is a well-established listed venture capital (VC) player in Europe providing exposure to a diverse portfolio of private high-growth technology companies that are otherwise hard to access. It covers most of the major tech themes, which form what Molten’s CEO refers to as a generational shift in technology. Molten delivered strong exit proceeds of £135m in FY25 (to end-March 2025), allowing it to invest into the next market cycle via direct, secondary and early-stage fund investments. Its core portfolio has a strong cash runway (88% funded for at least 12 months or already profitable) and a robust outlook (management expects 36% average top-line growth in 2025). Molten’s shares trade at a wide discount to NAV of 51%, above the average 25% discount at which secondary limited partner (LP) positions traded in global secondary markets in 2024.

• We stick with our buy on BanBajio but we close out the short on Banorte; the PBV differential between the two narrowed largely due to Banorte’s share price action
• BanBajio’s shares reflect that the market was underwhelmed by BanBajio 2Q 2025 results, especially in terms of credit quality, but we believe that this is now largely discounted
• BanBajio continues to screen very well against Banorte and the rest of the Mexican bank peer group; in addition, BanBajio ranks top of our scorecard, with Gentera in bottom position

• NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
• It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
• In this note, we undertake a peer comparison and talk about valuations.

• A doubling of the stock price over the last 4 months could lead to China Huarong Asset Management (2799 HK)‘s inclusion in a global index in August. 
• China Huarong Asset Management (2799 HK) has outperformed its closest peer and trades at a much higher price to book.
• China Huarong Asset Management (2799 HK) was added to Southbound Stock Connect in March and investors have been buying the stock via the link.

• Kasumigaseki Hotel REIT (401A JP)  is looking to raise up to US$192m in its upcoming Japan IPO.
• It is a REIT with hotel assets sponsored by affiliated developer, Kasumigaseki Capital (3498 JP).
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• There is a brewing disagreement among many members of the National Assembly in Korea regarding the new dividend tax policy.
• A key controversial issue is dividend taxes on dividends exceeding 300 million won. There is a room for some disappointment in the works regarding tax reductions on dividends.
• Instead of 25% tax rate for this dividend income bracket (exceeding 300 million won), there has been an increasing pressure by the ruling party to raise this rate to 35%.

• We update our views on ten Japanese midcap banks focusing on those with large strategic shareholdings relative to market value, as well as beneficiaries of the improving interest rate outlook
• Our top-rated pick is Iyogin Holdings (5830 JP), with its constructive mix of large strategic holdings, attractive valuations including PTBV ratio and healthy gearing to higher interest rates
• We also retain Hokuhoku Financial and Hachijuni Bank as buys; Hokuhoku has yet to realize its large strategic holdings whilst Hachijuni has reached its target level for cross-holdings reduction

• UniCredit SpA (UCG IM) has formally withdrawn its bid for Banco BPM SpA (BAMI IM), following sustained political resistance from the Italian government.
• In parallel, UniCredit SpA (UCG IM) has increased its direct ownership in Commerzbank AG (CBK GR) from approx. 9% to 20%, with plans to reach 29% in total.
• The resulting reduction in Commerzbank’s free float may lead to index adjustments in phases, with further passive flows expected once the remaining exposure is converted.

• Context: The Credit Corp (CCP AU) vs. Magellan Financial (MFG AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: This Insight challenges the typical mean-reversion narrative—strong momentum, company fundamentals, and catalysts suggest the pair could set up either way.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and statistical signals supporting this relative value play.

• The Australian Earnings Season will begin in early August. The S&P/ASX 200 (AS51 INDEX) suffered a minor setback last week, closed the week down but it’s already rallying higher.
• Our profit target for this rally is 8824 (Q2 resistance target). It could go a bit higher than that but we think it will not reach Q3 resistance at 8996.
• If for some reason the index returns below last week’s Close, the next support level to watch is 8605 (Q2). 

• Net operating revenue increased to JPY10.7bn (+13.4% YoY; +21.6% QoQ), with operating profit at JPY4.7bn (+10.2% YoY; +47.7% QoQ).
• Total commissions rose to JPY5.2bn (+0.5% YoY; +9.9% QoQ), with brokerage commissions at JPY5.0bn (+1.1% YoY; +10.9% QoQ).
• SG&A expenses increased to JPY6.0bn (+16.0% YoY; +7.0% QoQ), with personnel expenses up 25.7% YoY and 25.3% QoQ.

• Auguring well for upcoming interim results, Regal Partners has provided a positive quarterly update showing a rebound for funds under management and performance fees.
• -Regal Partners’ positive June quarter update -FUM and performance fees rebound -Management raises normalised profit guidance -Share price undervalued, suggests Bell Potter

• Following a rally in the stock over the last 4 months, GF Securities (H) (1776 HK) could be added to a global index in August.
• GF Securities (H) (1776 HK)‘ peers have also rallied over the same time frame and the stock trades in line with its peers on various valuation metrics.
• Positioning in the stock is in line with its peers and shorts have continued to increase as the stock price has moved higher.

• NSDL (NSDL IN)‘s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
• As India’s pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
• Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.

• NSDL (NSDL IN) is looking to list on the exchanges by selling up to INR 40bn (US$464m) of stock at a valuation of up to INR 160bn (US$1.85bn).
• The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in November.
• Central Depository Services (CDSL IN)‘s stock price has dropped following the announcement of NSDL‘s IPO price band and the muted results could lead to further downside in the stock.

• Zubin Mody, Chief Human Resources Officer (CHRO) abruptly quits Indusind Bank (IIB IN)
• His resignation adds to the leadership vacuum at the top as the bank has no CEO or any executive directors on the board
• Apparently the board of directors wants to reboot the bank with a clean senior executive slate

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
• We see two M&A-related intra-review changes for the F250 index prior to the September 2025 review and then at least four more before the end of the year.
• Separately, our latest estimates suggest there could be one regular change for the F100 index and one regular change for F250 during the September 2025 rebalance.

• NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
• It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
• In this note, we talk about the updates from its RHP filing.

• KKR’s firm cash bid of 50.24p offers a modest +0.56% premium to Assura’s current price, anchoring downside risk in this live UK REIT takeover contest.
• PHP’s offer implies upside only if its share price rebounds; spread turns positive beyond 98p, with optionality up to +7.4% if PHP retests its six-month high.
• Limited arbitrage remains, but a final round auction or revised bid could unlock renewed spread capture; monitor deal calendar ahead of the 12 August offer deadline.

• The company that describes itself as a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies filed for its on July 18th.
• They maintain a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures.
• Their revenues less cost of revenues were $275.6 million, $232.5 million and $195.6 million  for 2024, 2023 and 2022. 

• Pudgy Penguins, initially a successful PFP NFT launch featuring adorable penguin figures, gained early traction but lost momentum following unmet community expectations. 

• In 2022, current CEO Luca Netz acquired the project and transformed it into a successful IP business through omnichannel meme viral marketing, online experience building, and in-store toy sales.

• OverpassIP, an NFT licensing platform built by the same team, enables NFT holders to earn royalties, converting Pudgy NFTs with purely speculative value into assets with fundamentals tied to the IP’s commercial success.

• Ohmyhome Ltd(OMH) Company Sponsored Research Report