Financials

• NTT DC REIT (NTTDCR SP) could raise up to US$824m in its IPO if the overallotment option is exercised and the stock is expected to start trading on 14 July.
• Cornerstone investors will own 16.8% of shares out following the IPO but there is no lock-up on these shares. The sponsor will own 20%/25% depending on whether overallotment is exercised.
• NTT DC REIT (NTTDCR SP) should be added to the smallcap segment of global indices in November and December while inclusion in local indices will take a lot longer.

• In the setup/unwind tables highlighted in StubWorld: Haw Par Looking Stretched, I see Dah Sing Financial (440 HK) at trading “cheap” to 74.4%-held Dah Sing Banking (2356 HK).
• I see DSF at a 51% discount to NAV, around its one-year average. However the simple ratio (DSF/DSB) and implied stub are at multi-year lows.
• Separately, DSB is trading at a ~62% discount to NAV – applying its 13.2%-holding in Bank of Chongqing (1963 HK) – around a one-year high.  This is, however, a weak stub. 

• It has been reported that Woori Financial Group is considering on acquiring all of the remaining shares (21.2%) of Tongyang Life Insurance and delist it, making it a 100% subsidiary.
• We believe that there is a high probability (70-80%+) that Woori Financial Group decides to acquire the remaining 21.2% stake in Tongyang Life Insurance held by minority shareholders. 
• Between cash and stock, we think that Woori Financial is likely to use cash to complete this deal, although the exact amount of market premium remains uncertain.

• A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 7 – July 11.
• Since our Global Markets WEEKLY Tactical Outlook published last week, US markets became even more overbought by the end of the week, while some Asian  stocks started to pull back. 
• Stocks are falling on Monday, the Trump administration is threatening imposing 25% tariffs on a number of nations (including Japan and South Korea), global markets may close the week down.

• Nexi S.p.A. reported its first quarter 2025 financial results, demonstrating a continued trajectory of profitable growth.
• Revenues increased by 3.7% compared to the previous year, despite the adverse impact of a leap year and the shifting of the Easter holiday.
• The growth was largely driven by the Merchant Solutions segment, which saw a 4.5% increase, underscoring the company’s robust market position in the merchant acquiring landscape.

• They have grown their revenues by 57% to $344 million in 2023 and by 75% to $603 million for the year ended December 31, 2024.
• The company that describes itself as operating a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners.
• The insurance sector in which this company operates in is one that is traditionally well-received by IPO investors and has been so far in 2025.

• PrimeTime Property remains significantly undervalued, we update or Fair Value to P2.15
• RDC Properties has launched an unsolicited, all-share offer to acquire PrimeTime. The offer is thin on detail and fails to establish any convincing case for strategic or financial merit.
• PrimeTime continues to deliver on operational performance and portfolio quality, anchored by its dominant Botswana exposure.

• A new factoid about the merger between the Shin Kong Financial Holding (2888 TT) and Taishin Financial Holding (2887 TT) merger of FHCs came to my notice last week.
• There is withholding tax on a portion of the Taishin shares to be received. The last day of trading will be 11 July 2025. Expect repercussions.
• This week will see multiple index events, combined with the risk arb events, and the WHT may affect how passive investors trade the events.

• FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO.
• FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
• We looked at the company’s past performance and valuations in our previous notes. In this note we talk about the trading dynamics.

• Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
• In this cut, we compare the top two Chinese ride hailing platforms, the recent momentum in Singapore IPOs and the flurry of pair trade ideas on Smartkarma
• Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

• Yorkville Acquisition (YORKU) is a new SPAC sponsored by Yorkville Advisors, with Trump Media executives on its board.
• Banxa (BNXA:V) merger with OSL Group offers a 23% spread; shareholder vote scheduled for August, pending regulatory approval.
• Lifeway Foods (LWAY) board overhaul process initiated by major shareholders; management contests legality, potential buyout talks with Danone.

• Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead

• NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.
• I previously discussed the listing in NTT DC REIT IPO: The Investment Case. 
• In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers’ multiples and yields. 

• Context: Commonwealth Bank of Australia (CBA AU) is approaching oversold territory, with limited upside potential. Quantitative analysis outlines key support and resistance levels with high reversal probabilities.
• Trade Idea: The proposed options strategy profits if the stock remains range-bound between ~172 and ~190 by 17 July expiry. The setup offers a ~1.0% maximum return within 10 days.
• Why Read: This Insight presents a timely, actionable trade idea with a well-defined risk/reward profile—ideal for investors seeking to monetize muted price action around a high-probability range.

• After Jilin Jiutai Bank (6122 HK) was suspended, again, I mused in Jilin Jiutai Bank (6122 HK): Now Is The Time To Be Delisted an expected Offer from Jilin Province Trust.
• Jilin Province has now made a voluntary Offer at HK$0.70/share (~0.2x P/B!), below my HK$0.80/share estimate. Apart from a Scheme-like vote, this Offer has an onerous 90% acceptance condition. 
• And IF the Offer fails and IF Jilin Jiutai cannot resume trading, in accordance with Rule 6.01A(2)(b) of the Listing Rules, Jilin Jiutai may be delisted.

• Nuvama Wealth Management (NUVAMA IN)‘s stock fell sharply due to SEBI barring Jane Street, its domestic trading partner, over alleged market manipulation, despite no direct accusations against Nuvama.
• This dip is an overreaction; Nuvama’s strong wealth/asset management (74% revenue) and robust FY26 growth guidance insulate it from Capital Markets segment impact (26%). PAG’s ongoing exit also signals value.
• The market correction presents a “blessing in disguise,” opportunity  into a fundamentally strong, diversified Indian financial services firm.

• Capri Global’s foray into merchant banking, investment banking, and wealth management signals a major shift towards becoming a full-spectrum financial services provider, broadening its business model.
• With a target of reaching INR 50,000 crore AUM in the next three years, CGCL is positioning itself for significant expansion in India’s underserved financial segments, highlighting strong growth potential.
• By integrating AI, data science, and machine learning into its operations, Capri Global is enhancing underwriting, improving customer acquisition, and streamlining business processes, positioning itself for sustained competitive advantage.

• Credila Financial Services Ltd (3452223Z IN) is looking to raise about US$584m in its upcoming India IPO. The deal will be run by Axis, Citi, IIFL, Jefferies and GS.
• Credila Financial Services (CFSL) is an Indian education finance company focused on providing education loans to Indian students pursuing higher education in India and overseas.
• It was the largest education-focused non-banking financial company (NBFC) in India, in terms of net loans and net profit in FY25, according to a Redseer Report.

• Commonwealth Bank of Australia (CBA AU)’s shares have surged >80% since November2023, outpacing its underlying profit growth and dividend yields. Passive‐index ETF reallocations are the primary driver of this rally.
• A Reuters poll forecasts the RBA will cut rates by 25 bps to 3.60% on July 8—with further cuts likely into year‐end. This will compress NIMs, a key earnings driver for CBA. 
• This insight marks the start of our coverage for CBA: the stock closed this week down (CC -1) reaching oversold levels, it can bounce but the rally potential appears limited.

• Treasury yields jumped yesterday, led by the short-end, as a stronger than expected nonfarm payrolls report drove traders to exit bets on a July rate cut.
• As of yesterday, Fed-dated OIS were pricing in an almost zero chance of a rate decrease in July, along with 51 bps of cuts by year-end (vs. 65 bps as of Wednesday).
• The yield on the 2Y UST rose 10 bps to 3.88%, while the yield on the 10Y UST was up 7 bps at 4.35%. 

• In this edition: • Ahold Delhaize | rival Jumbo reports having made good progress in 1H25 • ASR Nederland | to become the sole shareholder of HumanTotalCare • BAM Group | HAL to acquire VolkerWessels’ operations in the Netherlands • PostNL | new parcels depot in Belgium • E-commerce/E-com Logistics | EUR 2/item handling fee on low value parcels is “a joke”

• Context: This article provides an update on the Insight  Long ANZ (ANZ AU), Short National Australia Bank (NAB AU): Banking on Statistical Arbitrage, published on 22 June 2025.
• Key Insights: The trade has hit its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
• Why Read: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

• NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million. 
• The IPO portfolio comprises six data centres – three located in California, one in Virginia, one in Vienna, and one in Singapore.
• NTT DC REIT offers an attractive value proposition, comprising a blue-chip tenant base, a staggered lease expiry profile, a robust growth pipeline, and sizable debt headroom.

• The culture of trading has shifted, with people enjoying losing money and constantly looking for prices on various assets
• Robinhood caught the wave of this cultural shift with its user-friendly interface and introduction of free stock trading during the pandemic

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• FX volumes expected to remain steady in the next month and a half before potentially increasing later in Q3
• Dollar risk reversals are priced expensively for puts, suggesting the need for alternative option structures
• Consideration of bullish yen option trades in lower beta crossian underlyings like CNH as alternatives to dollar yen positions due to stretched spec positioning and high carry costs

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• Jilin Jiutai Rural Comm Bank (6122 HK) has disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70 per H Share, a 70.7% premium to the undisturbed price.
• The key conditions are H Shareholder approval of the delisting proposal and a minimum acceptance condition (50% of outstanding and 90% of H shares).
• Minorities are caught between a rock and a hard place, as the offer is unattractive, but the timeline for lifting the trading suspension is uncertain.  

• A global perspective on what happened overnight

• Karnataka Bank (KBL IN)‘s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.
• Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.
• The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
• We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
• $125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.

• Context: The Yes Bank (YES IN) vs. IDFC First Bank (IDFCBK IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Yes Bank (YES IN) and short IDFC First Bank (IDFCBK IN) targets a 9% 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.

• Yorkville Acquisition and Lutnick’s SPACs are politically connected, targeting speculative capital tied to Trump’s administration and crypto.
• Mayne Pharma’s merger with Cosette faces legal challenges over a material adverse change, with a court hearing set.
• Lifeway Foods may be sold to Danone; shareholder campaign aims to overhaul the board for negotiations.

• Seasonal weakness and failure at highs support a tactical short.
• July has historically been weak for the Nikkei in both price and realized vol; Trump-era data showed summer vol was suppressed.
• We propose a tactical trade that aligns with the current setup and supportive price and volatility seasonals.

• Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
• The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.
• In this note, we look at the company’s portfolio and its performance.

• Context: The ICICI Bank (ICICIBC IN) vs. HDFC Bank (HDFCB IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long ICICI Bank (ICICIBC IN) and short HDFC Bank (HDFCB IN) targets a 2% return to the statistical mean reversion level. The pair has closely aligned fundamentals.
• 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 Hang Seng Index has been rallying since our last BUY recommendation. However the rally may be temporarily stalling.
• The index is not overbought according to our model, around 50% probability of WEEKLY reversal – it could go higher.
• If the index closes this week down, it could be a buy opportunity, depending on the price reached (if the pullback is mild is probably better to hold/wait).

• Sabadell’s TSB sale unlocks €3.4B in value and supports a €0.50/share special dividend, reducing appeal of BBVA’s current hostile bid.
• BBVA maintains its offer despite regulatory constraints and limited synergy visibility for 3–5 years.
• Options activity and share price suggest market expects either a bid bump or re-rating, with dividend yield softening downside.

• NTT DC REIT (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
• The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
• We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.

• Centrum Capital’s expansion into Unity Small Finance Bank and Modulus Alternatives marks a significant shift from a niche advisory firm to a diversified platform. This transformation opens new growth avenues.
• The move to digital banking with Unity SFB and the Modulus AIF enhances Centrum’s ability to capture broader market segments, offering greater revenue diversification and reducing reliance on volatile markets.
• The shift to digital-first banking and AIF repositions Centrum for long-term growth, making it a more resilient, multi-vertical financial player, though risks related to asset quality and capital needs remain.

• Samara Asset Group’s early-stage investment in Plasma has rapidly become one of the most significant developments in the company’s recent history.
• Plasma, a Bitcoin sidechain purpose-built for high-throughput, low-cost stablecoin transactions, recently completed a major milestone with the announcement of its public token sale, slated for launch alongside mainnet and TGE later this summer.
• The platform has already attracted strategic capital.

• Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.
• Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.
• This builds on the 13% gain from our coverage in Q1/25.

• Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed.
• A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company’s Registration Document, requires additional time to enable finalisation ahead of the IPO.
• The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable. 

• Taishin Financial Holding (2887 TT) and Shin Kong Financial Holding (2888 TT) announced a Merger of Equals in August 2024 and completion is expected on 24 July.
• Taishin Financial Holding (2887 TT) has underperformed its peers over the last 18 months while Shin Kong Financial Holding (2888 TT) has underperformed its peers following the merger announcement.
• There will be passive flows in the merged entity following the completion of the merger and could help reverse some of Taishin Financial Holding (2887 TT)‘s underperformance.

• 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.
• 1,389 new CGRs filed since 1 June 25. Our tools show every report, links to every document, and a diff-file tool. Input a name, see the changes in the reports.
• The JPX Council of Experts met on 22 April. Next meeting is in a week. Parent-sub follow-ups in Fall/Winter 2025. Slow. 

• HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO.
• HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
• We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.

• Intercontinental Exchange, Inc. reported a record-breaking performance for the first quarter of 2025, demonstrating significant growth across its diverse business segments even amidst fluctuating macroeconomic conditions.
• The company achieved an adjusted earnings per share of $1.72, marking a 16% increase year-over-year.
• Net revenue rose by 8%, reaching a new high of $2.5 billion.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
• Our near-term bullish outlook will remain in place long as the S&P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs.
• Short-Term SPX support is at 6028-6059 and the 20-day MA, with additional supports at 5804-5854 and 5700-5785. Russell 2000 (IWM) and S&P Mid Caps (IJH) also breaking above key resistances

• Direct Line–Aviva deal has cleared CMA and court hurdles; only procedural steps remain.
• Implied value is 312.19p vs. 306.6p close — a 1.82% spread with 7-day horizon.
• I recommend long arbitrage exposure below 307p. This is a textbook risk arb trade: liquid, near-fully de-risked, and short-dated.

• A global perspective on what happened overnight

• Kalpataru Limited (KTARU IN) raised about US$184m in its India IPO.
• Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• Context: The AUB Group (AUB AU) vs. Soul Pattinson (SOL AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long AUB Group (AUB AU) and short Washington H. Soul Pattinson and Co. (SOL 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.

Record’s FY25 results (to 31 March) were robust, with assets under management equivalent (AUME) remaining above $100bn. Progress with the company’s strategic refocus on core products that can grow, diversify and enhance the quality of earnings is accelerating. Launched in November, the Infrastructure Equity Fund will soon commence investment. A recently announced Sharia-compliant deep-tier supply chain finance fund, the world’s first of its kind, is expected to launch before year-end, and non-binding terms have been agreed for the funding of a potash development in conjunction with a joint venture partner. Although Record has a diverse set of products and exposures, the commonality is Record’s ability to make the complex simple.

• 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: Three pair trade opportunities across three 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.

• Retirement is a key focus for BlackRock, with half of their assets being retirement related
• Recent policy changes have expanded access to workplace retirement plans in the US
• BlackRock and the Bipartisan Policy Center have co-authored a paper with recommendations to increase access to retirement plans and improve best practices for saving and investing for retirement

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• Dollar decoupled from US rates and equities, investors expected to chase dollar lower
• Dollar positioning not as crowded as perceived, global holdings of US equities still large
• Unlikely for significant repatriation of Japanese foreign bond investments, focus on rebalancing rather than one-way repatriation; implications of upcoming election on Yen uncertain

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• Edelweiss has executed well over the past three years led by its pivot towards fee-based model. Its asset management businesses have grown rapidly, contributing significantly to the fee income.
• The credit businesses are still struggling in terms of growth, but they have been pivoted successfully towards the co-lending model and the next couple of years could see significant growth.
• The insurance businesses are also on track to breakeven over the next couple of years in line with the management’s prior guidance.

• The free float is estimated to gradually increase from ~15% up to 30% over six months due to the lock-up expiries of Anchor Investors and pre-IPO Shareholders.
• HDB Financial Services is forecasted to be added to Global All-World in December 2025 following the lock-up expiry of the Anchor Investors.
• HDB Financial Services has a chance of inclusion in Global Standard in February 2026 following the lock-up expiry of pre-IPO shareholders which can increase free float up to 30%.

• Nesco reported a weak Q4FY25 led by weak performance in the exhibition segment (“BEC”). Revenue in the BEC segment was down -25% YoY and -30% QoQ.
• On the other hand, the IT Parks segment performed strong. IT Parks segment’s Q4FY25 revenue grew 2% QoQ and 15%+ YoY, led by improved occupancy and rise in rental rates.
• Typically, the Foods business is linked to the BEC business. However, in Q4FY25, despite weak BEC revenues, the Foods business did well led by the catering business.

• Nuvama Wealth Management (“Nuvama”) has consistently outperformed expectations throughout FY25 and Q4FY25 was no exception. In particular, the Asset Services sub-segment has been the outlier.
• The Wealth Management and Asset Management segments continued to perform steadily providing resilience to the platform, despite cyclicality. They saw net inflows despite challenging market conditions during 2HFY25. 
• Due to market volatility, certain pockets of the investment bank and institutional equities sub-segments saw somewhat muted performance, however, Nuvama fared much better relative to its peers.

• YORKU units trade at $11, with each unit including common stock backed by a $10/share trust value and one-third of a warrant.
• Yorkville Advisors, tied to Trump-related ventures, sponsors YORKU, with a 25% stake and a $150m IPO size.
• YORKU targets telecom, media, and digital assets sectors, with management linked to Trump Media and potential speculative opportunities.

• Institutions were net sellers of Singapore stocks with a S$248 million outflow, led by STI banks’ S$2.73 billion outflow.
• United Overseas Bank, DBS Group Holdings, and Oversea-Chinese Banking Corporation led share buybacks, totaling S$69.7 million in consideration.
• Q & M Dental Group CEO Ng Chin Siau increased his interest to 55.78%, acquiring 7,041,300 shares via Quan Min Holdings.

• Cantor Equity Partners III (CAEP) added to tracking portfolio, trading at $10.50/share, 5% premium to trust value.
• Nektar Therapeutics (NKTR) stock rose 150% on positive phase 2b trial data for atopic dermatitis treatment Rezpeg.
• SmartPay Holdings (SMP:AX) definitive agreement to be acquired by Shift4 Payments at NZ$1.20/share, 7% spread remains.

• A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week June 30 – July 4.
• US Markets will be closed for Independence Day celebrations on July 4th.
• Most stocks and global indices appear to be overbought or nearly overbought. 10-year US Treasuries Futures are also overbought. Commodities like Gold and Crude Oil are down. 

• Gross SOUTHBOUND volumes up to US$17+bn a day this past 5-day week. Net buying strong at +US$700mm a day.
• Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. Neither INFO TECH nor Tencent were the big sells this week. 
• 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. Technical issue delayed this week’s Monitor.

• FWD Group Holdings (1828 HK) fails to meet the minimum free float thresholds of both Global indices prior to the IPO lock-up expiry.
• The security is expected to be added to Global All-World at the September 2026 review following the 6-month lock-up expiry.
• The security is likely to remain excluded from Global Standard even after the lock-up expiry due to insufficient float cap.

• Abadell trades above BBVA’s offer, implying market expectations for either a bid bump or dividend windfall (€0.12–€0.24/share in one-off distributions) from the upcoming TSB sale.
• Long SAB / short BBVA remains an attractive pair trade to capture deal asymmetry while hedging beta and political risk.
• September options at €2.70 strike offer tactical setups: long calls for convex upside, puts for hedge, or synthetic longs for capital-efficient exposure.

• Bright Smart Securities (1428 HK)‘s earnings rebounded solidly by 20.4% YoY in 2H FY25, fueled by higher client accounts and assets, and better HK market turnover.
• BSS has been an underperformer against peers since May, as other brokerage companies rallied on the back of potential entry into the virtual asset dealing business. 
• Ant Financial will be able to transform BSS into a sizeable cross-asset house. The share price’s current implied earnings growth and PER valuations are conservative.

• Context: This article provides an update on a previously identified pair trading opportunity between Uco Bank (UCO IN) and Indian Overseas Bank (IOB IN), based on statistical mean reversion analysis.
• Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
• Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

• Context: This article provides an update on a previously identified pair trading opportunity between Samsung Fire & Marine Insuranc (000815 KS) and Woori Financial Group (316140 KS).
• Key Insights: The pair has not mean-reverted.  This Insight discusses the use of a Stop Loss in a statistical pair trading context and why one might be considered at this point.
• Why Read It: For investors interested in quantitative strategies, this article demonstrates some of the mechanics of statistical arbitrage and which indicators can be used to decide on exiting a position.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: FWD Group Holdings (1828 HK) and HDB Financial Services Ltd (0117739D IN) IPOs.
• Event-Driven developments: Santos Ltd (STO AU), Humm Group (HUM AU), PointsBet Holdings (PBH AU), New World Resources (NWC AU), Dickson Concepts Intl (113 HK), HKBN Ltd (1310 HK), OneConnect. 

• Krungthai Card (KTC TB) is a pretty straightforward short term trade. Basically the second largest shareholder, Prakitchaiwattana, got margin called, and shares fell limit down. Twice.
• South Korean private equity firm VIG Partners tables an Offer for beauty device company VIOL (335890 KS), whose major shareholder, DMS (068790 KS), faces allegations of unfair internal transactions.
• Melco (200 HK)‘s 11.9% gain on the 26th June – on serious volume – was predicated on a short squeeze, just eight days after the fully-paid rights shares commenced trading.