Financials

• FWD Group Holdings (FWD HK) is looking to raise up to HK$3.99bn (US$508m) in its IPO, valuing the company at HK$48.82bn (US$6.22bn).
• Cornerstone investors will take up more than half the base offering and that will delay index inclusion to well into 2026.
• FWD Group Holdings (FWD HK) could be added to the HSCI Index and Southbound Stock Connect in December. That could bring some buying into the stock from mainland investors.

• FWD Group, a pan-Asian life insurer founded by Richard Li, aims to raise 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 in our previous notes. In this note we talk about the IPO pricing.

• FWD Group Holdings (1828 HK) has launched its IPO to raise US$442 million at HK$38.00 per share. The shares will be listed on 7 July.
• I previously discussed the IPO in FWD Group IPO: The Investment Case. 
• The IPO price implies a discount to peers’ multiples. A discount is warranted as FWD is smaller than its peers. FWD is fairly valued at the IPO price. 

• Based on HKD 38 offer price per share, FWD has a market capitalization of USD 6.1 billion, assuming the overallotment option is not exercised.
• FWD’s P/FY’24 pro forma BV represents a significant discount to peers’ trading P/FY’24 BV since it has higher-than-peers intangible assets.
• P/EV might be a fairer approach as it excludes intangible assets. On this basis, FWD valuation almost has no discount.

• Kalpataru Limited (KTARU IN) is looking to raise about US$184m in its upcoming 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.
• In this note, we take a quick look at the company’s past performance and the IPO valuations.

• A global perspective on what happened overnight

• UK government owned Royal Bank of Scotland (RBS) for 17 years, impacting taxpayer finances
• RBS’s aggressive expansion and risky acquisitions led to vulnerabilities and exposure to toxic assets
• Government bailed out RBS with £45.5 billion, taking an 84% stake in the bank and preventing a collapse in 2008.

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• A global perspective on what happened overnight

• A global perspective on what happened overnight

• RLE, a London-listed REIT, is undergoing a three-year liquidation with £122m in commercial property and £7m cash.
• The portfolio’s occupancy is 82%, with a 6.92% net initial yield and a 9% reversionary yield.
• Risks include potential delays in asset sales, cash burn, and dependence on UK real estate market recovery.

• FWD Group Holdings (FWD HK), a pan-Asian life insurer founded by Richard Li, now aims to raise around US$500m 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 2018-21 performance in our past notes. In this note, we will talk about the updates since then.

• Metaplanet has raised over $500 million via stock acquisition rights, using proceeds to repay short-term bonds and expand its Bitcoin holdings.
• Evo Fund, the main financier, has exercised 54 million shares and likely profited over $100 million through a share borrowing arrangement and market arbitrage.
• A $5 billion capital injection into its U.S. subsidiary hints at potential U.S listing (?), with an EGM scheduled for September to clarify strategic direction.

• In December 2021, buy-now, pay-later outfit humm (HUM AU) announced approaches from third parties to acquire all/part of the company. This was discussed in BNPL Play Hummgroup Fields Proposals. 
• Six months later, a proposed sale of Humm Consumer Finance business to Latitude (LFS AU) was terminated, before the scheduled vote, due to opposition from founder/chairman Andrew Abercrombie. 
• Now the Abercrombie Group (TAG), the family office of Andrew Abercrombie, has tabled a A$0.58/share non-binding Offer, in cash, by way of a Scheme. Abercrombie hold 26.6%.

• Humm Group (HUM AU) disclosed a non-binding proposal from The Abercrombie Group at A$0.58, a 34.9% premium to the undisturbed price of A$0.43 (23 June).
• The Board has granted a four-week due diligence period. The offer is unattractive on several metrics.
• Unsurprisingly, retail is strongly opposed to the low-ball offer. The Board should negotiate for better terms.   

• As reported by Brian Freitas and Janaghan Jeyakumar, there are potential methodology changes for the S&P/ASX family of indices in sight, read their insights for more details.
• If approved, the changes could take effect with the September index review and could bring in signficant reshaping for the S&P/ASX 200 (AS51 INDEX).
• In our previous insight on June 9th we signaled how the ASX 200 was overbought. The index close last week down. This insight discusses our new forecast and outlook.

• Sabadell trades above the implied offer value, signaling investor expectations of a revised bid or deal failure.
• Government-Imposed integration freeze severely impairs BBVA’s ability to realize synergies.
• Political dependence on Catalan nationalist parties complicates execution despite formal regulatory clearance.

• After the market close on 25 June, Affinity Equity Partners sold all of its 1.94% stake (9.742 million shares) in Shinhan Financial (055550 KS) in a block deal sale.
• It was reported that the sale was made at around 59,475 won to 59,780 won, a 2.0-2.5% discount from the previous day’s closing price of 61,000 won.
• This block deal sale of 1.9% stake in Shinhan could be viewed negatively as Affinity has decided to sell the shares at current levels rather than waiting for further upside.

• Context: The Indian Overseas Bank (IOB IN) vs. UCO Bank (UCO IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long UCO Bank (UCO IN) and short Indian Overseas Bank (IOB IN) based on statistical mean reversion, with UCO Bank supported by cheaper valuations.
• 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.

• US Treasury yields declined 4-5 bps across the curve yesterday, on account of softer-than-expected consumer confidence data and amid Fed Chairman Jerome Powell’s cautious remarks on rate cuts.
• The yield on the 2Y UST declined 4 bps to 3.83%, while the yield on the 10Y UST fell 5 bps to 4.30%.
• Equities rallied on easing tensions in the Middle East, with the S&P 500 and Nasdaq up 1.1% and 1.4%, respectively.

LAMDA Development is the largest mall owner and operator in Greece and is currently developing The Ellinikon, Europe’s biggest urban regeneration project. LAMDA’s core mall portfolio will expand to six developments, plus two existing yacht marinas with a third marina expected to be operational in 2028–29. The cash flows from the core operations support the development of the ambitious Ellinikon project, which aims to become a value-creating ‘city within a city’ by 2037 as LAMDA builds out the two development phases. We value the existing mall and marina operations plus Phase 1 at c €12.30 per share. In addition, investors can take further comfort in the potential value of the post-Phase 1 (PP1) developments, which we have valued at €9.30 per share.

• 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. There are also multiple live M&A events which are likely to trigger intra-review index changes.

• Affinity Equity Partners is looking to raise around US$425m via selling 1.9% of its stake in Shinhan Financial (055550 KS).
• Affinity had sold half of its stake earlier in 2024, when the company witnessed a number of selldowns in 1H24.
• In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

• S&P DJI have proposed methodology changes to the S&P/ASX family of indices to enhance representativeness and more quickly reflecting changing market conditions.
• The main changes are lowering the minimum float threshold, shortening the market cap calculation period and the liquidity calculation period, and including buffers for additions and deletions.
• We currently forecast 47 changes to the S&P/ASX family of indices in September and the short market cap computation period could lead to more change over the next two months.

• HDB Financial Services Ltd (0117739D IN) is India’s seventh-largest non-banking financial company (NBFC). It is seeking to raise Rs125 billion (US$1.4 billion).
• I discussed the fundamentals in HDB Financial IPO: The Investment Case. The shares will be listed on 2 July.
• My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.

• Offer: ₹12,500 crore IPO (₹2,500 crore fresh issue + ₹10,000 crore OFS); price band ₹700–740 implies a ₹61,250 crore valuation.
• Track Record & Use of Funds: 15% AUM CAGR and 41% PAT CAGR over FY21–25; proceeds to bolster Tier-1 capital and fund growth.
• Valuation Caution: Backed by HDFC Bank with deep rural reach, but 3.9x P/BV implies a 27% ROE—well above current levels—leaving little margin for execution slippage.

• We assess whether recent returns have been extreme and put yesterday’s sharp rally in context.
• The evolution of volatility following past extreme states is examined.
• Rationale for using optionality in this stretched price environment is outlined.

• There are updates on three shares in TMT’s portfolio of globally diversified IT investments of over 50 companies The focus is primarily on AI, Big Data/Cloud, Ecommerce, Edtech, Mobility, FinTech and SaaS (Software-as-a-Service).
• There is a revaluation uplift of 138% ($0.7m) in the fair value of TMT’s holding in its portfolio company Scale, compared to the value as at FY 31 December 2024.
• Scale is a humanity-first GenAI company https://scale.com.

• Poonawalla Fincorp is targeting a 5–6x AUM growth over five years, driven by new product launches, digital innovation, and branch expansion in the gold loan segment.
• Backed by the Cyrus Poonawalla Group and led by seasoned professionals, the company’s low cost of borrowing and tech-first approach enhances its competitive positioning in the NBFC space.
• The shift toward secured lending, digital underwriting, and MSME focus suggests a more resilient and scalable growth model, improving visibility on profitability and asset quality.

• Context: This article provides an update on a previously identified pair trading opportunity between Waypoint REIT (WPR AU) and Region (RGN AU), 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.

• Solana is a high-performance blockchain platform that is designed to host decentralized, scalable applications.
• It can process thousands of transactions per second, significantly more than many other blockchains, including Bitcoin or Ethereum (though Ethereum 2.0 aims to improve its scalability).
• This high throughput makes it suitable for applications that require rapid processing, such as decentralized finance (DeFi) platforms, non-fungible token (NFT) marketplaces, and gaming.

• HDB Financial Services Ltd (0117739D IN) is India’s seventh-largest non-banking financial company (NBFC). It is seeking to raise Rs125 billion (US$1.4 billion). 
• The proposed IPO comprises a primary raise of Rs25 billion (US$388 million) and a secondary raise of  Rs100 billion (US$1.2 billion) by the parent. 
• The fundamentals are average at best, as HDB does not outperform its NBFC peers on key performance indicators. 

• Four SPACs, CCCM, PCAPU, MBAV, and TACO, are highlighted for their potential asymmetric trade opportunities in the crypto sector.
• Sage Therapeutics announced a sale to Supernus Pharmaceuticals, with shareholders receiving $8.50/share in cash and a CVR.
• Mayne Pharma’s acquisition by Cosette progresses with FIRB approval discussions, despite no strict obligation for Cosette to pursue it.

• For the three months ended March 31, 2025, they had net income of $64.2 million, compared to $32.9 million for the three months ended March 31, 2024.
• The company is coming at an attractive valuation but our sources say traditional IPO investors “may” be staying on the sidelines for this deal. 
• This company is private equity backed by J.C. Flowers & Co and they will own 68.9% of the voting power following this IPO.

• Turning losses around in 2024 relied on capital market recovery and adjustment of accounting standards. If investment returns fluctuate or premium growth slows down, profits may again come under pressure.
• The excessive goodwill of insurance companies is essentially “overdrawing the current valuation with future expectations”.Whether goodwill can be transformed into actual synergy effects is the key to determining long-term value. 
• The market usually gives lower valuation to companies with high goodwill. FWD relies on debt to provide funding for working capital/acquisition financing. Valuation of FWD should be lower than peers.

• HDB Financial Services is looking to raise around US$1.5bn in its upcoming 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 in our previous note. In this note, we talk about the IPO pricing.

• Projections in the podcast do not reflect actual performance achieved by guests
• Guest Sean Barrett provides insight on EQT and alternative asset investing
• EQT is a thematic private markets investment manager based in Stockholm with global operations

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• 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. 

• Context: Statistical analysis of a relative value opportunity in the Australian Banking industry between ANZ Group Holdings (ANZ AU) and National Australia Bank (NAB AU).
• Highlights: Going long ANZ and short NAB targets a 4.5% return to the statistical mean reversion level, with ANZ supported by cheaper valuations.
• 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.

• Share prices of China Life and Prudential plc have been up by 33% and 40% – 50% YTD, respectively.
• China Life’s agency restructuring is bearing fruit, as evidenced by increasing agency productivity, and is expected to continue driving new business growth and margin expansion.
• Our previous thesis for Prudential plc remains largely intact. Albeit the strong share price performance YTD, valuation upside remains as its new business multiple continues to re-rate.

• Gross SOUTHBOUND volumes up to US$15+bn a day this past 5-day week. Net buying still positive but still below US$500mm/day.
• Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. PROPERTIES too. Among top sells, INFO TECH again. 10 weeks in a row negative. Tencent bigly sold.
• 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.

• 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: Six pair trade opportunities across three markets and three sectors persist. Two 
• 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.

• FWD Group Holdings (FWD HK) is a pan-Asia insurer that has filed its PHIP to raise around US$500 million. 
• FWD initially aimed for an NYSE IPO in 2021 to raise US$2-3 billion at a US$13-15 billion valuation. An HKEx listing in 2022 was shelved due to market conditions. 
• This note outlines the investment case. My analysis suggests that the fundamentals are mixed as FWD is rapidly growing its new business, but at the expense of its margin. 

• The first quarter of 2025 has presented a robust performance for StoneCo. The company’s financial health is highlighted by a strong year-over-year gross profit growth of 19%, outpacing the 14% guidance for annual gross profit growth.
• This notable growth is attributed mainly to effective repricing execution and a reduction in average funding spreads, bolstered by a significant 36% increase in adjusted EPS.
• StoneCo has emphasized a disciplined execution strategy, which includes repricing initiatives in response to the evolving yield curve.

• If KRX adopts NXT’s pre- and after-hours fully, liquidity spreads out, weakening gap open plays and shifting focus to large-cap, event-driven LP-driven flows.
• With T+1 settlement coming, traders expect settlement pressure to fuel price dislocations—especially in ETF rebalancing and foreign-heavy stocks, where flow and FX risks may drive fresh discounts and volatility.
• Though launched pre-new admin, FSC’s plans align with the government’s push to boost KOSPI liquidity, making cancellations unlikely. Expect fast rollout—time to prep trading setups now.

• The JPY Yen has depreciated 25% against USD for the last 5 years, this has made Japan an extremely attractive destination for foreigners
• The Japan’s hotel sector is known by its low supply, partly due to higher development cost and labour shortage.  We think REVPAR and ADR will continue to be strong
• We like Japan Hotel REIT and Invincible for their hotel exposure.  We think investors should closely monitor the Yen movement as well as BOJ policy

• The Bank of Japan left the short-term interest rate unchanged, but the governor stated that the tapering of JGB buying will continue, albeit with an eye on market stability
• This implies that the JGB yield curve is likely to continue steepening going forward, which is constructive for Japanese banks; in addition, market lending rates to April continue to rise
• We reassert buys on Resona, Mizuho, Shizuoka and Kyoto aided by our proprietary scorecard, and based on two core attributes; gearing to higher interest rates and cross-holdings to market capitalization

• The Region Group (RGN AU) vs. Waypoint REIT (WPR AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• The relative value opportunity can be implemented as a long-short pair trade or as relative over-/underweights in a long only context.  
• This Insight provides a target return, discusses trade setup, liquidity and risk management strategies.

• Context: This article provides an update on a previously identified pair trading opportunity between Kotak Mahindra Bank (KMB IN) and Bajaj Finance (BAF 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 +4.7% 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.

• MBAV’s sponsor interest was acquired by Tether co-founder Reeve Collins and private equity veteran Chinh Chu at $0.90/unit.
• MBAV’s trust account is valued at approximately $10.45/share, with current trading price at $12.65/share.
• Cantor Fitzgerald, underwriter of MBAV’s IPO, acquired $37.5m stake and will sell private placement warrants to new sponsor.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
• The US market was closed for Juneteenth yesterday.
• US President Donald Trump has indicated that he will decide whether to attack Iran within the next two weeks, according to White House Press Secretary Karoline Leavitt.

• 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. 

• ProCap Acquisition (PCAPU) IPO’d with a $250 million size at $10/share, currently trading at $11.85/unit.
• PCAPU is backed by Anthony Pompliano, with a focus on leveraging media presence for target visibility.
• The SPAC is oversubscribed, with $1.8 billion demand, and trades closer to trust value, offering downside protection.

• Columbus Circle Capital Corp I (CCCM) is a SPAC that IPO’d recently, raising $250m with a $10/share price.
• CCCM is rumored to raise $750m to buy Bitcoin, potentially led by crypto influencer Anthony Pompliano as CEO.
• The SPAC is backed by the Cohen family, with a 25% sponsor stake, focusing on AI and digital infrastructure.

• Today after the close, Seven Bank Ltd (8410 JP) announced a MASSIVE ToSTNeT-3 transaction to buy back up to 200,000,000 shares (17.0% of shares out) for ¥52.4bn. Tomorrow AM. 
• There is a complex iterative calculation on the part of Seven Eleven Japan to figure out how many shares they should put into the buyback.
• I see a minimum buyback of 10.8%. 17% would be great. But there is a potential issue on the back end of which investors should be aware.

• We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
• We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
• We update our readers on developments in Asian Terminals (ATI PM) and Philippine Stock Exchange (PSE PM) 

• Nippon Building Fund (8951 JP) is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N Building and S Building.
• Unusually for Japan, the acquisition was announced at the end of last month, while the raising has only been announced today.
• In this note, we talk about the deal dynamics and run the deal through our ECM framework.

• Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE’s weekly expiry will move to Tuesday, reducing overlap between the two major exchanges. 
• The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences. 
• BSE’s shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.

• Berto Acquisition (TACO) is a SPAC that IPO’d in April 2025, led by Harry You, with a $300m IPO size.
• The SPAC’s current price is $10.53, slightly above its ~$10 trust value, indicating minimal cost for upside potential.
• TACO’s IPO was upsized from $250m to $261m, excluding the underwriter’s over-allotment, which is uncommon.

• Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
• 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 FY16-9M24, as per the CBRE report.
• In this note, we talk about the not-so-positive aspects of the deal.

• What you need to know: • Kobo announced drill results from the ongoing 2025 exploration campaign at its Kossou Gold Project in Côte d’Ivoire.
• • Seven holes were reported from the Jagger Zone which returned multiple high grade gold intercepts, including three holes over broad intervals of 20m+ (1.41 g/t Au over 20.0m & 1.14 g/t Au over 21.5m).
• • The 2025 program will consist of between 20,000-30,000m of drilling.

• Japan PM Ishiba says disagreements remain with US on tariff talk. This is probably the main catalyst that could slow down the current Nikkei 225 (NKY INDEX) rally.
• Our WEEKLY Nikkei 225 model signals a mildly overbought status, the index could go higher, but will face harder resistance in 1-2 weeks from now.
• We don’t see the Nikkei pulling back this week, we think it will close this week up.

• Since mid-May, share price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening. 
• The premium of non-voting, less liquid Handelsbanken B shares vs. A has tightened to 50.8%; the discount of Grifols B has widened (Brookfield’s approach remains tentative and non-committal.). 
• Recommended trades long preferred/short ords: Atlas Copco, Grifols, MFE Media-for-Europe. Recommended trades long ordinary / short preferred shares: Handelsbanken, Henkel, SSAB Svenska Stal.

• Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
• 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 FY16-9M24, as per the CBRE report.
• In this note, we talk about the firm’s historical performance.

• Bajaj Finance Ltd (“BAF”) reported a healthy Q4FY25, thus closing the full-year FY25 on a strong note.  AUM ended FY25 at INR 416,661cr, a growth of 26% YoY.
• Customer franchise had crossed 100mm and is now close to 102mm. Notably, Bajaj Finserv App now has 70mm+ customers. FinAI transformation is also progressing well.
• While FY25 had some challenges due to higher credit cost and NIM compression, BAF is all set to post a strong FY26 led by stable asset quality and NIM.

• Geojit is targeting INR 20,000 crore in PMS AUM within three years from INR 1200 Crore, backed by new leadership, expanded RM hiring, and deep NRI-retail presence.
• This signals a shift from cyclical broking to stable, high-margin wealth management boosting recurring income and long-term profitability.
• Geojit is evolving into a full-stack wealth platform, making it a re-rating candidate if it delivers on PMS scale-up and sustains income diversification.

• Alongside the technological development in our era in almost every aspect of our daily lives, one could argue that it would be inevitable such digital emergence to make also its appearance on financial services as is the case with digital coins.
• More specifically, Bitcoin and Ethereum, which both capture on a significant scale the meaning of digitalized finance not only on monetary value but also on a historical perspective through their developmental process since their initial issue, could be considered the epitome of financial-technological innovation.
• Both respectively, should be analyzed on a financial basis through the course of their history to achieve a deepest comprehension of their functionality and usage by examining the main factors contributing to Bitcoin and Ethereum’s rise and general fluctuation over the past.

• Slide Holdings Insurance, Inc. (SLDE) priced 24.0mm shares (upsized from 20.0mm) at $17.00  and opened at $21.00 for a gain of 23.5% at first trade.
• The deal finished north of 12-times oversubscribed. The deal saw the top ten accounts receive 65% of the deal and the top 20 accounts took home 80% of the transaction. 
• With a strong, clean and well-capitalized balance sheet and tailwinds from the sector, it was no “surprise” to see a four-point premium at open.

Ahead of its AGM, S&U has issued a trading update and management continues to strike an optimistic tone. The motor finance business, Advantage, has started to recover from the challenges of the past two years, with lending volumes increasing once again and collections showing good improvement. Aspen, the property lender, continues to grow strongly, generating a record profit for Q126. We view the continued recovery positively and, based on the current trajectory, believe S&U will hit our FY26 forecasts. The outcome of the upcoming Supreme Court judgement concerning motor finance commission, expected in the next few weeks, is difficult to predict, but S&U remains optimistic of a pragmatic decision that will bring welcome clarity to the sector, and to investors.

• HDB Financial Services Ltd (0117739D IN) is looking to list on the exchanges by selling up to INR125bn (US$1.46bn) of stock at a valuation of around INR 620bn (US$7.2bn).
• The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in December.
• HDB Financial Services Ltd‘s peers have traded well over the last 6 months and that could spill over into demand for the stock. Grey market premium is pretty high.

• Neinor’s offer is strategically sound but priced below NAV, raising legal and minority resistance risks.
• Castlelake’s 79% commitment secures majority control, but a squeeze-out or delisting still requires a higher bid.
• A revised offer near €26.50 would align interests and improve execution certainty at minimal cost to Neinor.

• Sabadell is exploring a sale of TSB amid BBVA’s hostile bid, with offers in the €2.0–2.35B range.
• A sale at those levels would imply a small capital loss, not a gain, in my view.
• Strategic value remains: a divestment could disrupt BBVA’s plans, raise cash, or fund returns.

• As projected by us, LIC Housing Finance (“LICHF”) ended FY25 with a strong PAT of INR 5400cr+ (up 14%+ YoY), led by normalized credit cost of around 0.1%.
• Q4FY25 PAT at INR 1374cr grew strong at 25%+ YoY. FY25 AUM grew 7.1% despite certain technical challenges. Total disbursements in FY25 grew at 9% YoY. 
• NIM ended FY25 at 2.73%, in line with the expectation. Led by technical write-offs and sale of certain NPAs to ARCs, Stage 3 assets improved to 2.47% vs 3.31% YoY.

• 9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market.
• The Company developed and operates a proprietary online and mobile CFD trading platform, allowing primarily retail clients to trade CFDs across 870+ financial instruments, including currencies, commodities, indices, stocks, cryptocurrencies and exchange traded funds.
• For the year ended 31 December 2024, trading income was $50.1m, adjusted EBITDA of $9.7m and adjusted profit before tax of $7.6m.