Financials

• Context: On June 6, 2025, the Reserve Bank of India (RBI) unexpectedly cut interest rates by 50 basis points to 5.5%, double the anticipated 25 basis points.
• The NIFTY 50 Index fluctuated initially but later stabilized at a 1.0% gain, while the NSE Nifty Bank Index rose 1.5%. At-the-money implied volatility changed little, while the skew rotated.
• This Insight explains the RBI’s bold policy move, market reactions, and limitations of predictive models in navigating central bank decisions.

• The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th June 2025.
• There will be one ADD/DEL for T50, two ADDs/DELs for T100, and five ADDs/DELs for TDIV. 
• All of these are exactly in line with our final expectations.

• Context: This article provides an update on a previously identified pair trading opportunity between ICICI Lombard (ICICIGI IN) and SBI Life (SBILIFE 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 +9% 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.

• The prior Offer for Great Eastern Holdings (GE SP) closed on the 12th July 2024, with OCBC holding 93.62%. Shares have been suspended ever since. Compulsory acquisition was not afforded.
• To break the deadlock, I mused in This Needs To Be Sorted: Great Eastern (GE SP)’s Protracted Suspension, that OCBC needed to come out with a improved Offer of ~S$30/share.
• That has now unfolded. Minorities have the option of a S$30.15/share Exit Offer; or voting for the resumption of trading, which will be possible via the issuance of bonus shares.

• In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week (in terms of price performance and trading value).
• We also discuss the surging share price of Samsung Life Insurance which suggests a near-term regulation change that could require the company to partially dispose its stake in Samsung Electronics. 
• With Lee Jae-Myung becoming the new South Korean President, the probability of Samsung Life Insurance being forced to sell its stake in Samsung Electronics has risen much more.

• Metaplanet aims to raise ¥745B via a 555M share issuance to expand its Bitcoin holdings, targeting 100,000 BTC by end-2026.
• The raise implies significant dilution, but rising share prices and strong NISA retail demand could make the capital goal achievable within 12–18 months.
• Early investors benefit structurally from raises above NAV, as Metaplanet evolves into a long-term institutional vehicle for Bitcoin exposure and monetary debasement hedging.

• A weekly roundup of key option and price metrics for Hong Kong single stocks.
• Option volumes on par with the lowest levels seen over the past 6 months.
• Implied volatility appears to have broadly settled around current levels.

• In August 2024, Klaytn (backed by South Korea’s Kakao) and Finschia (developed by Japan’s LINE Tech Plus) merged to form the Kaia chain, a Layer 1 blockchain aimed at becoming Asia’s leading Web3 ecosystem.
• LINE, the leading messaging app in Japan, Thailand, and Taiwan, boasts approximately 200 million high-value monthly active users, with over 80% penetration in key markets, and is partnering with Kaia to deliver a rich Web3 experience on its platform.
• The key initiative of the Kaia-LINE NEXT partnership to onboard users from Web2 to Web3 is the Mini Dapp ecosystem, which mirrors the Telegram-TON partnership’s Game-Token-DeFi strategy, with the Kaia foundation driving developer engagement

• Keppel DC REIT (KDCREIT SP) will replace Jardine Cycle & Carriage (JCNC SP) in the SPDR Straits Times Index ETF (STTF SP) at the close on 20 June.
• The SPDR Straits Times Index ETF (STTF SP) will need to trade between 3-5 days of ADV in the add and delete.
• The ETF trading could help Keppel DC REIT (KDCREIT SP) break out of its short-term downtrend and could add further pressure on Jardine Cycle & Carriage (JCNC SP). 

• Korea’s ETF market just hit KRW 200T AUM — doubling in under 2 years. ETFs now make up ~10% of KOSPI’s cap and over half its daily trading volume.
• FnGuide dominates Korea’s sector theme ETF space, capturing ~KRW 9T of the KRW 14T market — far ahead of KRX — with momentum accelerating in early 2025.
• FnGuide’s rebalancing process is drawing more trader interest lately, with rising inquiries suggesting faster market learning — prompting earlier pre-positioning in sector ETF flow trades.

• 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.
• The rankings used for the June 2025 index rebal event will be based on yesterday’s (4th June 2025) opening prices. The announcement will be after the close on Friday.
• In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&A events which affect the index the next two quarters).

• BAMI’s standalone upside remains compelling, trading at a discount to peers with solid capital ratios and structural re-rating catalysts, including asset management and insurance earnings now contributing more meaningfully.
• The deal’s outcome hinges on golden power clearance and potential EU legal action; UniCredit’s resolve and Brussels’ support add optionality, despite headline and regulatory risk remaining high.
• I see asymmetric outcomes favoring long BAMI positions or selective pair trades; timing risk is real, but downside is cushioned by valuation and sector consolidation dynamics.

• The Bank of India (BOI IN) vs. Union Bank of India (UNBK IN) price-ratio has deviated more than two standard deviations from its one-year average, signaling a potential pair trade.
• The potential relative value opportunity can be implemented through stocks, derivatives, or as relative over-/underweights in a long only context.
• This Insight provides a target return and discusses trade setup and risk management strategies.

• Henderson Land Development (12 HK) will be added to a global sector index at the close on 20 June.
• Estimated passive buying in Henderson Land Development (12 HK) is 42m shares (US$131.5m; 7.5x ADV).
• The stock is up over the last 2 months as shorts have covered. Performance is in line with peers and positioning does not appear to be excessive.

• The iShares A50 China (2823 HK) and CSOP China A50 (HKD) (2822 HK) ETFs will rebalance their holdings at the close on 20 June.
• Bank of Jiangsu (600919 CH) will replace Great Wall Motor (601633 CH) in the ETFs and passives will need to trade between 0.4-0.6x ADV in the stocks.
• This change is a surprise to us and there could be a short-term move in the stocks.

• Non-Controversial changes in asset allocation will provide a big boost to earnings.
• Demand problems brewing in the JGB market may provide the catalyst
• The path is clear to enter new businesses after parent lowers  stake below 50%

• CEPO and CEPT SPACs, run by Howard Lutnick, trade above trust value with potential multibagger upside in crypto-related deals.
• Cantor Fitzgerald, led by Lutnick’s son, has deepened its crypto involvement, including a 5% stake in Tether.
• Cantor’s SPACs feature no warrants, a sponsor note boosting trust value, and no specified target sectors.

• Inocsa seeks 75%+ control of GCO via a near-fair €49.45/share offer, aiming for strategic delisting. Minority holders risk illiquidity if they do not tender.
• GCO’s fundamentals remain strong: 9.2x NTM P/E, 0.9x P/TBV, 242% solvency, and ample excess capital suggest fair value is higher than the offer.
• While upside is capped, low risk and firm financing support offer risk-arb desks an annualized ~4% return before a likely late-August settlement.

• They are a leading analytically driven purchaser and manager of charged-off and insolvency consumer accounts with four geographic regions with the majority of their operations landing in the USA.
• The principal purposes of this offering are to increase their capitalization and flexibility, facilitate an orderly distribution for the selling stockholders, and create a public market for their common stock.
• We anticipate this offering to likely find participation from sector dedicated investors and not draw the attention of “traditional” IPO players.

Franklin Global Trust (FRGT) was formerly the Martin Currie Global Portfolio Trust. Since October 2018 it has been managed by Zehrid Osmani, who is head of Franklin Templeton’s Edinburgh-based Global Long-Term Unconstrained (GLTU) team. As a result of the decision to retire the Martin Currie brand, on 12 July 2025, the GLTU team will join Franklin Equity Group’s (FEG’s) team of around 65 investment professionals, and Jonathan Curtis, FEG’s CIO, will become co-manager of the trust. FRGT’s investment strategy will remain unchanged, but being part of a wider investment operation should enhance the GLTU team’s research capability. FEG’s focus on high-growth sectors including technology and healthcare should be a good fit with FRGT’s approach of seeking innovative companies with long-term growth potential.

• 0.052x P/B! That’s New World Development (17 HK)‘s current trailing  P/B ratio; roughly a quarter of the next comparable real estate peer.
• What’s new? The latest decline followed an announcement on the 30th May that it would defer payments on its perpetual bonds.
• NWD’s 6.15% and 4.8% perpetuals fell to 23 cents and 15.5 cents on the dollar on 2nd June, suggesting the market is pricing in the possibility of a bust.

• Interactive Brokers (IBKR US),Duolingo (DUOL US) and EMCOR (EME US) are the main candidates for addition at review to replace Enphase Energy (ENPH US) and Caesars Entertainment (CZR US). 
• Cheniere Energy (LNG US) and AppLovin (APP US) are the main candidates for the replacement of the acquisition of Ansys (ANSS US) which is anticipated end of June.
• There is a possibility of zero S&P500 changes at the review due to candidates scoring low in market cap and sector balance.

• They write several homeowners’, condominium owners’, and commercial residential products in coastal specialty markets in Florida and South Carolina.
• For the three months ended March 31, 2024 and March 31, 2025, they had gross premiums written of $245 million and $278 million.
• The strong performance of peers could provide a potential tailwind for this IPO. 

• The Reserve Bank of India (RBI) will announce its monetary policy decision on Friday, June 6, 2025. Market consensus expects a rate cut to 5.75%.
• Analysis of the NSE Nifty Bank Index over the past decade shows consistent negative returns on rate decision days when a cut is expected—regardless of whether the cut is delivered.
• This Insight highlights actionable insights for traders by revealing historical patterns in the Nifty Bank Index’s behavior on RBI rate decision days and breaking down market reactions by scenario.

• Ategrity Specialty Holdings will be offering 6.67 million shares at a $14-$16 range equating to a $659m-$753m valuation.
• For the three months ended March 31, 2025, they wrote $116.1 million in gross written premiums, an increase of $34.5 million, or 42.3%.
• The underwriters have reserved for sale, at the initial public offering price, up to 7% of the shares offered.

• The Reserve Bank of India (RBI) will announce its monetary policy decision on Friday, June 6, 2025. Market consensus expects a rate cut to 5.75%.
• Analysis of the State Bank Of India (SBIN IN) over the past decade shows mostly negative returns on rate decision days when a cut is expected.
• This Insight highlights actionable insights for traders by revealing historical patterns in the State Bank Of India’s behavior on RBI rate decision days and breaking down price dynamics by scenario.

• Renatus Tactical Acquisition, a SPAC targeting crypto/blockchain, shows 3% return with capped downside at 15%, potential speculative inflows.
• Wanda Hotel Development’s asset sale exceeds market cap, plans capital return, 20% upside; Lifeway Foods sale to Danone expected.
• Liquidia’s FDA-approved Yutrepia drug targets significant market share, 100%+ upside; Currency Exchange International’s FX Payments segment shows high growth.

• Revised 1.185x exchange ratio unlocks a negotiated, board-backed path to Europe’s largest healthcare REIT, addressing prior valuation pushback and aligning institutional holders.
• EPS accretive by 15.6% in 2026, driven by €16m in synergies and stronger funding optionality; upside anchored by operational scale, not leverage.
• Spread of ~1.9% (~5.1% annualized) reflects low interloper risk and deal certainty; attractive risk-reward for directional or hedged exposure near NTA.

• US treasuries fell and yields rose yesterday, amid renewed US-China trade tensions and a large supply of corporate issuances.
• Yields on the 2Y and 10Y USTs rose 4 bps to 3.94% and 4.44%, respectively.
• Equities climbed, led by tech stocks, after the White House indicated that US President Donald Trump and his Chinese counterpart Xi Jinping will “likely” speak this week.

• Negara is our top pick in the Indonesian banks, based on our proprietary scorecard; it scores well based on attractive valuations, sound credit quality metrics and potential for improved returns
• The PB value in Negara is especially apparent relative to Permata; Negara trades at a 50%+ PBV ratio discount to Permata, which we believe is not warranted by the fundamentals
• We downgrade Mandiri from a buy to a neutral rating; it is no longer, in our view, compelling based on PBV ratio and now looks expensive in PEG ratio terms

• Today, I was the first analyst to gain access to ESR (1821 HK)‘s lesser-known shareholder register, a byproduct of investigative disclosure reports under s329 of the Securities and Futures Ordinance.
• This is the same register discussed in Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM and L’Occitane (973 HK): Who Owns What, And When
• It is also used by proxy solicitors. My takeaway, still, is that this Offer is a done deal. But yes; there are a few shareholder activists lurking in the register. 

• The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
• In this insight, we present our final expectations for ADDs/DELs for the index rebal event in June 2025.
• We expect three ADDs and three DELs for June 2025.

• Assura is involved in a potential bidding war with KKR and PHP, both having made acquisition offers.
• KKR’s offer is 49.4p/share, while PHP’s revised offer is 0.3769 PHP shares plus 12.5p/share in cash.
• Glazer increased its stake in Assura to 2.9%, indicating expectations of a bidding war with minimal downside.

• After a 7-week rally the Hang Seng Index (HSI INDEX) last week gave up and close the week down (CC=-1 on our WEEKLY LONG model).
• The pullback continued on  Monday, reaching 22668 and in our WEEKLY LONG model this price support zone is oversold.
• The pullback may continue, so in this insight we are going to offer some perspective on possible support zones where to buy. We think this setback is a buy opportunity.

• What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and geopolitical tensions.
• • In May, gold was up 1.8%, silver was up 1.7%, and copper was also up 1.7%.
• The equities outperformed the commodities, with the GDX up 3.3%, GDXJ up 6.4%, SIL up 5.9%, and COPX up 8.7%.

• The company helps everyday people make progress in their financial lives and will be offering 32 million shares at a $24-$26 range equating to a $8.8b-$9.5b valuation.
• The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
• For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m).

• Renatus Tactical Acquisition Corp I (RTACU) is a SPAC targeting crypto and blockchain mergers, with a capped downside risk.
• Liquidia (LQDA) anticipates strong traction for Yutrepia’s launch, with profitability expected within 3 to 4 quarters post-launch.
• Embracer Group (EMBRAC-B:ST) faces delays in AAA game releases, impacting sales estimates, but Coffee Stain spinoff remains on track.

• Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025.
• Telecommunications and REITs saw highest net outflows; Financial Services and Industrials experienced significant net inflows.
• 18 companies conducted share buybacks totaling S$45 million; Hongkong Land repurchased 1,563,300 shares at US$5.24 each.

• Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025.
• Telecommunications and REITs saw highest net outflows; Financial Services and Industrials experienced significant net inflows.
• 18 companies conducted share buybacks totaling S$45 million; Hongkong Land repurchased 1,563,300 shares at US$5.24 each.

• Leopalace21 Corp (8848 JP) had a giant oopsie in 2018-2021 where they lost ¥180bn over three years because of defective construction requiring repairs. 
• Murakami and others got involved. Leopalace got financing from FIG (shares/SARs/loan), Murakami bailed. Eventually Hikari Tsushin got in. Leopalace got FIG out of their loan, doing a refi through Mizuho.
• Cash was up, cashflow is strong. Business is changed/revived. Now Leopalace is buying back SARs it sold to FIG. FIG will still own 26%. The future is potentially interesting. Still. 

• There are 7 changes for the CSI 300 Index, 50 changes for the CSI 500 Index and 100 changes for the CSI1000 Index that will be implemented on 13 June.
• There are 240 unique names that are adds or deletes and the round-trip trade across all 3 indices is close to US$12bn.
• The adds have outperformed the deletes for the CSI 300 Index and the CSI 1000 Index but underperformed for the CSI 500 Index.

• The Reserve Bank of India (RBI) is set to announce a monetary policy decision on Friday, 6 June 2025.
• Market Expectations: The consensus anticipates a 25-basis-point rate cut, lowering the rate from currently 6.00% to 5.75%. Historically, one in four RBI rate decisions is a surprise to the market.
• This Insight investigates past market behavior during comparable RBI policy announcements, unearthing a surprising statistic about how the Nifty 50 might react to June’s decision, regardless of the outcome.

• I thought I had missed NLOP. But a conversation at the Berkshire Hathaway annual meeting convinced me to take another look.
• I told a friend that I “was pissed that I missed NLOP.” He said, “You haven’t missed it. All recourse debt has been paid off and the company is about to start paying dividends.”
• So I made a decision to revisit NLOP with a fresh perspective.

• The “Value Up” initiative which kicked off in February 2024 has been intended to bring about corporate governance and market reforms which minority and especially foreign investors have long sought
• So far, these voluntary reforms have brought positive albeit limited benefits to South Korean equities; presidential elections, with potential legislative change, should act as a positive valuation driver
• We reiterate our positive views on Woori and Hana Financial which are the top banks based on our scorecard; these attributes are due to  attractive valuations and balance sheet credentials

• Schloss Bangalore Ltd (SCHBL IN) raised about US$400m in its India IPO. 
• It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• The Canara Bank (CBK IN) vs. LIC Housing Finance (LICHF IN) 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 through stocks, derivatives, or as relative over-/underweights in a long only context.
• This Insight provides a target return and discusses trade setup and risk management strategies.

• Renatus Tactical Acquisition Corp I (RTAC) is a SPAC targeting crypto/blockchain with a $240m IPO, led by Trump Media executives.
• RTAC units include one share and half a warrant, with a trust value of $10.025/share, trading above trust value.
• RTAC’s sponsor sold 1.5m shares and 0.7m warrants post-IPO at $2.45/unit, below IPO price.

• 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.
• 286 new CGRs filed since 1-May-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. Mgmt Conscious updates came this month. Parent-sub follow-ups in Fall/Winter 2025. Slow. ‘Going Private’ policy is under public comment now.

• The June 2025 index review results for China’s CSI 300 and CSI 500 indices were announced after market close on Friday 30th May 2025.
• There will be 7 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.
• The CSI 300 and CSI 500 index rebal events could trigger US$1.7bn and US$3.2bn in one-way flows, respectively.

• I tally 44 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• Two new deal were discussed on Smartkarma this week: Offers for MAC Copper (MAC AU)and  SBI Sumishin Net Bank (7163 JP). Taiyo Holdings (4626 JP) possibly in the crosshairs. 
• Key updates/news took place on: HKBN Ltd (1310 HK), Makino Milling Machine Co (6135 JP), Welcia Holdings (3141 JP)/Tsuruha Holdings (3391 JP), and Amara Holdings (AMA SP). 

• The changes to the CSI All Share Investment Banking & Brokerage Index were announced after market close on 30 May and will be implemented at the close on 13 June.
• Northeast Securities (000686 CH) will be added to the index while Harbin Hatou Investment Co, Ltd. (600864 CH) will be deleted.
• There is over 2.5x ADV to trade in both stocks and much smaller impact of funding/capping flows on the other index constituents.

• TLT is showing signs of shifting behavior, no longer acting like a classic flight-to-quality asset.
• One-Month implied vol sits above average, though not at extreme levels.
• The evolving vol structure suggests caution for those expecting traditional bond market flight to quality behavior.

• Rocket Cos (RKT US) to acquire Redfin Corp (RDFN US) in an all-stock deal valued at $1.75B.
• Transaction includes a 0.7926 share exchange ratio and special $0.80 per share dividend.
• The acquisition is expected to impact a major US index on an intra-quarter basis.

• Historic volatility has collapsed on the Nikkei, normalizing at a far quicker pace than the volatility episode last August.
• Global uncertainty remains unresolved, casting a shadow over recent equity strength.
• This week’s rally came without FX tailwinds, underscoring a potentially fragile move.

• Kospi rallied strongly this week, reaching 8-month highs and showing strong relative strength as other indices stalled out.
• Volatility firmed up across the board amid sharp price action and strong demand for Calls.
• Volatility dynamics this week differed notably from recent directional moves.

• dLocal delivered a first-quarter 2025 result that showcased both strong financial performance and ongoing strategic advancements, accompanied by notable business developments and challenges.
• The total payment volume (TPV) reached $8.1 billion, marking a significant 53% growth year-over-year, which further increases to 72% in constant currency terms.
• This growth was led by robust performance in cross-border payments, particularly in regions like Chile, Pakistan, Nigeria, Turkey, and Brazil across sectors including remittances, commerce, and financial services.

• JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
• The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
• Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.

• We believe that the recently announced offer by NTT Docomo for SBI Sumishin Netbank is attractive for Netbank shareholders; this brings the Japanese neobanks into the valuation spotlight
• There is a modest long arbitrage opportunity in SBI Sumishin Netbank based on its 30th May closing price, but the bigger opportunity, in our view, is shorting Rakuten Bank
• Seven Bank is of potential M&A interest, according to the Japanese financial press; despite the speculative boost to Seven shares and its PBV, Rakuten Bank valuations look relatively very stretched

• Assura draws competing offers: KKR offers 49.4p cash per share, while PHP counters with a 50.53p blend of cash and stock, sparking a rare UK healthcare REIT bidding war.
• With pro forma LTV below 50% and strong interest coverage, PHP can raise its cash component by 2–3p/share without losing investment-grade status; PUSU deadline looms 14 June.
• Arbitrage investors can go long Assura and hedge PHP exposure via CFDs at a 0.3769 ratio, isolating deal spread upside while managing market risk.

• Coinbase delivered notable results in the first quarter of 2025, showcasing both strengths and areas for potential growth.
• The company reported a robust financial performance with a top-line revenue of $2 billion and an adjusted EBITDA of $930 million, indicating a strong operational capability even amidst a challenging macroeconomic environment.
• This quarter also saw Coinbase making a strategic acquisition of Deribit, positioning it as the leading global crypto derivative platform by open interest, which is significant as it seeks to expand its footprint in international markets.

• Affirm Holdings, a leader in the “buy now, pay later” (BNPL) sector, reported its financial performance for the third quarter of fiscal 2025.
• Here are the key highlights and considerations for an investment thesis based on the company’s recent earnings call.
• Affirm demonstrated growth with an optimistic outlook for the current quarter and fiscal year.

• The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI’s 2.9%.
• Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.
• Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.

• Clip Money continues its march to profitability, reporting growth of 225% in Q1 2025 to $973,000, ahead of projections.
• Growth was driven by a 153% increase in new deposit users and a 10% increase in average monthly deposit revenues per user.
• New product revenue was 22% of total revenue in Q1 2025 versus 9% in last year’s quarter. 

• Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their shareholders, and ‒ as a broad generalisation – consensus suggests little will change in the foreseeable future.
• So, are we now facing a real risk of the UK economy stagnating due to lack of funding?
• If that is the case, who is going to take the initiative and avert such a crisis?

• Klarna Group, a founder-led BNPL giant and leading fintech company, will try to make another one IPO push in the second half of the year.
• With the most recent F-1/A, the company reported worse-than-expected 1Q25 results, including total revenue of $701M (+9% YoY) and operating loss of $90M, up ~221% YoY.
• Klarna Group 1Q net loss nearly tripled to ~$101M on mid-single-digit GMV growth, weaker-than-expected interest income and high SBC expense (~8% of revenues).

• Late Nov-2024, SBI Sumishin Net Bank (7163 JP) was trading ¥2,900, weekly mag Bunshun scooped a possible NTT Docomo deal. The stock popped, I was skeptical. It popped more.
• At Q3 earnings, NTT seemed to downplay the possibility saying they wouldn’t overpay. SBI Sumshin fell. Then fell some more. 
• Today we get a deal whereby NTT buys out SBI Holdings (8473 JP)‘s 34% stake, and minorities, and partners with Sumitomo Mitsui Trust. Then a side deal with SBI. 

For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, Head of Asset Management, Mr. Cheng Hsing Yuen, and Head of Investor Relations & Capital Markets, Ms. Helen Qiu.

In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, Garreth Elston. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.

About Sasseur REIT

Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors
the unique opportunity to invest in the fast-growing retail outlet mall sector in China through
its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing
Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of
310,241 square metres.

Sasseur REIT is established with the investment strategy to invest principally, directly or
indirectly, in a diversified portfolio of income-producing real estate which is used primarily for
retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing,
with an initial focus on Asia.

You can view their latest factsheet here.

For more information on Sasseur REIT, please visit http://www.sasseurreit.com/

• SBI Sumishin Net Bank (7163 JP) has recommended a tender offer from NTT (Nippon Telegraph & Telephone) (9432 JP) at JPY4,900 per share, a 23.0% premium to the last close.
• Irrevocables from the two largest shareholders, representing a 68.38% ownership ratio, ensure a done deal as it exceeds the required 66.67% ownership ratio to pass the EGM share consolidation vote.
• The offer is attractive compared to historical trading ranges and peer multiples. The tender offer runs from 30 May to 10 July (30 business days).

• To reduce index concentration and the risk of market volatility and market manipulation, SEBI has recommended changes to the eligibility criteria for derivatives on non-benchmark indices.
• The recommended changes will result in two inclusions to the NSE Nifty Bank Index (NSEBANK INDEX) along with large capping changes.
• The inclusions and capping changes will result in an estimated one-way turnover of 17.05% and in a round-trip trade of INR 76.2bn (US$893m) in September.

• Strategic Investment with High Returns: UniCredit’s acquisition of a 9.7% stake in Alpha Bank at a forward P/E of 7.5x, compared to UniCredit’s 8.8x, offers a non-dilutive, high-return investment opportunity.
• Optionality for Control: UniCredit has signaled it will seek regulatory approval to raise its Alpha stake to 29.9%, enhancing strategic influence and potentially paving the way for future M&A integration.
• Options strategy: Investors can consider a long call spread strategy on Alpha Bank’s stock, leveraging potential upside from UniCredit’s increased stake while limiting downside risk through defined strike prices.

• The Industrial Bank Of Korea (024110 KS)/ Woori Financial Group (316140 KS) 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 through stocks, derivatives, or as relative over-/underweights in a long only context.
• This Insight discusses trade setup, statistical properties, factor exposure, and risk management strategies.

• HDFC Bank (HDFCB IN) is navigating a mix of positive growth indicators and emerging regulatory challenges but average 12-month target is ₹2,194, with estimates ranging from ₹1,627 to ₹2,793.
• Consensus rating: predominantly “Buy” from major brokerages, including ICICI Securities and Motilal Oswal, citing strong loan growth and stable asset quality.
• The stock’s strong fundamentals and growth outlook remain intact, but momentum has stalled in recent weeks following the sharp rally we correctly anticipated from January 14, 2025.

• In Q4FY25, deposits grew strong at 15.8% YoY. QoQ, average deposits grew by 3.1%. Time deposits led the growth while growth in CASA deposits was relatively muted.
• In line with its stated strategy, HDFCB’s loan book has been growing slower than that of deposits to bring down the credit-deposit ratio. Average AUM grew 7.3% YoY in Q4FY25.
• Credit-Deposit ratio is now at 96% vs 110% at merger. Going forward, the adjustment in credit-deposit ratio won’t be as steep, thus FY26 is expected to be a normalization year.

• There is a supply demand mismatch globally, particularly at the long end of the curve
• Rising term premiums are a concern, especially in the US due to fiscal uncertainty
• While the speed of the recent moves is notable, there are no major financial stability concerns in the US, but Japan may need to take action to address volatility in the super long sector

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

• SEBI’s order against IndusInd Bank’s ex-CEO and others reveals a 15-month deliberate delay in disclosing critical accounting discrepancies.
• This exposes severe corporate governance failures, eroding investor trust due to alleged insider trading.
• SEBI fined the company with the INR 20Crs. to IndusInd officials as well as also barred the senior officials from dealing in security market.