Financials

• On the 28th April 2025, PRC-incorporated property management play Jinke Smart Services (9666 HK) announced a possible unconditional MGO take-under at HK$6.67/share from a Boyu-backed Offeror.
• The Offeror (and Concert Parties), bought a 18.05% stake in Jinke at auction, lifting their stake >50% triggering the MGO. The Offeror’s intention was to maintain Jinke’s listing. 
• That’s now changed. The Offeror is now seeking Jinke’s delisting at HK$8.69/share; however, as Jinke is PRC incorporated, the privatisation conditions include a Scheme-like vote and a 90% tendering condition. 

• Align Partners is launching a tender offer of 19.91% stake in APlus Asset Advisor. Tender offer price is 8,000 won per share, which is 35.6% higher than current price.
• The tender offer period is from 18 November to 7 December. The total value of the tender offer is 36 billion won involving 4.5 million shares.
• This tender offer has a sizeable premium and likely to positively impact its share price. 

• FSC’s rule gives same‑day vote ratios, offering quick sentiment read and partial visibility on appraisal risk—step one toward faster hard‑count disclosure down the line.
• Hard count of dissenting shares only surfaces in quarterly reports, post‑appraisal window—denominator risk stays live for corp‑action trades tied to appraisal rights.
• FSC rule applies from March ’26 AGMs/EGMs; half‑baked disclosure, but appraisal‑linked corp‑actions may see new post‑meeting trading patterns—stay prepped for the shift.

• United Urban Investment (8960 JP) is looking to raise US$155m in a primary placement.
• The purpose is for financing of its medium-term growth strategy plan which includes the acquisition of new assets.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Japan’s Q3 GDP shrank 1.8% vs forecast 2.5% (annualised), while consumption slowed to 0.1%. This is the first contraction in six quarter.
• The cause is the drop in exports in the face of U.S. tariffs, automakers in particular plummeted, following a period of hiking exports before tariffs came into effect.
• We’ve consistently flagged the Nikkei 225 (NKY INDEX) as overbought. This tactical short-term analysis pinpoints critical support (and resistance, but we think the index may fall).

• Avidia Bancorp (AVBC US) went public in August and despite its low market cap, the impact from passive funds is significant due to low liquidity, high free float, and tracking.
• Inclusion in US indices took place in September 2025 with passive fund demand causing an observed impact of 6 ADV.
• Inclusion in a major US index is expected in December 2025 with passive fund demand forecasted to cause an impact of more than 20 ADV. 

• Discounted earnings valuation but premium to book; limited float and up-listing suggest muted early trading despite strong fundamentals.
• CBC leverages low-cost deposits, diversified lending, and disciplined organic and acquisition-driven growth to sustain stable, long-term regional banking performance.
• IPO demand is multiple-times oversubscribed; small float and family control create scarcity but may limit early trading liquidity.

Key points (machine generated)

• Wada Kousan is a 126-year-old real estate company thriving in the Kobe and Hanshin condominium market.
• The company expects significant revenue and profit increases for the interim period ending February 2026.
• Wada Kousan has been the top condominium seller in Kobe City for 27 years and is diversifying its business beyond condominiums.

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Deutsche Beteiligungs’ (DBAG’s) NAV total return (TR) of 2.1% in 9M25 was dampened by the continued weak market backdrop in Germany. That said, DBAG has seen a good flow of transactional opportunities, both in terms of new investments (underpinned by, among others, its ability to structure more complex deals involving bilateral agreements with existing owners) and exits (as illustrated by the successful realisation of duagon, signed in September 2025). DBAG is now fully invested, but continues its new deal origination and buybacks given the contracted exit proceeds and the fact that portfolio companies representing over 20% of its NAV are subject to ongoing discussions with investors on realisations. Share repurchases were NAV-accretive given the wide discount at which DBAG’s shares trade to the NAV of its private market investments (34.8% at present), on top of which DBAG’s shares offer exposure to its fund services business, generating recurring earnings (guided at €10–15m in FY25).

• Polar’s +25% AUM growth rate over H1-26 was far stronger than all peers and almost five times the sector-median (page 4).
• AUM opened on 1 Apr 25 at £21.4bn, near the trough of the ‘tariff turmoil’ dip.
• It then jumped £5.3bn over H1 to £26.7bn, as markets recovered and Polar’s returns (+29%) beat broad market indexes by some distance (MSCI ACWI GBP: +15%).

• SBI Shinsei Bank (8303 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 17 December.
• At the indicated IPO price of ¥1,440/share, the IPO will raise up to ¥367.6bn (US$2.38bn) and value SBI Shinsei Bank (8303 JP) up to ¥1,290bn (US$8.34bn).
• The stock should be added to the TOPIX INDEX at the close on 29 January while inclusion in global indices should take place in May and June.

• There could be 23 changes for the CSI A500 Index at the December rebalance. Turnover is estimated at 2.9% and the round-trip trade is around US$1.6bn.
• There is a fair amount of balance between sectors with Consumer Discretionary and Health Care expected to lose index spots to Industrials, Information Technology and Materials.
• The forecast adds outperformed the forecast deletes from June-September but have given up gains since then. Position in stocks that will have same-way flows from passive trackers of other indices.

• Australian banks’ November earnings triggered sharp and divergent share-price reactions, widening performance dispersion across the sector.
• Based on the most recent moves, ANZ (ANZ AU) and Westpac (WBC AU) appear overvalued versus peers and potentially overbought, while two other banks screen as comparatively oversold.
• Statistical analysis identifies sixteen actionable opportunities for quantitative traders targeting mean reversion plays within the sector.

• A tactical snapshot of the Asian indices and stocks we cover.
• Multiple Asian stocks we track are flashing oversold signals—creating tactical long setups worth considerin.
• We find no overbought stocks or indices in Asia at present. US equities show the same pattern, indicating a synchronized global market pullback

• Hs outperformed As on average, slightly, within the AH pair universe. Last week’s reco gained vs the A on the week, but not Monday close to Friday. Stay long.
• There are nine new recos this week after a bunch of trades were closed last week.
• The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

• Shinhan Financial Group is one of South Korea’s largest and most diversified financial institutions, with a strong market position in banking, credit cards, securities, and insurance. Its scale and diversified business model provide a stable earnings base.
• The company is actively pursuing digital transformation and global expansion to drive future growth. Strategic initiatives like the ‘Super SOL’ application and investments in fintech aim to enhance competitiveness against traditional peers and emerging digital players.
• While the company exhibits attractive valuation multiples (low P/E and P/B ratios), it faces key risks from the domestic economic slowdown, potential deterioration in asset quality, particularly from real estate project financing (PF), and intense competition within the South Korean financial sector.

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• Monex Group is strategically positioned at the intersection of traditional online brokerage and the high-growth crypto-asset market through its key subsidiary, Coincheck. This dual focus offers a diversified revenue stream but also exposes the company to significant market volatility.
• The company’s financial performance is highly sensitive to cryptocurrency market fluctuations, as evidenced by volatile earnings and a recent net loss attributed to one-time costs for Coincheck’s Nasdaq listing. However, core operations in Japan and the U.S. remain profitable, supported by strategic partnerships and growing assets under management.
• Facing intense competition and a zero-commission trend in the Japanese online brokerage industry, Monex is focused on expanding its crypto-asset business globally and growing its asset management segment to drive future growth and enhance shareholder value, underscored by a strong dividend payout.

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• Public Bank is a premier Malaysian financial institution renowned for its consistent profitability, prudent management, and strong asset quality. Its core strength lies in the retail and SME banking sectors, where it holds significant market share in residential property, commercial property, and passenger vehicle financing.
• The bank has a long-standing reputation for operational efficiency, consistently maintaining one of the lowest cost-to-income ratios and highest return on equity in the Malaysian banking industry. This is attributed to a deeply ingrained cost-conscious culture and a focus on prudent risk management.
• While fundamentals remain robust, the bank faces headwinds from potential net interest margin (NIM) compression due to the competitive environment. Additionally, recent challenges include a decline in its ESG score and isolated incidents of customer data breaches, which require management focus.

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• CIMB is a leading universal bank in the ASEAN region, with Malaysia, Indonesia, Singapore, and Thailand as its core markets. Its diversified business model includes consumer banking, wholesale banking, and a strong Islamic banking franchise.
• The bank faces a challenging macroeconomic environment characterized by net interest margin (NIM) compression due to potential policy rate cuts and intense deposit competition. However, this is partially offset by expectations of stable asset quality and potentially lower-than-expected credit costs.
• Strategic execution of its Forward23+ plan, focusing on digital transformation, customer-centricity, and sustainable finance, will be critical for navigating near-term headwinds and driving long-term, profitable growth across its key markets.

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Key points (machine generated)

• Landix Co., Ltd. revised its full-year forecast upward due to strong sales in residential real estate and improved competitiveness.
• The company increased dividends from 42 yen to 47 yen and introduced a commemorative shareholder benefit for its 25th anniversary.
• Landix outlined its medium-term management plan, focusing on breaking away from previous performance metrics.

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• TSE has approved the relisting of SBI Shinsei Bank (8303 JP), which is scheduled to go public on 17 December 2025 with an anticipated market cap of $8.4bn.
• SBI Shinsei Bank (8303 JP) is forecasted to achieve fast-entry in one Global index in December.
• SBI Shinsei Bank (8303 JP) may be included in the other Global index at the next review, subject to float cap risk.

• I tally 39 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below
• Five new deals were discussed on Smartkarma this week: China Shengmu Milk (1432 HK), Forum Engineering (7088 JP), Star Micronics (7718 JP), Paris Miki (7455 JP), and Maruwn (9067 JP). 
• Key updates/news also took place on: AUB Group Limited (AUB AU), Mayne Pharma (MYX AU), Seven West Media (SWM AU), and Jinke Smart Services (9666 HK).

• ING Groep NV is a global financial institution with a strong European base, offering a wide range of banking services through a digital-first approach. The company’s primary revenue streams are net interest income from lending activities and fees from financial services.
• The company has demonstrated strong financial performance, with record total income of €22.6 billion and a net result of €6.4 billion in 2024. Fee income has shown significant growth, increasing by 11% year-on-year.
• ING is strategically focused on organic growth, leveraging its digital banking leadership to expand its customer base. The bank is also committed to sustainability, with a target of mobilizing €150 billion in sustainable finance annually by 2027.

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• Back on the 28th April 2025, PRC-incorporated property management play Jinke Smart Services (9666 HK) announced a possible unconditional MGO take-under at HK$6.67/share.
• The Boyu-backed Offeror and Concert Parties, (then) holding 37.86%, bought a 18.05% stake in Jinke at auction, subject to CSDC oversight. CSGC approval was received on the 19th September.
• The Offer period has been twice extended. Prior to the second extension, shares were suspended. To date, no plausible reason has been given. So I tapped the FA for answers.

• Lum Chang Creations Limited (LCC) is a niche urban – revitalization specialist, that covers complex conservation and restoration of heritage assets, flagship interior fit -outs for retail/hospitality/healthcare, and A&A (Additions and Alterations) works that upgrade brownfield buildings.
• The company’s service include aftercare for retail programs and selective in-house joinery to control quality on signature elements.
• The operating model is asset -light, with a focus on specialist know -how, repeatable delivery processes, and disciplined subcontractor management.

• CubeSmart has presented a mixed financial performance for the third quarter of 2025, reflecting both challenges and opportunities in the self-storage sector.
• Led by President and CEO Chris Marr, the company has managed to outperform its expectations, attributing this to diminishing headwinds from new supply, stronger pricing during peak rental seasons, and the continued health of consumers.
• The company’s strategic focus on urban markets such as the Mid-Atlantic and Northeast has yielded beneficial results, evidenced by solid performance metrics.

• Capital recycling activity likely to increase as macro uncertainty fades – Although Q1-3 FY12/25 results show weakening margins, we think the margin dilution is temporary and will recover in the longer- term as the Company monetizes its current real estate portfolio and recycle the capital towards new investments.
• With more certainty on Japan’s fiscal policy under new Prime Minister Takaichi and signs that the US-Japan trade relationship is on a more positive trajectory, deal activity in the Tokyo CRE market is likely to pick up in the coming quarters.
• We believe Loadstar Capital is in a strong position to capitalize on the increase in deal activity to monetize its real estate properties and redeploy capital towards its pipeline of acquisition targets.

• Newmark Group’s third quarter of 2025 results highlight both strengths and strategic decisions pivotal to its ongoing operations and future trajectory.
• The firm reported a robust 25.9% increase in total revenues, reaching $863.5 million compared to the same quarter last year.
• This performance underscores strong organic growth across various business lines including leasing, capital markets, management services, and valuation and advisory services.

• In 1H FY03/26, ordinary revenues rose 3.6% YoY to JPY1.7tn, with investment income up 32.6% YoY.
• Group adjusted profit fell 13.5% YoY to JPY70.1bn, impacted by decreased investment income from Fortitude.
• MCEV for T&D Insurance Group increased by JPY323.8bn, driven by new business value and higher share prices.

• NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore.
• It holds six stabilized facilities across the U.S., Europe, and Asia with a total design IT load of about 90 MW and 94% occupancy.
• The portfolio comprises of six assets across key hubs with high occupancy and a diversified tenant base.

• Star Mica is a specialized real estate company in Japan with a unique business model focused on acquiring, renovating, and reselling used condominiums, a niche market with significant growth potential due to Japan’s maturing housing market.
• The company has demonstrated a solid track record of revenue growth and profitability, supported by a strong position in the pre-owned condominium market and a focus on value-added renovations.
• Future growth is expected to be driven by the increasing demand for affordable and renovated housing, favorable demographic shifts towards urban living, and the company’s strategic initiatives to expand its portfolio and enhance operational efficiency.

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Following a thorough review, on 13 November 2025, the board of Franklin Global Trust (FRGT) announced that terms had been agreed for a combination with Invesco Global Equity Income Trust (IGET). This will be implemented via a scheme of arrangement, whereby FRGT’s shareholders will be entitled to receive new shares in IGET and/or cash. IGET will continue to be managed by Invesco Fund Managers. The combination follows FRGT’s recent performance and diminishing size as a result of ongoing share buybacks under the company’s zero discount policy. Over the last five years, FRGT’s market cap has declined from £300m to the current sub-£185m.

• In Q3 FY12/25, revenue reached JPY4.5bn, with Bitcoin-related business contributing JPY4.2bn and Hotel business JPY203mn.
• Operating profit was JPY2.7bn, driven by JPY3.3bn from Bitcoin-related business and JPY104mn from Hotel business.
• Recurring profit was JPY23.2bn, significantly improved from a JPY312mn loss in cumulative Q3 FY12/24.

• Pacific Premier Bancorp (PPBI) is a well-established regional bank with a strong focus on relationship-based commercial banking in the Western U.S., particularly Southern California. The bank has demonstrated robust capital ratios and excellent asset quality, with very low delinquency rates.
• The company’s financial performance has been impacted by net interest margin (NIM) compression, a common theme in the current interest rate environment. A significant net loss in Q4 2023 was due to a one-time balance sheet repositioning involving the sale of investment securities to improve future profitability.
• A transformative, all-stock merger with Columbia Banking System was announced in April 2025 and is expected to close in the second half of 2025. This merger will create a leading regional bank in the Western U.S. with approximately $70 billion in assets, significantly enhancing scale and market position.

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• Consolidated ordinary income rose 19.8% YoY to JPY76.1bn, achieving 47.5% of the full-year target.
• Non-consolidated ordinary profit increased 24.6% YoY to JPY15.0bn, with credit costs declining to JPY2.9bn.
• The bank revised its FY03/26 forecast, projecting consolidated ordinary profit of JPY29.8bn, maintaining a JPY56 dividend.

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

• In this edition: • Philips | DRRT and Rubicon are the next ones to go to court • SBM Offshore | raises FY25 directional EBITDA guidance • PostNL | consortium of Business Post and Spotta has an appetite for the UPD • Triodos Bank | not liable towards DR holders represented by Stichting Triodos Tragedie • E-commerce & Logistics | EU plans to accelerate imposing levy on low-value parcels • Dutch politics | Hans Wijers and Sybrand Buma nominated to lead D66/CDA talks

• Revenue decreased to JPY11.9bn (-17.9% YoY), with operating profit at JPY207mn (-46.1% YoY) and net income JPY18mn (-87.4% YoY).
• Franchisee business saw 32 new contracts (+23.1% YoY) and 20 new store openings (+17.6% YoY), totaling 619.
• Finance business expanded reverse mortgage guarantees, with outstanding balance reaching JPY29.8bn, up from JPY28.2bn at end-FY06/25.

• Diversified Conglomerate with Deep Myanmar Focus: Yoma Strategic Holdings is a Singapore-listed conglomerate with a significant and long-standing presence in Myanmar. Its operations are diversified across five core sectors: Real Estate (Yoma Land), Food and Beverage (Yoma F&B), Automotive and Heavy Equipment (Yoma Motors), Mobile Financial Services (Wave Money), and Leasing. This diversification provides some resilience against sector-specific downturns, although the company’s fortunes are intrinsically linked to the challenging macro environment in Myanmar.
• Navigating a Difficult Operating Environment: The company is currently operating in an extremely challenging environment characterized by political instability, social unrest, high inflation, and currency volatility following the military coup in February 2021. These factors have led to a significant economic contraction, impacting consumer demand, disrupting supply chains, and creating a volatile and uncertain business landscape. The company’s financial performance has been affected, with recent results showing revenue declines in USD terms, primarily due to the depreciation of the Myanmar Kyat (MMK).
• Strategic Focus on Resilience and Long-Term Growth: Despite the headwinds, Yoma Strategic is focused on navigating the current challenges while positioning itself for long-term growth. The company has demonstrated resilience in its real estate segment, with continued sales of residential properties. Management is focused on deleveraging the balance sheet and generating cash flow. The long-term thesis rests on the eventual stabilization and recovery of the Myanmar economy, where Yoma’s established presence and diversified portfolio would be well-positioned to capitalize on the growth potential of a young and populous market.

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• EQT’s A$45/share bid for AUB, with a 16% spread, follows a month of exclusive due diligence.
• CVC Asia Pacific proposed forming a consortium with EQT, potentially increasing buyout success likelihood and financial commitment sharing.
• AUB’s valuation metrics include 14.5x FY25 EBITDA and 26.2x P/E, with historical trading at lower multiples.

• The proposed spin-off – from 49.9%-held MPIC – and listing of Maynilad Water Services (MYNLD PH) completed on the 7th November. 
• Priced at PHP 15/share, Maynilad closed yesterday at PHP 14.82/share, down 1.2%. 
• First Pacific Co (142 HK)‘s indirect/direct holding in Maynilad is estimated at 19.1%, accounting for ~6% of NAV. 

• SEGRO is a leading UK-based Real Estate Investment Trust (REIT) specializing in the ownership, management, and development of modern warehouses and light industrial properties. Its portfolio is strategically located in and around major cities and key transportation hubs across the UK and seven other European countries.
• The company is well-positioned to capitalize on structural tailwinds, including the continued growth of e-commerce and the increasing need for resilient and efficient supply chains. These trends are driving strong demand for high-quality logistics and industrial space.
• SEGRO is actively expanding its portfolio through strategic acquisitions and a robust development pipeline, with a growing focus on the high-growth data center sector. The company maintains a strong balance sheet with a prudent loan-to-value ratio, providing financial flexibility to fund its growth ambitions.

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• Macro Relief: The sharp decline in Singapore’s 3M SORA lowers financing costs and supports asset valuation through expected cap rate compression across the group’s diverse property portfolio.
• Execution Premium: UOL has demonstrated best-in-class performance in the recovering residential segment, highlighted by rapid sales take-up in high-margin, prime-location projects, providing robust earnings visibility.
• Financial Fortress: UOL operates with a conservative net gearing ratio that is unparalleled among major listed peers, providing the strategic capacity required for opportunistic land banking.

• Japan Investment Adviser (JIA) is a diversified financial services firm with a core focus on the structuring and sale of Japanese Operating Lease (JOL) products, primarily for aircraft, to small and medium-sized enterprises (SMEs) for tax deferral purposes.
• The company is capitalizing on a favorable aircraft leasing market, driven by a global rebound in air travel and supply chain constraints at major aircraft manufacturers, which increases demand for leased aircraft. This tailwind is a significant driver of JIA’s strong revenue and earnings growth.
• While demonstrating impressive growth, JIA’s business is inherently cyclical and sensitive to economic downturns, interest rate fluctuations, and geopolitical events that can impact the aviation industry and the financial health of its SME client base.

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• Omega Healthcare Investors is a leading real estate investment trust (REIT) specializing in skilled nursing facilities (SNFs), positioned to benefit from powerful long-term demographic tailwinds of an aging population.
• The company’s triple-net lease model is designed to provide stable, predictable cash flows, supporting a historically strong dividend. However, this model’s success is heavily reliant on the financial health and operational stability of its tenant operators.
• Key risks to the investment thesis include the significant dependence on government reimbursement policies (Medicare and Medicaid), which are subject to change, and the persistent operational challenges faced by SNF operators, such as rising labor costs and staffing shortages.

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Record’s H126 results (to 30 September) were mixed, with assets under management (AUM) growing to $110bn. Revenues were down 9% following the termination of previously identified client mandates at the end of last year. The company has cut costs by 4%, offsetting some of the revenue weakness in the period. The outlook for the remainder of the fiscal year is highly dependent on the timing of certain mandates in the pipeline. That said, the company’s strategic refocus on core products that can grow, diversify and enhance the quality of earnings is accelerating. The Infrastructure fund has commenced investment, which will support earnings in FY26 and beyond. Finally, Record maintained the interim dividend at 2.15p, highlighting management’s discipline around capital return.

• HIT recently introduced a key expansion of its Do-It-Yourself Benefit System (eDIYBS) to extend capabilities to employers with 150 or more & is extremely encouraged about the prospects.
• HIT also is testing a 3-year rate hold solution – expected to launch in 1Q26 – that it expects to boost customer retention and provide additional offerings for its distribution partners, and with JV partner AlphaTON Capital plans to jointly develop a blockchain-enabled healthcare insurance claims processing platform, HITChain, to address inefficiency and fraud in the domestic healthcare: claims processing space, lower administrative costs and improve transparency.

• Dominant Latin American Franchise with Diversified Revenue Streams: Banco BTG Pactual stands as a leading investment bank, asset manager, and wealth manager in Latin America, particularly in Brazil. Its integrated business model, spanning Investment Banking, Corporate Lending, Sales & Trading, and Asset & Wealth Management, allows for diversified and resilient revenue generation, mitigating volatility from any single business line.
• Strong Growth Trajectory and Profitability: The bank has a consistent track record of strong growth and profitability across various economic cycles. Recent financial performance underscores this, with record revenues and net income driven by robust expansion in client franchises, particularly in wealth management, asset management, and corporate lending. The firm targets sustained double-digit revenue and earnings growth.
• Strategic Expansion into Digital and New Markets: BTG Pactual is strategically expanding its reach through its digital banking platform, targeting retail and SME clients to diversify its funding base and capture new growth avenues. Concurrently, the bank is deepening its footprint across Latin America and leveraging its international presence in New York and London to enhance its global service offerings.

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• The US dollar remains strong despite ongoing government shutdown and uncertain economic data
• Eurodollar shows resilience and potential for growth due to positive PMI data in Europe
• Range-bound trading expected for Eurodollar with potential for upside breakout depending on US data and market conditions

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• Tight spread: JTC trades 1.7% below Permira’s 1,340p cash offer, implying a modest ~2% annualised return and ~94% market-implied completion probability.
• Low risk: Fully financed, board-backed, minimal antitrust hurdles; interloper risk negligible after Warburg’s withdrawal.
• Recommendation: Treat as cash-equivalent carry; lock in gains and redeploy to wider-spread, higher-return opportunities.

• ABCL’s Q2 FY26 lending portfolio surged 29% YoY, driven by Housing Finance and secured MSME loans, while the firm deployed Generative AI across its flagship digital platforms.
• Robust asset growth and an improving credit profile (Gross Stage 2 & 3 down 121 bps YoY in NBFC), but consolidated PAT growth was constrained by rising interest costs.
• The One ABC’ digital ecosystem and high-growth segments position ABCL for enhanced return ratios, meriting a closer look at its valuation discount relative to pure-play NBFC peers.

• Company delivered a steady Q2 FY26, with PAT growth of 23% YoY and 4% QoQ, in line with expectations. MSME stress prompted a modest downgrade in AUM guidance to 22–23%. 
• The quarter reflects the company’s pivot toward quality growth, fortified by an aggressive AI transformation program (FINAI) and gold loan expansion strategy.
• While short-term credit costs weigh on margins, Bajaj Finance’s digital transformation and franchise scale position it to re-accelerate in FY27, reinforcing its premium valuation among Indian NBFCs.

• Bank Alfalah is demonstrating a strong growth trajectory, evidenced by significant year-on-year increases in revenue and net income, alongside a robust Capital Adequacy Ratio that is comfortably above regulatory requirements.
• The bank is currently navigating short-term profitability pressures due to a high cost-to-income ratio, driven by branch expansion and a decline in remittance-related income. However, management anticipates a normalization of these costs.
• Strategically, the bank is focused on enhancing its low-cost deposit base by improving its current account mix and is well-positioned to capitalize on the expected recovery in credit demand as interest rates become more favorable.

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• Riksbank expected to stay on hold due to inflation moving along expected lines
• Norges Bank has implicit easing bias but unlikely to deliver rate cuts based on incoming data
• Bank of England keeps rates on hold with closer vote split, markets pricing in gradual rate cuts through early next year

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• Coinbase Global Inc.’s Q3 2025 earnings reveal a mixed but strategically progressive narrative for the company.
• With total revenue reaching $1.9 billion and adjusted EBITDA at $801 million, Coinbase demonstrates strong financial momentum, underpinned by the expansion of its “Everything Exchange” as announced in the previous quarter.
• This initiative underscores Coinbase’s ambition to offer a single platform for trading diverse asset classes, beyond its traditional scope of cryptocurrencies.

• Credit Suisse faced a terminal crisis of confidence following years of financial losses, risk management failures, and numerous scandals, culminating in its emergency acquisition by UBS in March 2023.
• The government-brokered takeover by its historic rival UBS for CHF 3 billion was executed to prevent a wider systemic collapse, effectively ending Credit Suisse’s 167-year history as an independent institution.
• The bank’s failure was rooted in a series of costly missteps, including massive losses from the collapses of Archegos Capital and Greensill Capital, which exposed deep-seated cultural and operational deficiencies.

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• Consolidated ordinary income increased to JPY33.0bn (+15.7% YoY), with ordinary profit at JPY6.9bn (+16.0% YoY).
• Non-consolidated core operating profit slightly declined to JPY6.0bn (-0.3% YoY), while ordinary profit rose to JPY6.8bn (+9.0% YoY).
• The bank revised its FY03/26 forecast, projecting consolidated ordinary profit of JPY11.3bn (+5.8% YoY) and maintaining dividends.

• Context: The Punjab National Bank (PNB IN) vs. Bank of India (BOI IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Punjab National Bank (PNB IN) and short Bank of India (BOI IN) targets a 4% return.
• 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.

• Four stock pairs have triggered new mean-reversion trade signals, with price ratios deviating more than two standard deviations from their one-year averages.
• Two of the opportunities involve companies in the same industry and two pairs involve companies in different industries within the same sector.
• Essential for quantitative traders seeking mean-reversion opportunities, outlining opportunities and key risk considerations.

• We turn cautious on our sole positive Thai recommendation Bangkok Bank, downgrading it to neutral from buy, despite its very attractive value attributes
• We believe that Thailand’s unilateral suspension of the peace accord in the Thailand-Cambodia conflict is likely to be negative for sentiment towards Thai equities, including banks, in the short term
• Consequently, in the worsening investor climate, we do not expect Bangkok Bank shares to benefit from a re-rating over the short term

• TRC is hosting an Investor Day on Nov.
• 14 2025, & has indicated that it intends to outline growth drivers and plans expected to improve shareholder value at the upcoming event.
• The company has been criticized by key shareholders in recent months for not delivering value to shareholders.

• StepStone Group is a global private markets investment firm, providing customized investment solutions, advisory, and data services across private equity, real estate, infrastructure, and private debt.
• The firm is well-positioned to benefit from the long-term secular growth in private markets, driven by increasing investor allocations seeking diversification and higher returns.
• Key growth drivers include the expansion of its private wealth platform, which offers higher fee rates, and continued global expansion, although the company faces risks from market volatility and increasing regulatory scrutiny.

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• Revenue decreased 34.5% YoY to JPY56.6bn, with operating profit at JPY12mn, a 99.7% YoY decline.
• Real Estate Business saw a 39.7% YoY revenue drop and JPY1.8bn operating loss, with 313 units sold.
• Energy Business revenue rose 10.5% YoY to JPY6.1bn, with operating profit up 102.1% YoY to JPY1.4bn.

• Institutions were net sellers of Singapore stocks with a S$96 million outflow, led by REITs and Financial Services.
• Nine companies conducted share buybacks totaling S$16.4 million, with United Overseas Bank buying back 240,000 shares.
• Director transactions included 40 filings, with seven acquisitions by directors or CEOs and eight by substantial shareholders.

• Recurring revenue increased 10.6% YoY to JPY36.4bn, driven by underwriting, investment, and non-insurance business growth.
• Recurring profit decreased 33.0% YoY to JPY2.1bn, impacted by costs related to AXA Direct insurance contract transfers.
• Combined ratio based on earned premiums rose 3.7pp YoY to 97.2%, due to higher medical costs and policy transfer expenses.

• URF is an Australian-listed property trust in a wind-down phase, focused on the orderly sale of its portfolio of residential properties in the New York metropolitan area to return capital to unitholders.
• The Fund trades at a significant discount to its Net Asset Value (NAV), with a Price-to-Book ratio of approximately 0.62, offering potential value uplift as assets are liquidated. However, this is contingent on successful asset sales in a dynamic property market.
• Financial performance has been weak, characterized by declining revenues, significant net losses, and negative operating cash flow in recent years, reflecting the challenges of its transition and wind-down strategy. The Fund has suspended dividend distributions.

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• Operating revenue increased by 9.9% YoY to JPY11.8bn, driven by growth in recurring and asset-related revenue.
• Operating expenses rose 13.3% YoY to JPY10.6bn, mainly due to higher finance and personnel costs.
• Pre-tax profit decreased 12.2% YoY to JPY1.2bn, despite revenue growth, due to increased operating expenses.

• DWS is a leading global asset manager with a strong brand, particularly in Germany and Europe, and benefits from its strategic relationship with Deutsche Bank, which provides a stable distribution channel.
• The company is strategically focused on growing its higher-margin Alternatives and scalable Passive (Xtrackers ETFs) businesses, targeting double-digit compound annual growth rates in assets under management for both segments by 2025.
• Significant headwinds include persistent fee compression across the industry, reputational damage from recent greenwashing allegations resulting in fines, and the challenge of navigating the broader shift from active to passive investment strategies.

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• Dividend tax reform hits calendar: Assembly’s Strategy & Finance Committee starts hearings Nov 13; street buzzing as assembly headlines will push dividend theme.
• Ruling party resists 25% payout threshold; cutting that low kills dividend incentive, while keeping 40% pushes corporates in 20–40% band to hike payouts.
• From Thursday, dividend momentum likely drives locals into >4% yielders with >40% payout, so these names should be our near‑term targets.

• On the 28th October 2025, AUB Group Limited (AUB AU), an insurance “matchmaker”, announced a NBIO, via a Scheme, from EQT at A$45/share, a ~40% premium to undisturbed.
• The share price has consistently traded wide to terms, not just because of the transactions’ indicative nature; but EQT’s track record on progressing from indicative to firm is not optimum.
• This morning AUB announced CVC was teaming up with EQT, at $45/share; and concurrently requested additional due diligence. This has been granted by AUB. 

• This four-day week saw 10 new guidance revisions (+61% on average), and 21 H1 earnings results (13 which hadn’t guided, averaging +41%, 8 which had, averaging 5.7% uplift vs guidance)
• It was a Good Week, though banks fell 0.4% as TOPIX fell 1% on the week. 
• Once again, lower credit costs, higher net interest income, and some equity sales dominated. H2 implied guidance lower in many cases, some because of expected portfolio rebalancing (loss-taking).

• Sparx Group is an independent asset management firm with a distinct focus on active, bottom-up research, particularly in Japanese equities, and has successfully diversified into high-growth areas like renewable energy and private equity.
• The firm demonstrates robust financial health with consistent revenue growth, strong profitability margins, and a commitment to shareholder returns through a growing dividend, supported by a hybrid model of stable management fees and performance-based income.
• Future growth is strategically targeted towards increasing Assets Under Management (AUM) to ¥3 trillion, driven by its four pillars: Japanese Equity, OneAsia, Real Assets, and Private Equity, with a particular emphasis on ESG and technology-related opportunities.

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