Financials

• In 1Q25, BEKE’s active stores increased by 29% YoY and total revenue increased by 42% YoY.
• New home revenue and rental revenue grew by 64% YoY and 94% YoY in 1Q25.
• We believe the stock price can double and is undervalued for the concerns on the general property market.

• Philippine Stock Exchange (PSE PM) reported an encouraging Q1 2025 with revenue/operating income up 82%/72% YoY, buoyed by the acquisition of PDS. 
• Despite acquiring 91.6% of PDS (as of 15 May 2025), the company has net cash and investments of 4.8 bn pesos, representing more than 30% of its current market capitalization. 
• Trading at 13x PE, with a >6% forward dividend yield, and ex-cash ROCE>20%, the stock is cheap. We believe there is a long runway for growth with multiple catalysts.

• Reported surge in listing interest on SGX (SGX SP) driven by escalating U.S.- China trade tensions and associated geopolitical uncertainties.
• Singapore’s proactive policy toolkit announced in February 2025  offer issuers both cost savings and regulatory certainty and could play a role in attracting more companies to list in Singapore.
• An uptick in listings on the Singapore Exchange (SGX) can set off a virtuous cycle, strengthen valuation multiples  and lead to upward revisions to 2026 earnings forecasts.

• I tally 48 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma.
• Five new deals discussed on Smartkarma this week: Webjet Group (WJL AU), Nippon Road (1884 JP), Nissin Corp (9066 JP), Sumitomo Mitsui Construction (1821 JP), and Frasers Hospitality Trust (FHT SP).
• Key updates/news took place on: Avjennings Ltd (AVJ AU), PointsBet Holdings (PBH AU), ESR Group (1821 HK), and Oneconnect Financial Technology (6638 HK).

• Back on the 4th December 204, Starwood/Warburg Pincus Consortium announced a firm pre-conditional Offer for ESR Group (1821 HK) at HK$13/share (best & final), by way of a Scheme.
• The list of pre-cons was extensive. Last night (15th May), ESR announced the satisfaction of all pre-cons. 
• The Scheme Doc is now required to be dispatched by the 22nd May, suggesting payment around mid-July. Assuming no dispatch delays.

• Indusind Bank (IIB IN) does not seem to be able to get out of hot water.
• In yet another accounting and governance pothole, the bank has disclosed a surprising take on interest income, which was overstated by INR 6.7 bn. 
• The internal audit department also reported unsubstantiated balances of INR 6 bn in other assets, which was netted off with liabilities. 

• BBVA’s hostile bid for Sabadell has cleared regulatory hurdles but faces political resistance (public consultation ending today 16 May), with final Government review pending by June 26.
• A potential Sabadell–Abanca merger appears unlikely; Escotet would be the top shareholder (~33–36%) in such a deal, but Abanca has publicly denied interest.
• The offer trades at a negative gross spread, suggesting market doubts or expectations of a sweetened bid — supporting a long SAB / short BBVA pair trade setup.

• Ordinary revenues in FY03/25 reached JPY3.7tn, a 16.3% YoY increase, with insurance premiums at JPY2.6tn.
• Group adjusted profit rose 36.7% YoY to JPY141.5bn, driven by strong domestic life insurance business performance.
• T&D Holdings forecasts FY03/26 ordinary revenues to decline 19.3% YoY to JPY3.0tn, with a 12.3% YoY profit increase.

• FY03/25 results: Sales JPY29.9bn (+34.2% YoY), operating profit JPY4.5bn (+116.2% YoY), net income JPY2.8bn (+193.6% YoY).
• Real Estate Investment Support business: Sales JPY29.0bn (+35.1% YoY), segment profit JPY4.3bn (+121.0% YoY), margin 15.0%.
• FY03/26 forecast: Revenue JPY35.0bn (+17.0% YoY), operating profit JPY5.6bn (+23.9% YoY), dividend JPY120.0 per share.

• For FY03/25, the company reported sales of JPY6.2bn, operating profit of JPY257mn, and net income of JPY170mn.
• In FY03/25, Business Production sales were JPY5.5bn, with operating profit of JPY1.1bn, and Venture Capital sales increased 116.0% YoY.
• For FY03/26, the company forecasts Business Production sales of JPY6.2bn and expects an annual dividend of JPY106.00 per share.

• In 1H FY09/25, revenue declined 39.3% YoY, resulting in operating, recurring, and net losses due to lower advertising income and reduced PV.
• The Insurance Agency business saw a 37.6% YoY revenue decline, with an operating loss of JPY1.1bn, impacted by decreased PV and sluggish appointment growth.
• For FY09/25, the company forecasts a 5.8% YoY revenue decline, with JPY912mn negative impact from special factors in Q1 and Q2.

• JACCS reported FY03/25 operating revenue of JPY191.1bn (+3.4% YoY), exceeding the full-year forecast by 1.0%.
• Consolidated operating expenses increased by JPY13.6bn (+9.0% YoY), with notable rises in bad-debt-related expenses and finance costs.
• Revised forecasts for FY03/26 project operating revenue of JPY193.0bn (+4.4% YoY) and a dividend of JPY210/share.

• The precondition for the consortium scheme offer for ESR Group (1821 HK) has been satisfied. The scheme document will be despatched by 22 May.
• The consortium has disclosed an additional irrevocable. Total irrevocables and letters of support represent 35.01% of outstanding shares (58.24% of disinterested shares).
• This is a done deal, helped by the material derating of peers. At the last close and for an early August payment, the gross/annualised spread is 4.3%/21.3%

• In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.
• We believe the five major securities stocks in Korea could continue to outperform the five major banking stocks in Korea over the next 6-12 months.
• We present 3 major headwinds on the Korean banking sector and 4 major tailwinds on the Korean securities sector. 

• Cofinimmo’s Board considers the 1.16x exchange offer significantly undervalued, citing EPS dilution, low control premium, and disproportionate benefit to Aedifica shareholders despite strategic rationale and merger synergies.
• The combined entity would form Europe’s largest healthcare REIT, benefiting from €12.1bn in assets, ~€710m contractual rents, improved diversification, and potential credit rating uplift from BBB to BBB+.
• A revised 1.21 ratio (probability-weighted value of €76.29) remains plausible, supporting a long Cofinimmo/short Aedifica arbitrage trade, though limited current spread suggests cautious sizing given deal uncertainty and downside risk.

• Grandy House’s FY03/25 sales increased YoY, driven by higher sales volume in Tokyo, despite a decline in homes sold.
• Pre-cut Parts segment faced YoY declines in sales and profit due to a sluggish housing market and factory upgrades.
• Total assets decreased by JPY5.7bn from end-FY03/24, mainly due to reduced inventories in the Real Estate Sales business.

• What you need to know: • Kobo announced the first batch of drill results from the 2025 exploration campaign at its Kossou Gold Project in Côte d’Ivoire.
• • The results were from four holes at the Jagger Zone and returned multiple high grade gold intercepts and improved geological understanding.
• • The 2025 program will consist of between 20,000-30,000m of diamond drilling, the largest program on the project since initial discovery.

• Frasers Hospitality Trust (FHT SP) (FHT) has announced a Scheme Implementation Deed was signed for the S-REIT’s privatisation by its current sponsor, Frasers Property Limited.
• The Scheme Consideration is S$0.71/unit in cash against the latest adjusted NAV estimate of S$0.63904/unit (vs last NAV of S$0.64160/unit).
• Back in September 2022, ~3% of units (~4.7% of minorities) voted against Frasers/TCC’s S$0.70/unit Offer. But only 18.8% of minorities actually voted. That deal just failed. 

• You could see this coming. With due diligence expected to close on the 15th May, Bain has notified  Insignia Financial (IFL AU) it won’t proceed due to macro uncertainties. 
• Discussions remain ongoing with CC Capital. No fixed timeline on those talks, although it appears negotiations will extend beyond the 15th May.
• NBIOs were not an ideal place to hide amid Trump’s trade war. They still aren’t. Insignia is down 14.9% as I type.

• Frasers Hospitality Trust (FHT SP) announced a scheme privatisation from Frasers Property Ltd (FPL SP) at S$0.71 cash and permitted distributions (estimated at S$0.0086 per unit).
• The 2022 scheme failed because it narrowly missed the 75% approval threshold. The current offer is light compared to the 2022 offer in several ways.
• Emerging retail opposition could make satisfying the headcount test challenging. The offer has not been declared final, and a bump is possible.

• KRX’s night-time derivatives market goes live Monday, June 9. With Eurex ties ending June 5, this shift to in-house trading could bring flow and liquidity changes worth planning for. 
• KRX is doubling its night session lineup from 5 to 10 products, adding KOSDAQ 150 futures/options, Mini KOSPI 200 options, and 3- and 10-year KTB futures.
• KRX is tightening overall price limits for night sessions but doubling real-time order bands—aiming to curb big swings while keeping trades flowing smoothly despite thinner liquidity.

• Our weighted metrics of share valuations, returns, capital adequacy and credit quality feed into a scorecard matrix; we look for opportunities where the risks are well discounted in current valuations
• Woori Financial Group (316140 KS) remains the stand-out in terms of our matrix; this is based on valuation, dividend yield, and its superior credit quality relative to its peers
• Hana Financial is second from top in our scorecard due to its attractive PBV ratio versus RoE, healthy dividend yield and sound credit quality; management should deliver improved medium-term returns

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Softbank Group

• In the US, the April CPI came in below expectations for the third straight month at 2.3% y-o-y (2.4% e / 2.4% p) and 0.2% m-o-m (0.3% e / -0.1% p). Core CPI (excluding food and energy) stood at 2.8% y-o-y (2.8% e / 2.8% p) and 0.2% m-o-m (0.3% e / 0.1% p).

• Treasuries were largely steady yesterday, as supply pressure from corporate issuances offset the softer than expected April CPI print.

• Operating revenue declined by JPY897mn YoY to JPY30.7bn, with mixed performance across regional financial and real estate businesses.
• Operating profit increased by JPY2.4bn YoY to JPY2.1bn, driven by various segment improvements and damage compensation income.
• J Trust plans to repurchase up to 4,000,000 shares, with a maximum acquisition cost of JPY1.5bn.

• Operating revenue declined 15.4% YoY to JPY852mn, with a gross profit increase of 24.0% YoY to JPY712mn.
• Recurring loss narrowed to JPY111mn due to a JPY138mn gross profit increase, despite higher SG&A expenses.
• The company launched a “Structured Equity Investment Strategy” and invested in a Vietnam real estate project.

• Operating revenue increased by JPY16.2bn due to growth in core businesses and newly consolidated subsidiaries, despite rising expenses.
• The company forecasts FY03/26 operating revenue of JPY250.0bn, with a focus on growth businesses and managing financial expenses.
• Orico’s new medium-term plan aims to enhance digital technology use, customer-centric models, and achieve a P/B ratio above 1.0.

• Chime Financial officially filed their S-1 with the SEC with an anticipated June debut.
• Chime’s valuation peaked at $25 billion during its Series G round in August 2021.
• Revenue: 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)

• SMBC, a major Japanese bank, is buying a 20% stake in Yes Bank for INR 13,483 crore, marking a significant move towards strengthening Yes Bank’s recovery and future growth.
• It provides SMBC direct access to India’s growing banking sector and potential for strategic collaboration.
• The partnership enhances Yes Bank’s stability, governance, and access to global markets, positioning it for further growth. SMBC’s involvement could pave the way for future capital support and operational improvements.

• Klarna, a leading BNPL player in Europe, will try to push ahead with IPO in the second half of the year. The fintech unicorn plans to raise up to ~$1B.
• Klarna picked a not great time to take the company public, keeping in mind negative impact of Trump’s tariffs on BNPL players in the U.S. and European Union.
• I believe the company may price its IPO above last round valuation of ~$6.7B led by Sequoia Capital, Silver Lake, CPPIB, and Mubadala Investment Company, among others.

• AFRM posted solid Q3 2025 results with revenue growing of 35.9% YOY and in line with its stated guidance range. The adjusted operating income margin expanded by ~850 bps YOY.
• Q425 guidance was muted with implied revenue growth of 26% at the mid-point. This is much lower compared to 40.7%, 46.6% and 35.9% growth during Q1, Q2 and Q3 2025.
• AFRM’s valuation remains rich at 5.1x 2025E P/B and 25.2x 2025E P/E multiple, at a premium to the peer group average. This caps any meaningful upside from the current levels.

• Consolidated ordinary income reached JPY56.9bn (+4.3% YoY), with ordinary profit at JPY10.7bn (+4.2% YoY) for FY03/25.
• Non-consolidated core gross profit declined 5.4% YoY to JPY37.5bn, while expenses increased JPY597mn YoY to JPY25.3bn.
• The capital adequacy ratio improved to 9.18% non-consolidated and 9.19% consolidated, with risk-weighted assets declining.

• ESR, Tokyu Land, and Hulic have begun construction on a new shed in Singapore, helping to boost the real estate market in the region.
• Analysts predict that the drop in the Hong Kong interbank rate will have a positive impact on the market, leading to increased activity.
• China has cut housing loan rates to a record low in an effort to stimulate growth in the market, demonstrating proactive measures to support the economy.

JDC Group (JDC) reported strong Q125 results. Top-line growth was high at 16.7%, indicating that JDC is well on track to reach the 15.4% top-line growth management guided for (the midpoint of its FY25 range). Growth was driven by both the platform Advisortech division and Advisory activities. We believe JDC’s profile offers protection from global trade and economic issues that are prevalent in other sectors of the German economy. The financial position is strong and further M&A is on the agenda. Management reiterated FY25 guidance for revenue of €245–265m and EBITDA of €18.5–20.5m, along with mid-term guidance of €450–500m in turnover and EBITDA of €40–50m by 2030.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Samvardhana Motherson
• The US and China have agreed to significantly roll back tariffs for 90 days, in a major but temporary de-escalation of trade tensions. The US will reduce tariffs on Chinese goods to 30% from 145% (comprising a 10% reciprocal tariff and 20% tariffs related to fentanyl imposed in February and March) by May 14th, while China will reduce its levies on American imports to 10% (from 125%).
• The two countries also agreed to establish a mechanism to continue discussions about economic and trade relations, led by Chinese VicePremier He Lifeng, US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, according to a joint statement published by the White House. US President Donald Trump said that China will also “suspend and remove all non-monetary barriers”, but offered no specific details.

• Consolidated ordinary income rose 12.6% YoY to JPY135.3bn, with ordinary profit up 8.0% YoY to JPY26.7bn.
• Non-consolidated ordinary income increased 14.9% YoY to JPY117.0bn, with core operating profit up 9.4% YoY to JPY40.6bn.
• For FY03/26, the bank projects consolidated ordinary profit of JPY30.4bn (+13.8% YoY) and plans to raise dividends.

• Revenue increased across segments, with notable growth in the new built-for-sale condominium business and energy business.
• Operating profit margins declined YoY, with the Real Estate and Energy segments experiencing notable decreases in profitability.
• MIRARTH Holdings announced a medium-term management plan focusing on sustainability, capital efficiency, and shareholder returns.

• Further to the announcement on 24 February 2025, the mining royalty and streaming company announced that the long stop date of 18 April 2025 to acquire a near-producing gold mining royalty has now passed.
• Therefore, the Company is no longer moving forward with the Proposed Acquisition.
• However, the Company is progressing other opportunities in its pipeline of activities. 

• On 9 May, ESR Kendall Square REIT (365550 KS) announced that it plans to conduct a rights offering capital increase of approximately 150 billion won.
• The Korean REIT sector started to bottom out in 2023, after big underperformance in the previous three years.
• The interest rate gap on the company’s expected dividend yield (5.7%) is now nearly 3% higher than the 10 year South Korean government bond yield (2.7%) which is meaningful.

• Fed’s focus on keeping inflation expectations well anchored, stable rates markets after meeting
• Market optimism over potential trade deals with UK and China, potential tariff rate reduction
• Forecast for US Rates largely unchanged, expect labor market weakness prompt Fed response, adjusted yield forecasts reflecting later start to easing and elevated uncertainty

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

• Green Dot Corporation’s latest financial results for the first quarter of 2025 illustrate both positive momentum and areas requiring focus.
• The company reported an impressive 24% increase in adjusted revenue and a 53% rise in adjusted EBITDA, outperforming internal expectations.
• Growth was observed across all three operating segments, indicating a cohesive and forward-moving strategy.

• Business Breakdowns is a podcast series that explores deep conversations with investors and operators about a single business, such as Interactive Brokers (IBKR)
• Interactive Brokers was founded in 1978 by Thomas Peterffy, an immigrant from Hungary who revolutionized the digitization of financial markets through automated trading
• IBKR’s business model includes revenue streams from trading commissions and net interest margin, offering low-cost access to global markets and sophisticated trading tools for traders and institutional investors

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

• Initial bearish outlook on Asian effects due to President Trump’s tariff storm
• Unexpected multi sigma moves in Asian currencies, sparking speculation of currency accord
• Uncertainty surrounding flow types, behavior of Asian exporters, and Asian central banks, with key questions hanging over China’s influence on Asian FX appreciation

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

• Global Indemnity Group, LLC, provides specialty and niche insurance products nationwide.
• GBLI focuses on small market property and casualty business.
• The company has made a concerted effort to reduce its property exposure.

• Terra Vista housing is expected to deliver convenience and affordability, as well as proximity to LA, which are factors that are expected to drive demand from TRCC employees and others.
• For example, the development of the nearby Hard Rock Hotel & Casino Tejon is another likely driver of demand for affordable housing from its employees.
• The first units have become available and on completion, Terra Vista at Tejon is expected to be the largest rental community in Kern County.

• Freshworks Inc. delivered a robust performance in its first quarter of 2025, marked by strong financial metrics that exceeded expectations.
• The company’s revenue rose by 19% year-over-year to $196.3 million, underpinned by both its Employee Experience (EX) and Customer Experience (CX) businesses.
• The EX business was particularly notable, with Annual Recurring Revenue (ARR) surpassing $420 million, reflecting growth of 33% year-over-year.

• FIS reported solid first-quarter 2025 results, with adjusted EPS growth of 11% YOY. Revenue at $2,532 million for Q1 2025, exceeded the high end of the guidance.
• During Q1, FIS returned nearly $670 million to shareholders, comprising $450 million via share buyback and $220 million via dividends.
• FIS reiterated its full-year 2025 guidance with adjusted EPS between $5.70 to $5.80. It currently trades at fwd P/E of 13.6x, below its 5-year average of 16.4x.

• Like many in the PE space, NBPE’s 2024 total $ NAV return (1.5%) was below the five-year average (11.0%), driven by falling valuations of listed holdings and forex.
• The private company growth (6.9% constant currency) was also below average, with lower-than-usual exit activity seeing less exit uplift benefit.
• In our view, 2024 was noise within a long-term value-creation model that should outperform listed equities.

• We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Imagica Robot Holdings (6879 JP), ENN Energy (2688 HK), Oneconnect Financial Technology (6638 HK),  Insignia Financial (IFL AU), Smartpay Holdings (SPY NZ), Seven & I Holdings (3382 JP). 
• Lowest spreads: Bright Smart Securities And (1428 HK), Abacus Storage King (ASK AU), AEON Mall (8905 JP), Dada Nexus (DADA US), SLB Development (SLB SP). 

• I was wrong. In Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair, I said the Offer needed a bump, but that outcome was looking less likely.
• The Widjaja family has now bumped terms to S$0.375/share, up from S$0.31/share, or a 21% increase. Terms have not been declared final.
• The IFA’s estimated fair value range for Sinarmas Land (SML SP) was S$0.350 to S$0.361/share. Expect a follow-up opinion revising their conclusion to “Fair and Reasonable” from “Not Fair but Reasonable“.

• Recurring revenue increased by 12.0% YoY to JPY67.7bn, driven by underwriting, investment, and other revenue growth.
• Recurring profit rose 18.8% YoY to JPY4.9bn, aided by cost control, operational efficiency, and decreased expenses.
• FY03/26 forecast anticipates record-high revenue but declining profit due to one-time AXA Direct policy transfer fees.

• On the 1st April, Avjennings Ltd (AVJ AU), a widely recognised home builder in Australia/New Zealand, entered into a Scheme Implementation Deed with AVID at A$0.655/share. 
• A special dividend – included in the Scheme consideration – could add A$0.072/share in franking credits (to those shareholders who can take advantage), or ~11% of the consideration. That’s chunky.
• The Scheme Booklet is now out, with a Scheme Meeting on the 11th July, and expected payment on or before the 14th August. The IE (Kroll) says “fair & reasonable“.

• Consolidated net operating revenue was JPY17.0bn, down 2.4% YoY and 6.3% QoQ, with commissions received at JPY8.2bn.
• US segment net operating revenue increased 3.3% YoY and 4.8% QoQ to USD76.0mn, with brokerage commissions at USD26.4mn.
• Crypto Asset segment net trading income was JPY3.2bn, down 22.7% YoY and 27.3% QoQ, with SG&A expenses at JPY3.7bn.

• The Company posted strong Q1 2205 results with adjusted EPS (incl. share-based comp) growing 9.3% YOY, adjusted operating margin expanding 70 bps YOY.  Excl. share-based comp, adj. EPS was $2.82.
• The Company expects margin expansion and double digit adjusted EPS growth for FY 2025.
• Sale of Issuer Solutions segment and acqusition of Worldpay will simplify operations and enhance growth. GPN trades at a significant discount to the peer group average.

• Onset of IND-PAK military conflict spurs IVs higher to +18% levels. Vol Regime model holds in “High & Up” state.  
• Skew extends to extreme levels, RRs trades from -5.0 to -7.0 vols. Vol Term-structure is now flat in the front-end & in Backwardation at the back-end of the curve.    
• Tactical Implications: Avoid Risk-premia harvesting as “High & Up” vol-state prevails.

• S&P Global Inc., a leader in financial information and analytics, presented a robust first quarter in 2025.
• The company showcased broad-based growth across all five of its divisions, marking an 8% annual increase in revenue, driven by a 7% rise in subscription products.
• Concurrently, S&P Global reported a 240 basis point expansion in year-over-year margins, along with a 9% jump in adjusted diluted EPS.

• Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon
• AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
• In this note, we will talk about the lockup dynamics and possible placement.

• Wanda Hotel Development plans to sell hotel management operations to Tongcheng Travel for HK$2.4bn, exceeding its market cap.
• WHD intends to return most sale proceeds to shareholders, retaining some for working capital and future investments.
• WHD retains valuable real estate assets, including Chicago condos and a Guilin shopping mall, with potential additional sales.

• The stock opened at $33.25 versus the $30.00 issue price for a gain of 10.8% at first trade.
• According to guidance that the deal finished north of 10-times oversubscribed. The guidance pointed to a midpoint pricing and that is where the final outcome occurred.
• The sponsor, Apollo Global, is known for being a shrewd entity and a stickler on price, however, in this instance investors saw solid value in the company.

• Canara Robeco AMC (570515Z IN) is looking to raise about US$176m in its upcoming India IPO. The deal will be run by Axis, JM Fin and SBI Caps.
• Canara Robeco is an asset management company engaged in managing mutual funds and providing investment advice on Indian equities to Robeco Hong Kong Limited, a member of the Promoter Group.
• According to CRISIL, it is India’s second oldest asset management company.

• The Avjennings Ltd (AVJ AU) IE considers AVID’s A$0.655 offer fair and reasonable as it is above its A$0.54-0.61 valuation range.
• The offer is conditional on shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk, as SC Global (54.02% of outstanding shares) will vote in favour. 
• The attractive offer represents a 98.5% premium to the undisturbed price. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.  

BlackRock Latin American Investment Trust’s (BRLA’s) lead co-manager Sam Vecht reiterates his enthusiasm for a region that is out of favour with other investors. He recognises that returns in Latin America can be volatile, so takes a longer-term view, seeking companies with the potential for stable growth that are trading on reasonable valuations. The manager has developed an in-depth knowledge of the region because of his frequent visits, which include travel to the smaller countries as well as to Brazil and Mexico, the economies of which dominate Latin America. Vecht believes that meeting a wide network, including corporate executives, government officials and community members, allows him to uncover interesting opportunities that may be overlooked by other investors.

• Specialty insurer American Integrity Insurance Group (AII US) came to market Thursday with solid interest from sector-dedicated investors producing a 15.6% winner at first trade.
• According to our sources, the deal was well-oversubscribed which equates to roughly 5x-6x in terms of granular subscription levels.
• Given the choppiness of the broad market in April and the temporary pause in the IPO market, the insurance sector was the perfect area to lead the comeback.

• GLP aims to bounce back from a $1.8B loss by selling its international funds business.
• BlackRock, Centurion, Coliwoo, and Arch are exploring residential opportunities at the Singapore Forum.
• The goal is to create a mutually beneficial situation for investors and occupiers through these discussions.

• Krung Thai ranks top of the Thai bank peer group on our weighted scorecard methodology, based on multiple valuation parameters, as well as balance sheet and return metrics
• Krung Thai is driving its solid post-provision profitability higher, delivering close to double-digit ROE with a premium capital ratio for a PBV ratio of under 0.7x
• The recent Trump tariff induced correction in the Krung Thai share price is a buying opportunity; it has scope to narrow the valuation gap with SCBx

• In FY03/25, SBI ARUHI’s operating revenue increased 9.2% YoY to JPY22.3bn, with pre-tax profit up 4.3% YoY.
• For FY03/26, the company forecasts operating revenue of JPY23.0bn (+3.2% YoY) and pre-tax profit of JPY2.5bn (+3.0% YoY).
• SBI ARUHI’s five-year plan aims for JPY55.0bn operating revenue, JPY10.0bn pre-tax profit, and over 10.0% ROE.