Financials

• The gross spreads of large HK merger arb situations have increased due to the unfortunate fallout from Trump’s trade war. The HSI closed down 13.2%.
• We assess the widening spreads of HK’s merger arb situations based on offer structure, preconditions, conditions, and other factors.
• The deals, ranked in terms of increasing deal risk, are Tam Jai, Soundwill, Vesync, Goldlion, Canvest, ESR, OneConnect, HKBN, and ENN Energy.

• In Aussie Arbs: Trump Tariffs And MACs, I ran a ruler over the fifteen live deals Down Under, and how they may be affected by the Trump Tariffs.
• This insight canvasses the ongoing Hong Kong arbs and wording surrounding material adverse changes (MACs). Hong Kong MACs are typically less onerous, and lack specificity, versus Aussie arbs.
• Although the framework exists for an Offeror to enforce a MAC, I’m not aware of any evidence of this occurring under Hong Kong’s Takeovers Code.

• This afternoon, local media has been buzzing about the potential deployment of the ₩10T Market Stabilization Fund, with signs pointing to its first inflow into the market in five years.
• It’s likely to create a supply-demand imbalance, driving significant price action and requiring adjustments to our short-term outlook for the Korean market.
• Most of the money is expected to flow into KOSPI 200 ETFs, so we should watch for a major passive flow impact during KOSPI 200 rebalancing in June and December.

• KKR’s 49.4p all-cash offer, cum-dividend and matching EPRA NTA, provides a 31.9% premium and ~12.3% gross spread, creating an attractive short-term arbitrage opportunity for investors.
• PHP could increase its cash component by 1–2p without breaching investment-grade leverage, supported by strong rental income, refinancing flexibility, and post-merger synergies that enable a credible deleveraging path.
• The estimated 2–2.5 month timeline from firm offer to cash settlement positions this deal within a standard UK M&A framework, offering risk arbitrageurs visibility and duration-limited exposure.

• 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 take a look at the potential ADDs/DELs for SET 50 during the index rebal event in June 2025.
• Currently, we expect four ADDs and four DELs. There are roughly two more months left in the reference period.

• Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.
• The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.
• However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.

• The saga of CK Hutchison’s Panama Canal Ports sale might also impact FWD due to tensions between China and the Li family.
• Despite minimal mainland China presence, FWD faces exposure through its significant HK and Macau operations; HK and Macau contributed 40% – 50% of the group’s VNB and operating profits.
• After FWD’s failed IPO attempts, PCG might consider a strategic sale for liquidity; FWD might offer a good strategic fit to Korean insurers looking to expand to Southeast Asia. 

• Nifty50 risk premia recovers from depressed levels due to Global trade tensions. Lags global equity Vol-spike. Monthly IVs: 11.0% -> 12.5%. Vol-Regime moves to “Low & Up” state.  
• Term-Structure swings into Backwardation in the Front-End, but curve finally settled back in Contango by week’s end. Skew/ Smile characteristics held steady with slight compression in Strangle markups.
• Tactical Implications: (1) Continue reduced exposure to Risk-premia harvesting, (2) Long Vega structures recommended in “Low & Up” vol-state. 

• In FY03/24, AUM was JPY1.4tn (+19.6% YoY), operating revenue JPY10.3bn (+6.7% YoY), operating profit JPY1.8bn (+10.6% YoY), recurring profit JPY1.8bn (+10.6% YoY), and net income attributable to owners of the parent JPY1.3bn (+20.8% YoY).
• The company continued to expand its distribution partner network and product lineup.
• The Japanese equity market remained strong, and the rise in NAV per share drove up AUM to JPY1.4tn (+19.6% YoY).

• Chesnara announced its 2024 results, which showed positive progress compared with 2023.
• The main features were positive market returns, offset by some mixed operational experience.
• Economic Value profit of £69.1m represented a 17% increase on the £59.1m in 2023.

• Abacus Storage King (ASK AU) was demerged from Abacus Property Group in 2023 and the stock has traded in a range since listing.
• Now, Ki Corp and Public Storage (PSA US) have made a conditional and non-binding proposal to take Abacus Storage King (ASK AU) private at A$1.47/share.
• The offer is a 27% premium to the last close of the stock and is higher than the price that the stock has traded at since listing.

• Volatility percentiles are flashing, and we explore what recent price action could signal for the week ahead.
• Put activity surged, with especially heavy interest on Thursday and Friday and concentrated in short dates expiries.
• We highlight the potential for equity market volatility to spill over into currency markets.

• On April 4, 2025 (KST), South Korea’s Constitutional Court formally removed former President Yoon Suk Yeol from office in accordance with the constitutional order.
• This decision is expected to significantly reduce political uncertainty. However, external factors such as the U.S. government’s reciprocal tariff policies will continue to have substantial impact on Korean markets.
• June’s presidential election favors government change. Global investors should watch the Democratic Party’s capital market reform proposals.

• Nifty remains the global market with the lowest implied volatility and has been outperforming its peers in this sell off.
• We assess where Nifty is likely to open on Monday and the expected impact on implied vol and discuss whether hedging should be considered. 
• We highlight the absence of a flight-to-quality bid in this global meltdown and what that could mean for relative returns vs. the SP500.

• Just a quick update: I’ll be selling my position in Howard Hughes (HHH) to fund a purchase of Havas (HAVAS).

• Howard Hughes remains an attractive company that isn’t directly impacted by potential tariffs—aside from broader recession-related risks.

• However, with Pershing Square attempting to take the company private, I don’t feel I have a clear edge in the current situation.

• Volatility percentiles are flashing red, and we explore what recent price action could signal for the week ahead.
• Implied vol rose meaningfully, approaching historical extremes, with more pressure likely as the week begins.
• Options hedge adjustments are discussed following a strong move in both price and vol.

• A shortened trading week masks the true extent of the HSI sell-off, with global markets down sharply Thursday and Friday
• We use related indexes and historical relationships to estimate Monday’s price change and 1M implied vol for HSI.
• Put activity surged, with heavy interest at the 19,600 strike potentially adding pressure to price and vol on Monday.

• The Constitutional Court approved President Yoon’s impeachment. The PM steps in as interim president, with a new election expected by May 28, 2025, before June 3.
• The Democratic Party is the frontrunner, and if they win, expect a “regime change trade” with policy shifts toward green energy, welfare, public stimulus, and SME-focused initiatives.
• Big-Cap builders, nuclear stocks, and major financials may struggle if the new regime focuses on public housing, anti-nuclear policies, and pro-SME, labor-friendly initiatives.

• The SP500 and DXY both dropped yesterday—historically an unusual development.
• We examine the SP500-DXY relationship alongside long-term shifts in capital flow and what this could mean for global markets vs SP500.
• A distinct performance trend that began in 2009 may now be in the process of reversing.

• Analysis of the NIFTY, Nikkei 225, Hang Seng, KOSPI 200, S&P/ASX 200, S&P 500 and Nasdaq-100 stock indices: where is the bottom for the global stock market rout?
• As explained in this insight, our models have been battle-tested since 2008. While they can’t predict the future, they provide valuable insights for identifying market bottoms during crashes.
• What follows is a focused analysis of each market index we track, aimed at identifying potential bottoms amid extreme sell-offs, helping position ahead of the next Bear Market rally/reversal.

• Drops greater than 5% on a Friday are rare, we examine historical returns after such events.
• We revisit 1987 price action and reconstructed VIX levels to add historical context.
• With circuit breakers now in place and political volatility elevated, we assess what today’s sell-off might mean for the next trading day.

• Intercontinental Exchange (ICE) delivered a record-breaking performance in 2024, marked by robust financial results and strategic progress across its diverse business segments.
• For the full year, the company reported adjusted earnings per share (EPS) of $6.07, representing an 8% increase year-over-year, with net revenues reaching an unprecedented $9.3 billion.
• This growth was partly fuelled by the strategic acquisition of Black Knight, which contributed to a 6% pro forma revenue increase versus the prior year.

• Equitable Holdings reported strong financial results for the year 2024, driven by the integrated business model across its Retirement, Asset Management, and Wealth Management segments.
• Full-year non-GAAP operating earnings reached $2 billion, or $5.93 per share, reflecting a 29% increase from the previous year on a per-share basis.
• Adjusted non-GAAP operating EPS was $6.18, which exceeded annual growth expectations of 12% to 15%, showing a 20% growth.

• dLocal, an emerging markets-focused payments company, recently reported its fourth quarter and full-year 2024 financial results, demonstrating strong performance and strategic positioning in the digital payments industry.
• The company achieved a record Total Payment Volume (TPV) of $26 billion for the year, reflecting a 45% increase compared to the previous year, with significant contributions from key markets such as Argentina, Egypt, and other regions in Latin America, Africa, and Asia.
• This growth highlights dLocal’s successful expansion into frontier markets and its ability to adapt to the evolving needs of global merchants.

• JD Property is acquiring Brisbane estate from ESR JV for $153M, expanding their real estate portfolio in Australia.
• M&G and Nuveen have appointed new global real estate heads, signaling strategic leadership changes within their respective companies.
• GLP completes a $360M China data center fund, highlighting their continued investment in the growing data center market in China. Warburg Pincus acquires Tokyo office building through Life Sciences JV with Eastgate, further expanding their real estate holdings in Asia.

• The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
• In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the June 2025 index rebal event.
• We expect five changes for the TDIV index. On top of that, there will be capping flows too.

• Market Reaction: The announcement of US reciprocal tariffs led to significantly lower market open throughout Asia-Pacific. In the US, S&P 500 futures dropped -3.5%, with the VIX spiking to 23.45.
• Impact on Japan: Japan faces a 24% tariff, with specific sectors like automobiles hit with 25%. This led to a 4.5% drop in the Nikkei 225, stabilizing at 34,600 (-3.2%).
• Volatility Increase: The Nikkei 225 VIX index jumped from previous levels in the low 20’s to rise above 38 before retreating to 32.8, indicating the 99th percentile of implied volatility.

• The Swedish startup has formally filed for a US IPO and is aiming to raise $1 billion, at a valuation of between $15 billion and $20 billion. 
• Buy now, pay later is one of the biggest shifts in modern finance. Klarna isn’t just BNPL anymore: it has a whole shopping and payments ecosystem.
• Klarna may be a heavyweight in BNPL, but it’s not alone in the ring. Heavy hitters like Affirm, Afterpay, and PayPal are also scrambling for dominance.

• US President Donald Trump has announced a minimum 10% tariff on all exporters to the US, as well as additional reciprocal duties on c. 60 nations.
• Vietnam faces one of the steepest tariff increases at 46%, while China will be subject to an additional tariff hike of 34% (on top of an existing 20% duty tied to fentanyl trafficking).
• Meanwhile, India, South Korea and Japan have been hit with tariffs of 26%, 25% and 24%, respectively. 

• Asia-Pac Performance: The Indian market bucketed the down trend with the Nifty 50 declining only 0.35% with stable implied volatility. The Nikkei 225, on the other hand,dropped 2.8%. 
• US and European Decline: The US market saw the largest decline, with implied volatility rising by 8%. European indices showed mixed results, with the EuroStoxx 50 reacting strongly.
• Gold vs. Bitcoin: Gold (GLD US ETF) proved to be a better store of value, while Bitcoin joined the US indices in higher volatility.

• Warburg Pincus partners with Eastgate to acquire Tokyo office as part of Life Sciences joint venture, expanding their investment portfolio.
• Greystar purchases GIC-Wee Hur Aussie student housing for $1B, solidifying their presence in the Australian real estate market.
• Iron Mountain makes strategic move by acquiring Web Werks, an Indian data center group, enhancing their capabilities in the data management sector.

• Late Monday, The Financial Supervisory Commission approved the merger where Shin Kong Financial Holding (2888 TT) is to be absorbed by Taishin Financial Holding (2887 TT). Announcement here.
• Yesterday, the chairmen of both Shin Kong and Taishin decided the merger base date, which has been set a bit further out than even I expected, at 24 July 2025.
• The terms tightened yesterday. There is still a worthwhile switch to be done (or arb if you have cheap borrow), and NEWCO is cheap to peers, STILL.

• The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
• In this insight, we take a look at the potential ADDs and DELs for the June 2025 index rebal event.
• Currently, we see one change for T50 and one change for T100.

• 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.
• 611 new CGRs filed since 1-Mar-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 was curiously quiet itself as far as I can tell. No new governance reports, documents, etc, though there is a small consultation this month on the JPXNikkei400.

• Atour (ATAT) reported C4Q24 revenue 0.7%/5.8% higher than our estimate/consensus, which translate to 0.5%/4.7% higher in non-GAAP net income, thanks to hotel supply chain consolidation and pillow retail sales.
• Management’s guidance for a steeper-than-consensus decline in 2025’s RevPAR are conservative in our view. We see a “low-before-high” RevPAR pattern in 2025, supported by tightened hotel supply and government stimuli.
• We keep the TP at US$37/ADS and maintain as travel sector TOP BUY

• Warburg Pincus invests in Japan living sector by acquiring a 16,000-room portfolio.
• Proprium Capital beats out Ho Bee Land with a $228M bid for an Australian homebuilder.
• Hillhouse’s Rava secures majority stake in Dash Living with $150M investment; Ex-Macquarie exec Robson to advise on ESR privatization.

• Market Reaction: The announcement of US reciprocal tariffs led to significant declines in S&P 500 (-3.5%) and Nasdaq-100 (-4.4%) futures, with the VIX spiking from 20.00 to 23.45.
• Impact on Australia: Australia faces a 10% tariff, with the overall economic impact expected to be limited.
• S&P/ASX 200 (AS51 INDEX) Response: The S&P/ASX 200 dropped 2.1% in early trading, with its VIX index rising from 13.20 to 15.43. These are historically high but not extreme levels.

• SmartStop priced a full-size deal of 27.0mm shares at $30.00 and opened for trading at $32.40 for a gain of 8% at first trade.
• The offering finished five-times oversubscribed with the underwriter stating that the deal had sizable participation from long-only and REIT-dedicated accounts.
• A low-risk storage unit company which pays a monthly dividend, like SmartStop, attracted the right buyer for this deal to work given the current economic environment.

• In the US, the JOLTS job openings decreased to 7.57 mn (7.66 mn e / 7.76 mn p) in February.
• The job openings rate fell slightly to 4.5% (4.6% e / 4.7% revised p), while the layoffs rate was stable at 1.1% (1.1% revised p).
• Separately, the March ISM manufacturing index declined to 49.0 (49.5 e / 50.3 p). This was driven by a drop in the new orders and employment components, while the prices paid component increased. 

• Clip Money is a rapidly growing NCR-backed start-up based in Ottawa, Canada, and operating in Canada and the US.
• It is helping physical stores and businesses quickly, safely, and less expensively deposit cash into their bank accounts, as well as replenishing notes and coins for store operations.
• The company uses its proprietary software platform to facilitate cash management, and its network is made up of a network of DropBoxes, NCR ATMs located in retail outlets and a summer roll out at Green Dot locations.

• 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.

• Yesterday, post-close, T&D Holdings (8795 JP)  announced ¥40 for 31-Mar-25 FY-end dividend (¥80/yr) and ¥120/share/year in the year to March 2026 on a higher planned payout ratio.
• The company also announced guidance for Adjusted Profit for 2025 at ¥130bn (up), and guidance for March 2026 at ¥140bn (lower growth than this past year). 
• They announced the current ¥50bn buyback was 87.5% complete (they have until 13 May to complete) and a new buyback starting 19 May to spend up to ¥100bn over 10.5mos.

• Exhibiting home revenue recovered significantly in 4Q24, while new home revenue recovered from 3Q24.
• The growth rate of active stores and active agents accelerated quarter by quarter.
• We conclude an upside of 105% and a price target of US$42.00. Buy.

• The AVID consortium’s late-November A$0.67/share NBIO appeared a lock; until Ho Bee Land Ltd (HOBEE SP) lobbed a A$0.70/share NBIO in January. Ho Bee also acquired a 5.39% stake. 
• AVJennings (AVJ AU) granted both suitors exclusive due diligence, the terms of which expired in February. AVJ said at the time it remained in “active discussions” with both.
• AVJ and AVID have now entered into a Scheme Implementation Deed at A$0.655/share. A special dividend – included in the Scheme consideration – could add A$0.072/share in franking credits. 

• Back on the 27th September 2022, Boyu Group launched a HK$12/share VGO for PRC-incorporated property management play Jinke Smart Services (9666 HK), a 33.04% premium to last close.
• Boyu and concert parties held 53.05%, and the Offer was contingent on regulatory approvals and 7.71% of shares out tendering. 4.79% tendered. Boyu also acquired 7.15% in the market.
• Two days after announcing very ordinary FY24 results, Jinke shares were suspended pursuant to the Takeovers Code. Presumably Boyu is on the acquisition path again. Another VGO or a privatisation?

• According to our sources, the deal is multiple-times oversubscribed — our sources stated around 5x. 
• Self-Storage was Monday’s second best performing sub-sector (+1.8%) as the overall REIT sector (+0.7%) slightly outperformed the broader market.
• While the “typical” IPO investor may not be “enthused”, the timing for this type of deal “may” be ideal for yield-chasers.

• Avjennings Ltd (AVJ AU) entered a scheme implementation deed with AVID at A$0.655, 2.2% below its previous A$0.67 offer and a 98.5% premium to the undisturbed price. 
• The key conditions are shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk as SC Global (54.02% of outstanding shares) will vote in favour. 
• Despite the marginally lower price, the offer is attractive, as evidenced by the hefty takeover premium. This is a done deal, with the scheme meeting expected in mid-June.

• Monthly deep-dive into price and vol metrics across Global indexes and macro assets.
• In-Depth look at the current state of the markets as well as how volatility and price may unfold.
• We highlight strong seasonal trends in April, with all markets typically rising and realized vol typically coming in below implied.

• Key 4Q24 takeaways include: 1) key AUM growth drivers likely include targeted expansion efforts, with a focus on market liquidity, regulatory support, and high/growing adoption rates, increasingly developing partnerships with exchanges and other digital assets solutions providers, and leveraging Valour’s broad and deep ETP portfolio to continue to meet evolving investor demand trends
• 2) management remains focused on increasingly penetrating markets across Africa, the Middle East, and Asia to capitalize on strong crypto adoption/demand trends and DEFTF’s first-mover advantages
• 3) product develop/distribution initiatives remain at the forefront, with Valour recently introducing 20 ETPs in Sweden, and bringing new Dogecoin, Hedera, Aptos, Sui, and Render offerings to market 

• Emira is a mid-sized South African listed diversified REIT. It has built a portfolio across retail, office, industrial, and residential assets. EMI is also invested in the USA and Poland.
• The company is undervalued at present, trading at 33.85% below Golden Section Capital’s justified value of R16.01 (and 48.35% below the current pro forma NAV of R20.05).
• Outlook is one of steady, incremental growth, supported by a de-risked and diversified asset base. Emira’s diversification into the USA and Poland provides growth, and a buffer against local volatility.

• During the period under consideration, i.e. February 14th, 2025 to March 18th, 2025, the EUR/CHF pair posted a bullish trend among fluctuations.
• In the beginning, it followed a marginal decline, until February 28th where the pair faced a sharp increase.
• After that, it fluctuated sideways in a slight but steady upward momentum, and by the end of the period the price traded at a higher level than on February 14th.

• AH Premia bounce higher. Spread curve torsion was as expected. Narrow spreads saw Hs suffer more. Wide spreads saw H outperformance. 
• The last few weeks I said warning signs were flashing and spreads could widen. This week they widened despite big SOUTHBOUND buying.
• I expect the right thing to do is hunker down and be flat H/A risk.

• SEBI intervenes on constantly changing Option contract specifications. NSE halts expiry day shift indefinitely & awaits clarity from regulator. 
• IVs slid lower to 11% levels – extended weekend being a primary factor. Risk premia is nearing historically low extremes. “Low & Down” state persists for the Vol-Regime model.
• Tactical Implications: (1) Scale back Vol harvesting structures as “Low & Down” Vol-state persists. (2) Reverse Calendars for long gamma exposure to upcoming events. Utilize Low IVs & curve Contango.

• Despite losing access to favorable capital treatment under the Danish Compromise, Banco BPM is proceeding with its Anima acquisition, leveraging mitigation measures to maintain a CET1 ratio above 13%.
• UniCredit’s €14B all-share offer for Banco BPM moves forward despite ECB rejecting the Danish Compromise, with capital strength and shareholder backing keeping the deal on a strong trajectory.
• CEO Andrea Orcel’s dealmaking expertise and UniCredit’s 42.9% share price rise since the bid increase confidence in the bank’s ability to complete the acquisition and extract long-term value.

Information Services Corporation (ISC) has completed its first full year post the announcement of its ambitious goal to double its size in terms of revenue and adjusted EBITDA (on an FY23 basis) by 2028. ISC reported strong organic growth in FY24, with both record-high revenue (up 15% y-o-y to C$247.4m) and adjusted EBITDA (up 24% y-o-y to C$90.3m). Management reiterated FY25 guidance for revenue of C$257–267m (Edison FY25e: C$262.2) and adjusted EBITDA of C$89–97m (Edison FY25e: C$94.1m). Our discounted cash flow (DCF) valuation yields C$39 per share ( C$40/share previously), representing c 60% upside to the current share price.

Information Services Corporation (ISC) has completed its first full year post the announcement of its ambitious goal to double its size in terms of revenue and adjusted EBITDA (on an FY23 basis) by 2028. ISC reported strong organic growth in FY24, with both record-high revenue (up 15% y-o-y to C$247.4m) and adjusted EBITDA (up 24% y-o-y to C$90.3m). Management reiterated FY25 guidance for revenue of C$257–267m (Edison FY25e: C$262.2) and adjusted EBITDA of C$89–97m (Edison FY25e: C$94.1m). Our discounted cash flow (DCF) valuation yields C$39 per share ( C$40/share previously), representing c 60% upside to the current share price.

• Longfor Group’s FY 2024 results were acceptable.
• The earnings decline was in line with expectations, driven by lower revenues and margins from the property development segment.
• We project that Longfor’s contracted sales will continue declining in FY 2025, given the company’s slowdown in land bank replenishment.

• Jinke Smart Services (9666 HK) is in a trading halt “pending the release of an announcement pursuant to the Hong Kong Code on Takeovers and Mergers which constitutes inside information.”
• It is likely that Boyu, the largest shareholder, is seeking to privatise Jinke. The privatisation of PRC-incorporated entities is usually done through a merger by absorption.
• I use several methods to triangulate the likely offer price, which suggests a price range of HK$10.00-16.86, with an average of HK$12.47, a 45% premium to the last close.

• A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics
• Implied vol softened this week—we examine the trend and its potential implications.
• HSI’s performance vs. SP500 is highlighted against a backdrop of tariffs and global shifts.

• China International Capital Corporation (3908 HK)‘s 2H24 net profit surged 33.6% in 2H24, reversing the downtrend in 1H24. It has benefited from lower staff and other operating costs. 
• Better 1Q25 market turnover and activities, more IPOs and placements and improved cost dynamics imply that the consensus forecasts are too conservative.
• Its 0.55x P/B cannot adequately reflect better profitability. Despite the denial, CICC’s potential merger with China Galaxy Securities (H) (6881 HK) cannot be completely ruled out.

• A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
• USD/JPY and Nikkei moved in opposite directions, with the index underperforming its historical relationship to FX.
• Options volume increased throughout the week, peaking on Friday’s move lower.

• Weekly recap of key option metrics across single stocks, including most active names and strikes, largest volume increases, biggest movers, and key earnings reports.
• Breadth continues to deteriorate against an increasingly hostile global backdrop.
• Both price and implied volatility declined on average, with the typical stock still well below its 52-week high.

• Edelweiss reported a decent Q3FY25 with ex-Insurance PAT of INR 185cr, a growth of 16% YoY excluding NBFC PAT. Growth was led by Asset Management and Insurance businesses.
• Within the Credit business, the Home Finance business which operates under the brand Nido is scaling up well. It disbursed INR 400cr+ worth of retail loans during Q3FY25.
• Edelweiss is focusing on unlocking value and has already filed DRHP for its Alternative Asset Management business. Once approved, it will proceed for an IPO with OFS of INR 1500cr.

• Nuvama continues to post strong earnings. Its Q3FY25 revenues grew 30% YoY to INR 723cr. Q3FY25 PAT grew 43% YoY to INR 252cr. 
• Q3FY25 performance was surprisingly led by the Asset Services segment where revenue grew 77% YoY with addition of new clients and positive asset flow, leading to market share gain.
• Together the Wealth and Asset Management segments performed steady with revenue growth of 18% YoY. Net flows in 9MFY25 in ARR and MPIS assets exceeded that for whole of FY24.

• Weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest.
• Implied vol remained stable, and we discuss why it may be sticky at current levels.
• With global weakness and the upcoming April 2 reciprocal tariffs announcement, we reiterate a tactical hedge.

• Nesco reported a strong Q3FY25 with 16% YoY revenue growth and 17% YoY PAT growth. The exhibitions (BEC) segment grew 13% YoY and the IT Parks segment grew 16% YoY.
• Nesco Foods segment reported 29% YoY growth in revenues led by improved BEC footfalls and scaling up of the Food Court and Restaurants business.
• Recently, Nesco also received IOD from the municipal corporation of Mumbai, thus paving way for receiving future approvals for Tower 2. Tower 2 construction is expected to commence in Q3FY26. 

• A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
• HSCEI price and implied vols both softer on the week after digesting large share sale and key earnings reports.
• We highlight the performance of HSCEI vs SP500 and note that this is a relationship to monitor in the rapidly changing political climate.

• The family trust of the Widjaja Family has made a voluntary unconditional general Offer for the 29.7% in Sinarmas Land (SML SP) not held.
• The S$0.31 cash Offer (not declared final) for the (mainly) Indo property play is a 12.9% premium to last close; but a 73.9% discount to Sinarmas’ 1H24 NAV of S$1.19/share.
• The Offer is unconditional in all respects. Trading a spread through terms. This deserves a bump.