Financials

• 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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• Context: The HDFC Bank (HDFCB IN) vs. Union Bank Of India (UNBK IN) price-ratio has deviated more than two standard deviations from its average, presenting a potential relative value opportunity.
• Highlights: Going long HDFC Bank (HDFCB IN) and short Union Bank of India (UNBK IN) targets an 8% 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.

HgT has reported its Q325 results with a 2.4% increase in NAV per share, which marks a continuation of the rebound seen in Q225 following the negative impact of a weaker public market environment in Q125. HgT’s NAV total return (TR) for the first nine months (9M25) was therefore 1.9%. A continued positive contribution from portfolio earnings growth (4.3pp positive impact on portfolio valuation in Q325) and 1.4pp of fx tailwinds were partly offset by lower valuation multiples and higher net debt across HgT’s portfolio. Last 12-month revenue and EBITDA growth to end-September 2025 across HgT’s portfolio remains consistently in double-digit territory at 18% and 19%, respectively (of which 11% and 16% are organic growth). This is coupled with a sustained strong average EBITDA margin of 33%. Hg’s head of research highlighted that the 13% increase in Q325 earnings forecasts for listed software businesses only partially flowed into prices, leading to an 8% contraction in public market multiples. HgT maintained a strong long-term track record with five- and 10-year NAV TR to end-September 2025 of 14.5% and 17.8%, respectively. Based on the last closing price, HgT’s shares trade at a 13.6% discount to end-September 2025 NAV.

• Operating revenue increased to JPY97.1bn (+1.4% YoY), while operating profit and recurring profit decreased by 17.4% and 18.6% YoY, respectively.
• Domestic transaction volume rose 2.6% YoY to JPY2.90tn, with operating revenue at JPY85.8bn (+4.1% YoY).
• Overseas transaction volume fell 26.5% YoY to JPY30.4bn, with operating revenue at JPY11.2bn (-14.6% YoY).

• Shizuoka’s has healthy gearing to rising interest rates and its ratio of equity holdings value to market cap is attractive; yet we feel that it is time to take profits
• Shizuoka’s valuations are no longer compelling, with PE multiples and PEG ratios at the less attractive end relative to peers; it also has the highest LDR of the peer group
• In addition, Shizuoka has relatively high unrealized losses on its JGB portfolio and these have grow QoQ to September-end 2025

• Q1 FY06/26 sales were JPY14.2bn (+697.1% YoY), with operating profit at JPY2.6bn and net income at JPY1.7bn.
• Real Estate business sales reached JPY14.2bn (+720.3% YoY), driven by urban rental apartments and high-margin properties.
• Total assets rose to JPY63.8bn, liabilities decreased to JPY44.4bn, and net assets increased to JPY19.4bn.

• Japan Infrastructure Fund Investment Corporation (9287 JP) has recommended a tender offer from Mizuho Leasing (8425 JP) at JPY65,000, a 21.5% premium to the last close price.
• The offer is light, as it is below book value (implying a P/NAV of 0.82x) and is below the midpoint of the IFA-adjusted book valuation range.
• However, a dispersed shareholder register with no substantial shareholders suggests that it is an uphill struggle for an activist to agitate for a bump. This is likely a done deal. 

• Sotherly Hotels is being acquired by Kemmons Wilson Hospitality Partners and Ascendant Capital Partners, with common shares priced at $2.25 each.
• Preferred shares SOHOB, SOHOO, and SOHON have a 12-14% spread to offer price, with conversion options post-merger.
• The merger isn’t subject to financing conditions, with funding commitments from Apollo and Ascendant-affiliated entities.

• Six Australian stock pairs have triggered new mean-reversion trade signals, with price ratios deviating more than two standard deviations from their one-year averages.
• Upcoming earnings announcements could add volatility and shape short-term trade outcomes.
• Essential for quantitative traders seeking mean-reversion opportunities, outlining opportunities and key risk considerations.

• Strong Financial Trajectory: The bank has demonstrated a robust growth trajectory, with significant year-over-year increases in revenue and net income, driven by healthy loan growth and improving net interest margins.
• Strategic Shift Towards Granular Assets: Management has successfully pivoted the loan book from corporate lending towards more granular and higher-yielding retail, MSME, and agricultural loans, which has improved asset quality and profitability.
• Favorable Valuation with a Positive Outlook: Despite its strong performance, the bank trades at a reasonable valuation compared to its peers. The outlook is positive, with management guiding for above-industry credit growth and stable margins, supported by digital initiatives and branch expansion.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: China Vanke
• UST yields rose 5-8 bps across the curve yesterday. This came as the market dialled back Fed rate-cut expectations following the release of strong ADP employment and ISM manufacturing data, as well as after the US Treasury Department said it may raise treasury issuances in future.
• The yield on the 2Y UST was up 5 bps at 3.63%, while the yield on the 10Y jumped 7 bps to 4.16%. Equities partially recovered from Tuesday’s slump, with the S&P 500 and Nasdaq increasing 0.4% and 0.6%, respectively.

• For 1H FY03/26, the company reported sales of JPY3.7bn (+30.2% YoY) and net income of JPY735mn.
• Business Production segment sales reached JPY2.9bn (+31.0% YoY), with operating profit of JPY310mn, showing smooth progress toward forecasts.
• Venture Capital segment sales were JPY795mn (+27.6% YoY), with operating profit of JPY459mn, including capital gains and valuation losses.

• In our view, NBPE’s 1H’25 results may be characterised as turning the corner.
• There has been a modest improvement in financial performance, the outlook for exits (with expected uplifts to carrying values) has improved, and the pipeline of new investments is strong.
• NBPE’s balance sheet has ample liquidity to take advantage of these opportunities, and its recent focus on mid-life deals means that value creation from these new investments has been rapid.

• Lendlease Global Commercial REIT (LREIT SP)  is looking to raise at least S$270m in a private placement, to fund acquisition of 70% interest in PLQ Mall.
• Overall, this deal represents 44.2 days of ADV and 16.5% of shares outstanding.
• In this note, we comment on the deal dynamics and run the deal through our ECM framework.

• Australia’s largest banks are due to report within the next four trading days. Collectively, they account for 23% of the S&P/ASX 200 (AS51 INDEX).
• A beat or miss of expectations can result in a strong move, up or down. This Insight analyzes options to provide an indication of how big a move to expect.
• Option traders price in outsized moves for several but not all banks, with ANZ (ANZ AU) as the largest outlier.

Key points (machine generated)

• European Residential REIT is nearing the end of its public tenure, focusing on Dutch apartment buildings and controlled by Canadian Apartment Properties REIT.
• The REIT is expected to provide strong risk-adjusted returns as it approaches liquidation, with recent activities indicating this trajectory.
• In May 2024, ERE announced plans to boost capital generation, and by July 2024, it completed asset sales of EUR 116 million, achieving prices at or above IFRS values.

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• Record Enrollment Driving Financial Growth: STI is experiencing a strong growth trajectory, driven by a 15% increase in student enrollment to a record high of 138,060 for the 2024-2025 school year. This surge, particularly in higher-margin university programs regulated by CHED, has significantly boosted revenues and profitability, with net income climbing 38% in the most recent fiscal year.
• Favorable Industry Dynamics: The Philippine education market is valued at over USD 31 billion and is projected to grow significantly, supported by a large youth population and government initiatives to improve educational access and quality. STI, as the largest network of private schools in the country, is well-positioned to capitalize on this expanding market.
• Attractive Valuation with Operational Efficiency Focus: The company trades at a P/E ratio that is favorable compared to the Asian Consumer Services industry average. Management’s focus on improving operational efficiency and cost management has led to expanding margins for three consecutive years, enhancing shareholder value.

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• Pure-Play Holding Company: Financiere De Tubize SA is a Belgian holding company whose sole significant asset is a 36.27% stake in the global biopharmaceutical company UCB SA. Its valuation and performance are directly linked to UCB’s success.
• Vehicle for UCB Exposure at a Discount: The primary investment thesis for Tubize is gaining exposure to UCB at a persistent, albeit fluctuating, discount to its Net Asset Value (NAV). This discount reflects its status as a holding company.
• Long-Term Family Control: Tubize’s mission is to act as a stable, long-term reference shareholder for UCB, representing the interests of the founding Janssen family and like-minded investors. This structure provides UCB with the stability needed for long-term R&D and strategic investments.

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• NCR Atleos (NATL) is a 2023 spin-off that is focused on the ATM market.
• It is benefiting from banks outsourcing their ATM operations which is driving high margin growth (ATMaaS revenue up 32% and backlog up 105% in the last quarter).
• The company is going to grow earnings at a 20% rate for the foreseeable future. 

• Exzeo priced mid-range at $21.00 and traded flat, signaling a disciplined and stable market entrance.
• Profitable, zero-debt insurtech spin-off from HCI boasting 50%+ EBITDA margins and $195M ARR.
• Expanding beyond 13 states into major markets; poised for sustainable, high-margin growth under proven leadership.

• Big Yellow is the UK’s leading self-storage brand, demonstrating strong brand recognition and a dominant market position, particularly in London and the South East.
• The company operates as a Real Estate Investment Trust (REIT), focusing on a portfolio of high-quality, purpose-built, and predominantly freehold properties in prime, visible locations, which supports high margins and asset values.
• Future growth is underpinned by a solid development pipeline aimed at expanding lettable space to meet growing demand, coupled with a commitment to returning value to shareholders through a consistent dividend policy.

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• We believe that New World Development’s (NWD) focus for the proposed exchange offers is to reduce its outstanding debt, mainly by restructuring the existing perps.
• Hence, the exercise, if completed, would be credit positive for the company.
• This would in turn support the prices of the existing straight bonds.

• Qudian is in a state of profound strategic transition, having pivoted away from its original online micro-lending business and subsequently winding down newer ventures like ‘QD Food’ and its ‘Fast Horse’ last-mile delivery service due to intense competition.
• The company’s financial profile is characterized by a dramatic decline in operational revenue, offset by significant interest and investment income, which has recently returned the company to profitability. This unusual composition is a direct result of its strategic shifts and monetization of its large cash reserves.
• Trading at a significant discount to its book value, the company’s primary value proposition is its substantial cash and cash equivalents. An aggressive share repurchase program is in place to return value to shareholders, but the future operational direction remains highly uncertain, posing significant execution and regulatory risks.

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• Sify Infinit Spaces Ltd (2026850D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by JM Fin, CLSA, JPM, Kotak and MS.
• SISL is a provider of data center colocation services in India. The firm had 14 colocation data center facilities across six cities in India, as of June 30, 2025. 
• According to the 1Lattice and C&W Report, it had a built IT power capacity of 188.04 megawatt (MW) across these facilities, as of June 30, 2025.

• Strong post-IPO performance: listed at £3.70/share, now £3.90, valuing Shawbrook near £2bn with forecast 2026 P/E of 7x and up to 93% implied upside.
• Robust fundamentals: 15% loan growth, 17% income growth, 36% cost-to-income ratio, and RoTE above 15%, supporting premium valuation versus UK peers.
• Strategic positioning: combines challenger bank scalability with specialist credit discipline, offering best-in-class efficiency and resilient asset quality.

• Hana Financial remains our buy pick among Korean banks; it is close to the top our scorecard, it remains attractively valued and its returns are improving
• Hana is trading at a large PBV discount to KB Financial; this currently stands at a 30%+ discount which is over one standard deviation from the historical PBV discount mean
• Furthermore, we see that this relatively dovish phase of monetary policy, Hana appears to have more limited downside risk than its peers in terms of further interest spread erosion

• 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.

• American Tower Corporation’s recent financial performance displays a solid operational trajectory with balanced outcomes.
• During the third quarter of 2025, the company reported significant profitability and revenue growth, with noteworthy highlights across its core segments – tower leasing and data centers.
• The quarter showcased a robust 8% increase in total revenue, driven by consistent organic growth in the midsingle digits and a strong contribution from U.S. services and CoreSite, their data center segment.

• Diversified Business Model Mitigates Risk: UMB Financial’s operations across commercial banking, institutional banking, and wealth management provide multiple revenue streams, reducing reliance on any single segment and offering resilience in varied economic conditions.
• Strategic Acquisitions Driving Growth: The recent acquisition and successful integration of Heartland Financial has significantly expanded UMB’s footprint, assets, and customer base, positioning it for accelerated growth in new and existing markets.
• Consistent Shareholder Returns and Strong Capital Position: The company has a long history of dividend payments and recently increased its quarterly dividend. Strong capital ratios provide a solid foundation for future growth and shareholder distributions.

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• In FY12/24, the company reported revenue of JPY30.9bn (+31.6% YoY), operating profit of JPY6.3bn (+15.3% YoY), recurring profit of JPY5.8bn (+17.5% YoY), and net income attributable to owners of the parent of JPY3.9bn (+19.5% YoY).
• All three businesses posted higher revenue and profit YoY.
• In particular, higher-than-expected selling prices in the core Real Estate Investment and Development business lifted recurring profit to JPY5.8bn, 14.8% above the initial forecast of JPY5.1bn.

Key points (machine generated)

• Elme Communities is implementing a liquidation strategy with potential IRRs of 14% to 26%.
• The company has agreed to sell 19 properties to Cortland for $1.6 billion and plans to sell remaining assets.
• Investors can expect an initial special distribution of $14.50 to $14.82 per share and a quarterly dividend of $0.18.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.