Financials

• 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.

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• This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.
• Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.
• Since our initiation report, several positive developments have emerged.

• FnGuide is one of the key beneficiaries of the increased index investing in Korea. 
• Total net assets of ETFs tracking FnGuide indices surged from about 14 trillion won at the end of 2024 to about 30 trillion won as of end of October 2025.
• There has been a sharp increase in foreign ownership of FnGuide from 0.4% at the end of 2023 to 14.5% as of 3 November 2025.

• A look at our probabilistic tactical models for US and Asian Equities: comparing which stocks are overbought and which ones are oversold.
• Most of the U.S. and Asian stocks we track are overbought, with Asian markets showing the strongest overbought conditions. 
• Meta (META US)  and the CSI 300 Index (SHSZ300)  offer bargain-hunting opportunities for tactical investors.

• Exzeo Group (XZO US), a profitable spin-off from HCI Group, enters the market with exceptional financial discipline under CEO Paresh Patel.
• With $195 million in annual recurring revenue, 51.6% EBITDA margins, zero debt, and $75 million in free cash flow, Exzeo stands out as a combination of scale and profitability.
• Books are well oversubscribed heading into pricing, with a Thursday debut anticipated. However, Truist Securities’ role as lead left underwriter introduces some execution uncertainty given its limited IPO track record.

• In 2025, 78 primary-listed Singapore companies repurchased S$1.91 billion in shares, a 90% increase from 2024.
• 17Live Group repurchased S$6.2 million shares, 3.4% of its market capitalisation, reflecting disciplined capital deployment.
• Jason Marine Group’s first buyback since 2015 followed a 40% revenue increase and strong project deliveries.

• GBL: discount 28.6% (Oct 31). Selling €1.7bn GBL Capital NAV for €1.5bn cash (+€0.4bn deferred); €0.6bn commitments transferred. Simpler, more liquid, greater buyback firepower—supports discount narrowing.
• Sweden: Industrivärden discount 5.8% (near lows). Investor AB resilient; NAV SEK 1,024bn, TSR +5%. Quality ballast, limited discount alpha now.
• Vivendi: 33.2% discount to €4.67 NAV; AMF-driven OPA path intact. Scenario-weighted value ~€4.17; prefer outright long or stub vs UMG/Banijay/MFE; trim if discount narrows to 10–15%.

• In 2025, 78 primary-listed Singapore companies repurchased S$1.91 billion in shares, a 90% increase from 2024.
• 17Live Group repurchased S$6.2 million shares, 3.4% of its market capitalisation, reflecting disciplined capital deployment.
• Jason Marine Group’s first buyback since 2015 followed a 40% revenue increase and strong project deliveries.

• Central Bancompany (CBC) targets a late-November IPO with strong fundamentals—$19.1B in assets, $14.2B in wealth under advice, and consistent profitability across diversified Midwest banking operations.
• The $5B–$5.7B Missouri-based bank’s offering seeks $374M in proceeds to support expansion and potential acquisitions, highlighting disciplined growth and a proven 123-year legacy of stability.
• Despite the ongoing government shutdown, CBC’s IPO remains on track for November 21, marking one of the largest and most diversified bank debuts in 2025.

• In the days approaching H1 results in 2024, Japanese banks raised H1 guidance. Among the top 50 banks outside the top 10, the increase was significant. 
• This year, out of those 50 banks, 12 have either reported (2) or raised guidance (10) for H1 in the past five weeks by an average of 47% (median 43%). 
• Higher loan income, core business profits, and lower credit costs are the main culprits. Expect lots more guidance revisions in the next 10 days.

• Coinbase is a leading, US-based cryptocurrency exchange that has established a strong brand reputation for security and regulatory compliance in a volatile and often risky industry.
• The company’s financial performance is intrinsically linked to the cyclical and volatile nature of the cryptocurrency market, with revenues heavily dependent on transaction volumes and crypto asset prices.
• Future growth is contingent on diversifying revenue streams beyond transaction fees, with strategic initiatives focused on institutional services, the stablecoin (USDC) ecosystem, derivatives, and international expansion.

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• For Oct 2025, 15 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$33bn.
• The average premium for the new transactions announced (or first discussed) in October was ~54%, with a year-to-date average of ~49%.
• The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

• AI industrial developments are advancing fast, presenting a paradigm shift from human centric systems to human-system interactions.
• Emerging standards are shaping the AI agent economy, including the X402 protocol developed by Coinbase and the A2A and AP2 protocols by Google.
• Kite AI is a PoAI-powered L1 blockchain optimized for the AI agent economy, enabling near-instant, sub-cent stablecoin micropayments via state channels and payment lanes.

Key points (machine generated)

• Relo Group, Inc. aims for an operating profit of ¥50 billion and revenues of ¥200 billion by FY3/29 under its Fourth Olympic Plan.
• The company focuses on non-core business operations, including fringe benefits, outsourcing, property management, and tourism to drive profitability.
• For FY3/26, Relo expects a 5% revenue increase to ¥150 billion and a 3.2% operating profit growth to ¥31.4 billion, despite initial profit declines from investments.

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• Dominant Market Player with Stable Growth: Krungthai Card (KTC) is a leading provider of credit card and personal loan services in Thailand, consistently demonstrating revenue and net income growth. Its strategic affiliation with Krungthai Bank provides a significant competitive advantage.
• Digital Transformation to Drive Future Growth: The company is heavily investing in a digital transformation strategy, aiming to enhance customer acquisition, improve operational efficiency, and strengthen data analytics. This initiative is expected to support sustainable long-term growth and mitigate rising competition from virtual banks and fintech.
• Navigating Macroeconomic Headwinds: While fundamentals are strong, the company faces challenges from a softer economic outlook in Thailand and high household debt levels. Regulatory oversight from the Bank of Thailand, particularly concerning interest rate ceilings and lending practices, remains a key factor to monitor.

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• Anxin Trust is in a precarious recovery phase following a state-backed bailout in 2021, which was necessitated by a severe debt crisis stemming from mismanagement and misappropriation of funds.
• The company has returned to profitability in the last two years after significant losses, but its financial performance remains volatile, and it faces extremely high valuation multiples, suggesting the market has priced in a full, but uncertain, recovery.
• The outlook is heavily dependent on the successful execution of its new strategy under a revamped, state-influenced management team and navigating China’s increasingly stringent regulatory environment for the trust industry.

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• Unique Business Model with Social Impact: BTPS is the only Syariah bank in Indonesia focused exclusively on the productive poor/ultra-micro segment, specifically empowering women entrepreneurs. This high-touch, group-based lending model fosters financial inclusion for a large ‘unbankable’ population, creating a distinct market niche.
• Deteriorating Asset Quality and Profitability: The bank has faced significant challenges post-pandemic, with rising Non-Performing Financing (NPF) and higher credit costs (Cost of Credit – CoC). This has led to a sharp decline in profitability (ROE dropping from 23% to ~12%) and a significant de-rating of its valuation.
• Cautious Outlook with a Focus on Recovery: Management is prioritizing asset quality improvement over aggressive growth. While recent quarters show signs of stabilizing NPF and lower provisions, the recovery is expected to be gradual. The bank’s future performance hinges on its ability to manage credit risk within its vulnerable client base amidst macroeconomic uncertainties.

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• During the third quarter of 2025, CME Group, a leading global derivatives marketplace, reported revenues of $1.5 billion, marking a 3% decline compared to the exceptionally strong performance in the same quarter of the previous year.
• It is notable that despite this decrease, CME Group continued to maintain robust financial health, evidenced by an adjusted operating income of $1.1 billion and a significant operating margin of 68.4%.
• The average rate per contract was $0.702, translating into $1.2 billion in clearing and transaction fees, which underscores the critical role these fees play in the company’s revenue structure.

• Shinhan Card is the largest credit card issuer in South Korea, commanding a significant market share in a mature but evolving payments landscape. The company is navigating a challenging environment of regulatory pressure on merchant fees and rising competition from fintech players.
• A key strategic focus is the digital transformation, leveraging its vast customer data to offer personalized services and expand into new platform-based businesses. This includes the growth of its ‘Shinhan SOL pay’ platform and data-driven marketing initiatives.
• Profitability has been under pressure due to increased funding costs and higher loan loss provisions amidst macroeconomic headwinds. However, the company maintains a stable capital and liquidity position, benefiting from the strong backing of its parent, Shinhan Financial Group.

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• Integrated Financial Services Model with Digital Asset Focus: XSpring Capital is strategically positioning itself as a fully integrated financial services provider, bridging traditional finance with the high-growth digital asset sector. Its diverse business segments, including securities brokerage, asset management, investment banking, and a dedicated digital asset unit, create a robust ecosystem to capture opportunities across the financial spectrum.
• Aggressive Growth Trajectory and Turnaround: The company has demonstrated a remarkable financial turnaround, shifting from a significant net loss in 2022 to strong profitability in 2023 and 2024. Management has set ambitious growth targets, aiming for a 20% revenue increase in 2025, driven by expansion in its lending portfolio and new digital token offerings.
• High-Risk, High-Reward Profile with Cash Flow Concerns: Despite impressive revenue and profit growth, the company’s operating and free cash flows have been extremely volatile and frequently negative. This, combined with the inherent volatility of the digital asset market and evolving regulations, presents a high-risk profile for investors, warranting a high uncertainty rating.

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• Return to Profitability Amid Market Headwinds: After two consecutive years of net losses, Ananda Development returned to profitability in 2024, driven by a significant revenue rebound. However, the company faces a challenging Thai property market characterized by high household debt, stringent lending policies, and an oversupply in certain condominium segments.
• Specialist in Transit-Oriented Development (TOD): Ananda has carved a strong niche as a leading developer of condominiums in close proximity to Bangkok’s mass transit stations. This strategy targets urban professionals and leverages the city’s ongoing infrastructure expansion, underpinning its core value proposition.
• High Leverage Poses Financial Risk: The company operates with a high degree of financial leverage, as indicated by its low Resilience score. While this can amplify returns in a market upswing, it also increases vulnerability to economic downturns, interest rate hikes, and shifts in market sentiment. The suspension of dividend payments for the past three years reflects a focus on capital preservation.

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• Zuoli Kechuang Micro Finance is a licensed microfinance company based in Zhejiang Province, China, facing significant headwinds as evidenced by a consistent decline in revenue and net income over the past several years.
• The company’s stock trades at a deeply discounted valuation, with a Price-to-Book ratio significantly below 1.0x, which may attract value-oriented investors. This is supported by a high Smartscore for Value (5/5).
• Despite a historically attractive dividend, the payout has been decreasing steadily, reflecting the underlying pressure on earnings and cash flow. The 3-year CAGR for dividends is sharply negative at -38.10%.

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• SK D&D announced the results of the delisting tender offer by Hahn & Co. SK &D mentioned that the subscription reached only 40% of the planned tender offer amount.
• Post failed tender offer for SK D&D by Hahn & Co, we expect this to have a positive impact on SK D&D’s share price.
• The major reason for this is that there are still many investors that believe that SK D&D’s shares are significantly undervalued at P/B of only 0.4x.

• Consolidated ordinary income increased by 19.6% YoY to JPY53.7bn, driven by higher interest and dividend income.
• Hokkoku Bank’s core gross profit grew 23.9% YoY to JPY24.5bn, with a 50.0% rise in core operating profit.
• Non-performing loans at Hokkoku Bank totaled JPY78.3bn, with a 0.25pp YoY decline in percentage of total credit.

• FY09/25 revenue was JPY20.3bn (+12.0% YoY), with operating profit at JPY6.3bn (-6.5% YoY) and net income JPY4.7bn (-4.7% YoY).
• Strike forecasts FY09/26 revenue of JPY24.3bn (+19.8% YoY) and operating profit of JPY8.4bn (+32.2% YoY).
• The company plans an annual dividend of JPY180.0 per share, maintaining a payout ratio of 60.2%.

• FY09/25 revenues reached JPY129.7bn (+20.4% YoY), with operating profit at JPY25.4bn (-11.2% YoY), and net income JPY18.1bn (-11.2% YoY).
• Leasing Fund Business saw JPY233.2bn equity placement (+26.5% YoY), while Domestic Real Estate Fund revenue was JPY95.9bn (+27.8% YoY).
• FY09/26 forecasts include JPY130.5bn revenue (+0.6% YoY), JPY30.4bn operating profit (+19.6% YoY), and JPY21.0bn net income (+15.7% YoY).

• Chapel Down Group 40p £60m (CDGP.L) The wine company announced the completion of its 2025 harvest from it’s 1,018 acres of vineyards of which 777 are fully productive, an increase of +30% productive vineyards since 2022.
• This year’s yield is expected to be 2,882 tonnes (2024: 1,852 tonnes), at an average yield of 3.7 tonnes per acre (2024: 2.5 tonnes per acre), which is +15% higher than the historic 5-year average yield per tonne.
• The warm and consistent summer of 2025 created optimal conditions for fruit development, resulting in grapes with a good balance of ripe fruit flavours for complexity and texture with the natural acidity that will add a fresh, crisp backbone to the company’s wines. 

• Market Leader in a Structurally Growing Niche: Gentera is a dominant player in the Mexican and Peruvian microfinance sectors, targeting a large, underserved market of micro-entrepreneurs and lower-income individuals. This focus on financial inclusion provides a long runway for growth, driven by both economic development and the formalization of the economy.
• Robust Financial Performance and Growth Trajectory: The company has demonstrated a strong track record of revenue and net income growth, with 3-year CAGRs of 22.5% and 36.8%, respectively. This performance is underpinned by a highly profitable business model with ample net interest margins and a post-pandemic recovery in loan origination and credit quality.
• Strategic Focus on Digital Transformation: Management is committed to a digital transformation strategy aimed at serving more customers more efficiently. This focus on digitalization is expected to enhance operational leverage, improve customer experience, and solidify its competitive position against traditional banks and emerging fintech players.

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• In May, SEBI recommended changes to the minimum number of constituents for non-benchmark indices and the capping for those indices. Then came the market consultation in August.
• SEBI has now confirmed the changes along with the timeline for capping changes to the largest stocks in the index.
• The changes could commence in December and continue till March. The adds will take place in December and weight changes for the largest stocks will take place in 4 tranches.

• We upgrade deep value Bangkok Bank to buy from neutral; it trades on a 40%+ PBV discount to SCBx and its return trends improved further alongside solid balance sheet credentials
• TMB Thanachart’s share price has corrected versus the peer group, so its PBV valuation no longer looks so stretched especially versus SCBx; we upgrade TMB Thanachart to neutral from sell
• Krung Thai remains a neutral, even though it is delivering on improved returns, as it is not compelling value and has been narrowing the discount with SCBx

• Aedifica formally filed BCA remedies, agreeing to €300 m Belgian asset disposals; final approval expected late Jan 2026.
• Gross spread narrows to ~1.2%, annualized IRR ≈ 4.7%, low interloper risk.
• High-Certainty Q1 2026 closing supports long Cofinimmo / short 1.185× Aedifica “carry-to-close” positioning.

Georgia Capital (GCAP) reported strong Q325 results, with 7.9% quarterly growth in NAV per share (on a total return basis, in Georgian lari), continuing its long-term growth path (five-year NAV CAGR stands at 29.1%) and bringing its one-year sterling NAV performance to 63.2%. The main value driver remained the listed Lion Finance Group, which posted an 8.1% share price increase in the quarter. The private portfolio showed a 6.7% increase in value, reflecting good operational performance, which prompted GCAP to increase its expectations of 2025 dividend income to GEL200m (from GEL180m), with a view that this increase will be permanent. The NAV per share growth was also supported by GCAP’s NAV-accretive buybacks (+1.2pp), as the company continues to deploy its GEL700m capital return programme, scheduled until end-2027. After the current tranche of US$50m is concluded, the remaining capital to be deployed will amount to GEL300m, which translates to 6.5% of end-September NAV.

• Blackstone has announced a INR 6,197 crore preferential capital infusion in Federal Bank, acquiring up to a 10% stake through convertible warrants, a landmark deal in India’s mid-sized banking space.
• This investment boosts Federal Bank’s capital by 200–250 bps, enabling growth in high-yield segments while maintaining financial stability, reflecting growing global investor confidence in India’s private banks.
• The capital infusion strengthens Federal Bank’s earnings prospects, with a projected 29% CAGR from FY26–28E, margin growth, and improved RoA reaching 1.35% by FY28E.

• Context: The QBE Insurance (QBE AU) vs. Medibank Private (MPL AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long QBE Insurance (QBE AU) and short Medibank Private (MPL AU) targets a 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.

• Unrivaled Deposit Franchise Forms a Stable Foundation: Japan Post Bank‘s core strength lies in its vast and stable deposit base, sourced through an unparalleled nationwide network of post offices. This provides a low-cost funding advantage and a significant competitive moat.
• Monetary Policy Shift Presents a Key Inflection Point: The Bank of Japan’s move away from negative interest rates is a structural tailwind. As the bank strategically rotates its massive securities portfolio, there is significant potential for net interest margin expansion and earnings growth.
• Attractive Valuation with Clear Catalysts: The stock trades at a significant discount to its book value. Near-term catalysts, such as the expected US$1 billion inflow from the upcoming TOPIX free-float rebalancing, combined with long-term earnings potential, offer a compelling investment case.

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• What you need to know: • Kobo reported strong assay results from the Road Cut and Jagger Zones, including 2.50 g/t Au over 10.0m and 17.30 g/t Au over 1.0m, confirming high grade mineralization along the Contact Fault.
• • Drilling continues to validate strong grade continuity within key shear zones, reinforcing the scale and growth potential at Kossou.
• • The 12,000m-15,000m drill program continues, with additional drill results expected over the coming months, ahead of the Maiden Resource Estimate planned to be released in Q1/26.

• In 1H FY03/26, AUM reached JPY1.5tn, increasing 11.1% YoY and 6.2% QoQ, driven by market gains.
• Operating revenue rose to JPY5.9bn (+3.3% YoY), while operating profit fell to JPY1.0bn (-6.3% YoY).
• The average trust fee ratio increased to 62.9bps, with a direct sales ratio decrease to 19.6% YoY.

• Cavendish reported PBT of £1.1m for the half-year to September 2025.
• Revenue was up 3% on a comparable basis – against a still tricky background for UK smaller companies – and adjusted pre-tax profit was £2.0m, marginally ahead of the same period last year.
• The result was an indication of the strength of the diversified revenue stream – with both private and public divisions healthily profitable – and a strong control on costs, which fell over the period.

• AUB Group Limited (AUB AU), which operates a network of insurance “matchmakers”, has announced a NBIO, via a Scheme, from EQT @ A$45/share, a ~40% premium to undisturbed.
• That indicative price is up from $43/share proposed on the 13th September (but not made public). 
• AUB’s board has opted to open its books to EQT, on an exclusive basis, for six weeks. Tentatively, that expires on or around the 9th December. 

• James River is undergoing a significant strategic repositioning, having divested its volatile Casualty Reinsurance segment to focus on its core Excess & Surplus (E&S) Lines and Specialty Admitted Insurance businesses.
• The company faces considerable challenges, including a history of significant net losses, adverse reserve development, and substantial declines in market capitalization and revenue over multiple years.
• Despite a challenging financial track record, the company operates in the growing E&S market, which is benefiting from a hard market cycle with elevated premiums and stricter underwriting standards, presenting a potential tailwind.

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Key points (machine generated)

• The author reassesses the MBIA GFL 2033 Notes investment, highlighting a current buy-and-hold opportunity despite previous underperformance.
• The yield on the notes has risen from 10% to 15%, with a potential 10% internal rate of return achievable for investors.
• The resolution of the Puerto Rico Electric Power Authority bankruptcy is seen as key to increasing MBIA’s equity value and facilitating a sale.

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• The S&P/ASX 200 (AS51 INDEX) has stalled since mid-August 2025, possibly a consolidation period after the strong gains delivered since Apri. Or maybe it’s about to go down…
• The index started a modest pullback this week, closing at 8926.20 on Wednesday. That price is just below our model Q1 support zone, not oversold yet.
• We have identified a key support zone that could be used for buy-the-dip strats, but if the index falls below that support, it may have ended its rally (short-term forecast).

• Revenue increased by 15.8% YoY to JPY5.9bn, driven by growth in rent guarantee services.
• Operating profit rose 22.4% YoY to JPY1.4bn, with an operating profit margin of 23.7%.
• Total contracts in force reached 485,000, with Guarantee business contracts increasing 18.9% YoY to 382,000.

• Overall revenue and profits increased YoY in 1H FY12/25, driven by the Self-Storage segment’s steady performance.
• Self-Storage segment revenue grew by 16.1% YoY, with a 13.0% YoY increase in total storage units.
• Land Rights Consolidation segment revenue and profit declined YoY due to business scaling back policy in FY12/25.

• Net operating revenue increased 17.0% YoY and 8.4% QoQ to JPY11.6bn, with operating profit at JPY5.6bn.
• Total commissions rose 13.5% YoY and 16.3% QoQ to JPY6.1bn, driven by brokerage commissions increase.
• SG&A expenses were JPY6.0bn, up 14.4% YoY, with transaction-related expenses rising 20.1% YoY to JPY1.8bn.

• In response to an AFR article, AUB Group Limited (AUB AU) confirmed that on 26 September, it received a non-binding proposal from EQT (EQT SS) at A$45.00.
• While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples. EQT’s history of unsuccessful ASX tilts warrants some caution. 
• The Board has granted a six-week exclusive due diligence period, which ends on 20 November. The shareholder structure reduces the vote risk. 

• As first discussed back in May (see here), shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
• As widely reported at the time, Mongkol Prakitchaiwattana reportedly pledged his holdings in all four companies. Pledged shares in KTC ballooned in June versus May, but since fallen.
• All four were mostly flat in Sept vs. August. Elsewhere, recent big moves were seen in BCPG (BCPG TB) (up), and Thai Foods Group (TFG TB) (down).

• HDFCB’s balance sheet has been normalizing post the merger, allowing it to accelerate its growth trajectory. The demand and liquidity environment have also improved. 
• NIMs are likely to expand led by rate cut tailwind that will reflect fully over the next 18 months. Shift to CASA from term-deposits should further help. 
• Merger synergies are now being leveraged, especially for cross-selling and up-selling. At the current valuation, an investment in HDFCB offers 25%+ IRR over a holding period of two years.

• Context: The Bank Of India (BOI IN) vs. Union Bank Of India (UNBK IN) price-ratio has deviated more two standard deviations from its one-year average, signaling a potential pair trade.
• Highlights: Going long Union Bank Of India and short Bank Of India targets a 5% return. Union Bank Of India is set to report on 30 October.
• 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.

• Context: The HDFC Life Insurance (HDFCLIFE IN) vs. SBI Life Insurance (SBILIFE IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long HDFC Life Insurance (HDFCLIFE IN) and short SBI Life Insurance (SBILIFE IN) targets a 7% 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.

• We focus on the worsening credit metrics at HSBC, especially where stage 2 loan growth is not being matched by ECL
• There appears to be great deterioration in 3Q25 alone for its HK and CH commercial real estate lending, just as it raises its investment in Hang Seng Bank
• With migration from stage 2 to stage 3 in some regions being likely, there is every likelihood that HSBC will see continued high growth in credit costs

• Monopolistic Position with Diversifying Revenue Streams: The Philippine Stock Exchange (PSE) operates as the sole securities exchange in the Philippines, a position that affords it a wide economic moat. The recent acquisition of the Philippine Dealing System (PDS) diversifies its operations into the fixed-income market, reducing its reliance on equity trading volumes.
• Robust Growth Catalysts on the Horizon: A record initial public offering (IPO) pipeline, expected to surpass ₱200 billion in 2025, presents a significant revenue growth opportunity. Furthermore, the Capital Markets Efficiency Promotion Act (CMEPA) aims to enhance market liquidity by reducing transaction taxes, which could stimulate trading activity.
• Attractive Financials and Shareholder Returns: The PSE maintains a strong financial position, with a significant portion of its market capitalization held in cash. The company offers an attractive dividend yield, which stood at approximately 6% according to recent analyst commentary, supported by consistent net income growth.

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• Dominant Hong Kong Developer with Unmatched Land Bank: Henderson Land is a premier property developer in Hong Kong with a vertically integrated model and a substantial, strategically acquired land bank. Its most significant competitive advantage lies in possessing the largest agricultural land holdings among its peers, positioning it uniquely to benefit from government-led development initiatives like the Northern Metropolis.
• Resilient Financials and Attractive Shareholder Returns: Despite challenging market conditions that have impacted net income, the company has demonstrated strong growth in operating and free cash flow. It maintains a commitment to shareholders, evidenced by a stable dividend policy and a high dividend yield, which is a key attraction for income-focused investors.
• Navigating a Cyclical Market with a Clear Strategy: The company faces headwinds from Hong Kong’s volatile property market and a high interest rate environment. However, its strategic focus on urban renewal, converting its extensive farmland reserves, and launching new, high-quality projects like ‘The Henderson’ provides a clear path for future growth and value creation.

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Key points (machine generated)

• Moody’s Corporation has not been discussed on VIC for over 15 years despite strong performance.
• The company operates through two segments: Moody’s Investor Services (70% EBITDA) and Moody’s Analytics (30%).
• Moody’s Investor Services is the second largest credit rating agency, with over 80% market share held by Moody’s and S&P Global.

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.

• Guoco Group is a diversified investment holding company with a strong presence in property development, hospitality, and financial services across key Asian and European markets. It serves as the overseas investment flagship for Malaysia’s Hong Leong Group.
• The company exhibits a stark contrast between its recent operational performance and long-term market valuation. While 3-year compound annual growth rates for revenue (15.33%) and net income (27.06%) are robust, its market capitalization has declined over 3, 5, 7, and 10-year periods, suggesting a significant valuation discount.
• Valuation appears attractive, highlighted by a low price-to-book ratio of 0.33. This, combined with a consistent dividend and strong recent cash flow growth, presents a potential value opportunity, albeit with risks associated with its conglomerate structure and exposure to cyclical industries.

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• Kasumigaseki Capital (3498 JP), is looking to raise US$250m in a primary placement.
• The purpose is for financing of its medium-term management plan phase 2 which includes strengthening KC’s domestic hotel, logistics and healthcare businesses, and for expansions abroad (Dubai, US).
• In this note, we will talk about the placement and run the deal through our ECM framework.

• As reported by Brian Freitas, the JPX on Oct 27 suddenly announced that Nidec Corp (6594 JP) would be deleted from the Nikkei 225 and replaced by Ibiden (4062 JP).
• The date  of replacement is November 5, the Nikkei will experience passive flows, in this insight we want to have a look at the possible moves caused by this catalyst.
• At the moment the index is overbought, according to our models.

• FX and gold oil ratio have decoupled this year, leading to low volatility and focus on US data, exogenous shocks, and geopolitics in FX trading.
• Japanese Prime Minister Takaichi delivered a speech on economic policy, focusing on fiscal measures and debt reduction, without mentioning monetary or FX policy.
• Despite interventionist stance of Takaichi and Finance Minister Katayama, it is unlikely they will strongly intervene in BOJ policy, with expectations of a rate hike next week due to economic and market developments.

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• Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for the S&P/ASX 200 and ten prominent Australian stocks.
• Highlights: Implied volatility across Australia’s major banks remains rich ahead of earnings and the RBA decision.
• Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

• Insignia Financial is in the midst of a significant transformation, focusing on simplification, cost reduction, and integration following the acquisition of MLC Wealth. The successful separation from NAB’s systems is a major milestone, expected to unlock cost synergies and operational efficiencies.
• Financial performance has been volatile, with a return to profitability in the most recent year after a significant loss. However, long-term trends in net income and EPS are negative, and the dividend has been suspended, reflecting the ongoing challenges and restructuring costs.
• The company’s forward strategy hinges on leveraging its scale to become a leading, efficient wealth manager by 2030, targeting substantial cost savings and driving growth through its four key business lines: Advice, Wrap, Master Trust, and Asset Management. Execution on this complex strategy remains the key risk and opportunity.

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• Verizon Business offers a new My biz plan with customizable mobile options starting at $25 per line
• Odd Thoughts podcast discusses big market stories, including the fall of the dollar, rise in gold prices, and enthusiasm for AI in the stock market
• Hyun Sung Shin of the Bank for International Settlements discusses the unusual market trends of the year and their implications.

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• AMGI Studios combines animation expertise with gaming technology to explore new entertainment formats.
• Its first title, My Pet Hooligan (MPH), is a multiplayer shooter with open-world gameplay, tokenized assets, and on-chain progression.
• To expand its audience, AMGI leverages Web3 and AI. Web3 features like $KARRAT tokens, NFTs, and an on-chain marketplace attract blockchain-native players and reward engagement, while Studio Chain is designed to support fast, scalable, and secure transactions.

• Anabuki Kosan is a diversified real estate company with a strong foothold in regional Japanese markets, primarily involved in condominium development, sales, and property management. The company’s integrated model provides a stable revenue base, though it faces challenges from declining profitability and highly volatile cash flows.
• The company’s shares appear attractively valued, trading at low price-to-earnings and price-to-book multiples. This is supported by a high Smartkarma Value score of 5/5, suggesting a significant discount to its intrinsic value.
• Despite steady long-term revenue growth, recent financial performance shows signs of stress, including negative net income in several recent quarters and deeply negative operating and free cash flows. This indicates potential operational inefficiencies or challenging market conditions impacting profitability and liquidity.

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• Dominant Regional Franchise with Strong Capitalization: Shizuoka Bank is one of Japan’s largest and most respected regional banks, boasting a commanding market share in its home prefecture of Shizuoka. Its credit ratings are among the highest for any Japanese financial institution, reflecting a strong capital base and sound asset quality.
• Poised to Benefit from Monetary Policy Normalization: After years of margin compression from the Bank of Japan’s (BOJ) ultra-low interest rate policies, the recent shift towards normalization presents a significant tailwind. Higher interest rates are expected to improve net interest margins (NIMs), a key driver of profitability for the banking sector.
• Structural Headwinds and Competitive Pressures Remain: The bank faces long-term challenges from Japan’s demographic trends, including a shrinking and aging population in its core operating region, which dampens loan demand. Competition is also intensifying from larger “megabanks,”other regional players, and non-bank financial institutions.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Meituan
• UST yields ended little changed on Friday, after unwinding declines earlier in the day following the weaker than projected CPI data. The UST curve marginally twisted steeper, with the yield on the 2Y UST down 1 bp to 3.48%, while that on the 10Y UST was unchanged at 4.00%. Equities advanced, as the soft CPI data affirmed market expectations for further Fed easing.
• The S&P 500 rose 0.8% to 6,792, and the Nasdaq climbed 1.1% to 23,205. US Treasury Secretary Scott Bessent said on Sunday that the US has worked out a framework agreement with China.

• Bell Financial Group Ltd (ASX:BFG) is a diversified provider of financial products and software solutions within, and increasingly outside, its traditional full-service stockbroking business.
• The latest ASX ECM data suggests raisings in the September quarter were 8% above the previous corresponding period (pcp) and 45% above the June 2025 quarter.
• In terms of market share, the latest Dealogic data suggests Bell Potter has held share relative to the pcp, while raising US$0.75b (A$1.2b) against US$0.63b (A$1.0b) year to date October 2025 (+20%).

• Context: Index heavyweight HSBC (5 HK) / HSBC (HSBA LN) is set to report results on 28 October at 12:00 HKT — during the Hong Kong trading lunch break.
• Timing & Trading: The 30 Oct and 31 Oct option expiries offer direct instruments to gauge HSBC’s post-earnings volatility — or to take targeted exposure to, or hedge, the event.
• Expected Move: Historical data reveals HSBC’s announcement-day moves are significantly larger than on average trading days, with options currently pricing in a remarkably aligned ± 3.1% implied move.

• Moody’s Corporation reported a strong financial performance in its third-quarter results for 2025, achieving a record revenue of over $2 billion, marking an 11% increase from the previous year.
• The corporation has also raised full-year guidance across nearly all metrics, demonstrating considerable growth and operational leverage.
• The adjusted operating margin stood at 53%, a 500-basis point improvement from the previous year, and adjusted diluted EPS increased by 22% to $3.92, highlighting robust earnings power.

• A stock that should benefit from the resumption of Japan’s bull market
• Utility type stock poised to rerate  as a growth narrative starts
• The stock has recently broken out of its 18 month downtrend

• Senior Connect Acquisition Corp. I was a Special Purpose Acquisition Company (SPAC) that raised $414 million in its December 2020 IPO to target businesses serving the senior market.
• The company was led by a seasoned management team, including Richard Burke, the founder and former CEO of UnitedHealth Group, which was a key potential advantage in sourcing and evaluating targets.
• After evaluating hundreds of potential acquisition opportunities, the company failed to consummate a business combination and announced its intention to dissolve and liquidate in June 2023, returning capital to its public shareholders.

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• Simmons First National is a Mid-South based financial holding company navigating a complex interest rate environment. The bank’s performance is closely tied to net interest margin trends, loan growth, and credit quality within its operating regions.
• Recent financial performance shows revenue growth but a decline in net income, reflecting margin pressures common across the regional banking sector. The company has maintained a consistent dividend, demonstrating a commitment to shareholder returns.
• Forward-looking success will depend on the execution of its strategic initiatives, including managing operating expenses, navigating potential credit headwinds, and capitalizing on growth opportunities in its core markets of Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas.

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• Apple Hospitality REIT owns one of the largest and most geographically diverse portfolios of upscale, select-service hotels in the United States, concentrated with industry-leading brands like Hilton and Marriott.
• The company’s business model is focused on generating stable income and shareholder returns through a consistent monthly dividend, supported by a strong balance sheet and a disciplined capital allocation strategy that includes consistent reinvestment in its properties.
• While facing risks tied to economic cycles and intense competition, APLE is well-positioned to capitalize on the continued recovery in leisure and business travel, with a strategic focus on high-quality assets in attractive markets.

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• A better than expected quarter for BNPL provider Zip Co was driven by a rapidly growing US customer base in a still underpenetrated market.
• Zip Co’s September quarter beats on US growth Earnings and margin exceed expectations Bad debts considered manageable US market remains underpenetrated

• Independent Bank Corp. (INDB), through its subsidiary Rockland Trust, has established a strong regional banking franchise in Eastern Massachusetts, demonstrating consistent revenue growth and a successful track record of strategic acquisitions, most recently Enterprise Bancorp in July 2025.
• The company is currently navigating a challenging interest rate environment, which has led to significant net interest margin (NIM) compression and declining profitability over the past two years. However, recent quarterly results suggest a potential stabilization and improvement in NIM following its latest acquisition.
• Forward-looking prospects hinge on the successful integration of acquired entities, the ability to manage funding costs effectively, and navigating potential credit quality shifts in a dynamic economic landscape. The valuation appears reasonable, trading below book value, which may present an opportunity if margin pressures abate.

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• Acquisition-Driven Growth Strategy: Peoples Bancorp has a well-established history of growth through strategic acquisitions, successfully integrating acquired institutions to expand its market presence and diversify its revenue streams. This strategy has been a primary driver of its significant revenue and net income growth over the past several years.
• Diversified Financial Services Model: The company operates a diversified financial services model, offering a comprehensive suite of products including traditional banking, wealth management, insurance, and equipment financing. This diversification provides multiple revenue streams and reduces reliance on any single line of business.
• Solid Financial Performance and Shareholder Returns: Peoples Bancorp has demonstrated a strong track record of revenue and net income growth, coupled with a consistent history of dividend payments. The company’s focus on profitability and shareholder returns is evident in its solid dividend yield and consistent dividend growth.

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