Financials

• We believe that, despite the macro-economic challenges of Indonesia, investor sentiment is no longer worsening and may even be improving as reflected in the banks’ PBV ratio trends
• We re-iterate our buy rating on Bank Mandiri for its improving return trends, solid credit quality, attractive valuations and its asset-sensitivity at a time of higher benchmark rates
• Mandiri also has relatively limited exposure to domestic government bonds, which should limit any hit to core capital at this time of high bond yields

• This insight discusses in detail about NSE upcoming IPO and why it is fighting on all fronts.
• We discuss 5 areas which could potentially impact NSE’s near term earnings.
• Finally, we discuss on IPO valuation and our view on the same.

Executive Summary

• Validation of Stablecoin and Infrastructure Theses: The baseline investment theses regarding localised payment infrastructure and stablecoin utility, set out in our April 2026 Initiation report, are tracking positively, validated by an acquisition agreement that integrates the company into a global digital asset ecosystem. Furthermore, compounding financial growth is accelerating, with annualised payment volume expanding from the ~US$10.0b noted at Initiation to over US$25.0b while maintaining a capital-efficient operational model.

• Strategic Acquisition by Circle: Circle has agreed to acquire the company in an all-stock transaction valued at US$400.0m, which is expected to close in 2027 subject to regulatory clearance.
  While this provides a clear liquidity pathway, the deal introduces execution risk, as completion is conditional on Tazapay retaining at least 75% of identified employees and certain members of senior management.

• Fundamental Drivers Now Point Up Post-Acquisition: The pvtIQ Fundamental SmartScore© improved to 4.4 from 4.0, driven by robust positioning in Growth and Capital Raising, with the acquisition easing the historical drags on Competition and Unit Economics. Concurrently, the pvtIQ Alt-Data SmartScore© exhibits a solid operational footprint, with recent corporate developments already lifting Human Capital, while Domain Rating remains the lone laggard.

• Orion180 is a founder-led, technology-focused, high-growth, high-margin specialty insurance group. The IPO aims to increase capitalization and create a public market.
• Orion180 is the second largest E&S homeowners insurance provider, with $601 million in managed premiums and over 14,000 agents.
• Total revenues were $80,077 for the six months ended June 30, 2026, and the company reported a net loss of $(3,042) for the six months ended June 30, 2025.

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• Context: The Region Group (RGN AU) vs. Waypoint REIT (WPR AU) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlight: Going long Waypoint REIT (WPR AU) and short Region Group (RGN AU) targets a 3% 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.

• Skeptical Target Universe: High-quality enterprise AI targets in the $400M–$1.5B valuation range are deeply skeptical of SPAC vehicles due to historical post-merger performance. Successful combinations will require realistic valuation adjustments, targeting companies with mature ARR profiles ($20 million to $50 million) rather than early-stage, API-wrapper hype.
• Extreme Pivot Track Record: The sponsor’s previous vehicle, Southport Acquisition Corp., executed a major style drift by pivoting from its stated mortgage-tech/fintech focus to merge with Angel Studios (now trading under ticker ANGX at $5.38, down significantly from its peak). This historical pivot and the subsequent stock decline present a major credibility hurdle when pitching enterprise AI founders.
• Capital Structuring Under New Rules: To mitigate redemption rates exceeding 90%, Southport II must rely on highly structured, non-redeemable PIPE commitments and defer at least 50% of the sponsor promote into price-based earn-outs. Additionally, the pre-IPO balance sheet shows a standard working capital deficit of $22,540 against $25,000 in cash as of July 15, 2026, which highlights the sponsor’s reliance on promissory notes to cover administrative costs prior to the completion of the IPO.

• The tightness of the operation is very good based on the cash conversion cycle
• The company is very good at generating consistently positive operating cash flow
• The company has delivered strong sales growth, which is essential for long-term value creation

• dLocal, a payments technology company focused on emerging markets, reported strong second-quarter 2026 results marked by substantial growth in key operational and financial metrics.
• The company achieved a total payment volume (TPV) of $17.7 billion, representing a 92% year-over-year increase—a pace not seen since early 2022—and surpassing the full-year TPV processed in 2023.
• This growth was broad-based across verticals, with ride-hailing and travel as significant contributors, alongside expansion from large global merchants.

• Bluerock Acquisition Corp. II is a blank check company formed to effect a business combination with one or more entities. It has not selected a specific target or engaged in.
• The company aims to identify targets with strong fundamentals and high-quality growth potential, capitalizing on its management team’s resources and experience.
• Bluerock Acquisition Corp. II reported a net loss of $(47,475) for the six months ended June 30, 2026, and a total Shareholders’ Deficit of $(25,000).

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• As reported by Brian Freitas global index trackers will start to buy China International Capital (601995 CH) at the close on Monday September 14th.
• Tri-Party share-swap merger absorbing Dongxing Securities (601198 CH) and Cinda Securities (601059 CH) was approved by CSRC in early September 2026.
• CICC  is trading at good discount value, mildly oversold, according to our model, but it could go lower before global index trackers buy and push the price higher.

• On the 7th July Guotai Haitong Securities (601211 CH) pitched a pre-conditional (SASAC/NDRC) Scheme for Guotai Junan (1788 HK) at HK$3/share, a 44.2% premium to last closes. Terms declared final.
• The pre-con long stop date is the 31st October – uncommonly nimble. This could (should) be wrapped up before year-end. Clean deal.
• A perusal of the s329 investigative reports provides a clearer picture on who holds what. Not that I expect the vote to be a cause for concern.

• National Stock Exchange (NSEIN IN), India’s largest stock exchange, is seeking to raise about US$2.6 billion. 
• The IPO comprises a fully secondary share offering. Subscription is expected to open the week of 14 September at a rumoured revised price band of Rs1,700–1,785.
• The investment case is bearish as NSE is a dominant, high-margin franchise carrying real regulatory-driven revenue and competitive risk concentrated in options, its core revenue line.

• Insurance is testing the IPO waters: Orion180’s offering provides an important read-through on investor appetite for specialty insurance following a summer IPO lull.
• Demand will be closely watched: Led by RBC Capital Markets, the $300–$340 million offering could help determine whether improving IPO momentum extends into insurance.
• Strong growth and profitability: Gross premiums written surged 79.4% to $354.4 million, while adjusted EBITDA more than quintupled year over year to $25.4 million.

• Woori Financial remains our value pick with its low PEG ratio and high dividend yield; we believe it is the most asset sensitive bank of the peer group
• Woori is trading at a 36% PBV discount to peer KB Financial which is well below the three year mean a close to one standard deviation from the mean
• We downgrade Hana Financial to a neutral despite attractive valuations due to its relatively more challenged credit quality which could drive a higher cost of risk going forward

• There are a litany of undervalued Chinese cash boxes listed on US and Hong Kong markets.
• Most of them will never get unlocked in any meaningful capacity, either steadily burning cash and destroying the value, or paying a 2% dividend and building it up, unwilling to distribute it out.
• I’m very skeptical when it comes to these sorts of ideas, but when the setup is right they can be a very attractive R/R proposition, trading at significant discounts to liquid assets with significant upside in the case of a potential rerating. 

Key points (machine generated)

• J Trust reported a 3.1% increase in operating revenue to 62,405 million yen for the interim period ending December 2026.
• Operating profit surged by 59.1% to 7,286 million yen, and pre-tax profit nearly doubled, rising 99.4% to 7,702 million yen.
• The company aims for sustainable growth by targeting high-net-worth individuals in Japan while expanding its financial and real estate ventures.

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• The 10% Objection Rule is the Principal Execution Risk: Because the scheme of arrangement requires cancelling 3.29 billion shares (representing 34.5% of issued share capital), the blocking threshold under the Hong Kong Takeovers Code’s 10% objection rule is exceptionally low at just 3.45% of total outstanding shares. A concentrated block of activist arbitrageurs or passive funds could easily derail the transaction, though the 44.2% premium and 1.8x P/B valuation are structurally calibrated to preempt such dissent.
• Out-of-the-Money Exchangeable Bonds (EBs) Force Parent Cash Outlay: The HK$3.88 billion zero-coupon exchangeable bonds due 2032 carry an exchange price of HK$4.24, rendering them significantly out-of-the-money relative to the HK$3.00 take-private offer. Under Rule 13 of the Takeovers Code, the offeror must make a comparable proposal, which in practice will trigger delisting put options, forcing the parent to redeem the bonds at par and pushing the maximum cash required for the transaction to HK$12.6 billion.
• Severe Retention Risks in Impending Post-Merger Integration: The privatization of Guotai Junan International (GTJAI) is the second phase of Guotai Haitong’s offshore restructuring, following the 2024 privatization of Haitong International (HTI). Merging these two highly divergent platforms will trigger major cultural and operational friction, particularly as the rigid risk-averse Shanghai SOE parent seeks to dismantle GTJAI’s historical operational autonomy and compress the flexible compensation structures necessary to retain key wealth management talent.

Key points (machine generated)

• NS Group, listed as 471A on the Tokyo Stock Exchange, operates a rent debt guarantee business through its subsidiary, Japan Safety Co., Ltd.
• The company has seen steady growth in guarantee fees, driven by urban development, M&A activities, and evolving social dynamics affecting traditional guarantors.
• NS Group acts as a guarantor for tenants, covering rent in case of default and recovering amounts from tenants, while also offering rent collection agency services.

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• The Chartist reports the technical picture for CBA shares remains supportive in sharp contrast to the bearish voices that continue calling those shares heavily overvalued.

• Orion180 combines rapid premium growth, improving profitability, an attractive specialty insurance market and a differentiated technology-enabled operating model.
• The manageable offering size and absence of secondary shares provide support for the IPO structure.
• The principal constraints are the premium valuation, elevated combined ratio, catastrophe exposure, concentrated founder voting control and the effective use of IPO proceeds to refinance debt associated with substantial pre-offering shareholder distributions.

• The group’s reported loss narrowed by US$0.89m in the six months to 30 June 2026.
• None of it came from the four regions.
• The Others segment went from a US$4.30m loss to US$0.59m of profit over the same period, a gain of US$4.89m, while Southeast Asia, North Asia, Australia and India together went backwards by US$4.00m. 

• Two sets of numbers describe this trust.
• What the buildings earn improved in 1HFY2026: Gross revenue rose 5.8%, net property income 6.4%, and committed occupancy held at 97.6%.
• What reaches a unit after the lenders, the manager and the buildings themselves are paid got worse: The distribution per unit rose 3.4% against the same six months last year but fell 6.1% against the six months before it, net asset value per unit fell, and cash cover halved.

• Securitization Holding Structure: Cairo Mezz PLC is a Cyprus-incorporated, Athens Exchange-listed (CAIROMEZ GA) specialized holding vehicle created via the spin-off of Eurobank Ergasias’s flagship €7.5bn gross book value (GBV) ‘Cairo’ non-performing loan (NPL) securitization under the Hellenic Asset Protection Scheme (Hercules / HAPS), holding 75% of the Class B2 mezzanine notes and 44.9% of the Class C2 junior notes.
• Subordinated Waterfall Economics & Servicing Reliance: The entity operates as a passive, low-overhead holding SPV with cash distributions governed strictly by the priority-of-payments waterfall; note repayments remain subordinated to senior debt amortisation (EUR 2.4bn Senior Notes held by Eurobank) and loan servicing execution managed by master servicer doValue Greece.
• High Accounting Volatility vs Deep Asset Discount: Financial performance is governed by mark-to-market fair value revaluations under IFRS (driving reported FY2025 net losses of EUR -94.33m following FY2024 net income of EUR 60.92m), while trading at 0.5x P/B (EUR 0.24/share) provides institutional investors with asymmetric, option-like upside tied to Greek collateral liquidation efficiency and senior tranche de-leveraging.

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• Reported revenue misleads, the 3.2% consolidated dip reflects lumpy one-time Needle & Thread design revenue lapping. Core standalone managed office business grew 7.8% with margins and PBT up sharply.
• DevX operates 1.13 msf against a 3.63 msf signed portfolio at 92% occupancy. FY27 re-rating depends entirely on disciplined execution of that pipeline
• DevX trades at 5.1x EV/EBITDA versus 8-10x for larger rivals. The discount reflects scale and Ahmedabad concentration risk.

• Aspen Group’s upcoming investor tour offers a potential share price catalyst, with improving earnings visibility set against cautious macro sentiment towards the housing sector.
• Australia’s housing shortage plays to Aspen’s affordable edge Rental resilience meets an accelerating development pipeline Conservative gearing provides firepower for the next growth phase Adelaide emerges as a key catalyst

• Strong IPO debut: PAYP opened 19% above its $16 IPO price and traded as high as $24.89 during its first several weeks.
• Meaningful pullback: Shares fell to $12.07 on June 22 amid sustained selling pressure and a challenging financial-sector backdrop.
• Fundamentals remain constructive: July 30 results beat EPS and revenue estimates, while management raised its outlook; shares have since recovered to $17.56.

• Shurgard Self Storage was founded 1979 in the US, as one of the world’s first self-storage chains.
• They were acquired by Public Storage in 2006 who sold just over half the European arm to the New York Common Retirement Fund.
• The company IPOed in Brussles in October 2018 (EBR:SHUR) and has a €2.23b market cap today.

• Tazapay has established itself as a high-growth cross-border payment infrastructure provider, bridging localized emerging-market payment rails with digital-native settlement architectures (including USDC) across more than 70 markets and 173 card destinations.
• The company’s annualized Total Payment Volume (TPV) has scaled rapidly past US$25 billion, supported by a 300% year-over-year trajectory, achieving operational breakeven driven by strong enterprise and B2B marketplace adoption.
• Circle’s US$400 million acquisition agreement validates Tazapay‘s proprietary regulatory and settlement moat, anchored by its Monetary Authority of Singapore (MAS) Major Payment Institution license and an expanding multi-jurisdictional compliance framework.

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• Euronext NV (ENX FP) maintains an entrenched, market-leading position as Europe’s premier pan-European capital market infrastructure provider, operating seven national regulated exchanges (Paris, Amsterdam, Milan, Brussels, Lisbon, Oslo, and Dublin) and capturing over 25% of European lit equity trading liquidity under a single order book.
• Strategic transformation toward non-volume recurring revenues alongside full vertical post-trade integration—anchored by the internalized expansion of Euronext Clearing and the scaling of Euronext Securities CSDs—has significantly derisked the group’s revenue profile, driving 2025 net margins to 27.86% and EBITDA margins to 70.53%.
• Superior free cash flow generation (10-year FCF CAGR of 20.45%) and conservative balance sheet leverage provide robust financial headroom to support disciplined capital allocation, continuous technology modernization via the proprietary Optiq platform, and a progressive dividend policy (12.73% 3-year DPS CAGR to €3.18 per share).

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• Looking at the balance sheet, the company has very good access to capital to fund growth
• Its competitive strategy appears excellent based on the gross profit margin
• The company is very good at generating consistently positive operating cash flow

• Back in 1Q25, Fosun International (656 HK) took ClubMed operator Fosun Tourism private at ~US$1.2bn via a Scheme: Fosun Tourism (1992 HK)’s Scheme Buyback Vote On The 4th March. 
• Fosun is now proposing to relist the unit. Word is that Fosun is seeking to raise US$500mn, with a possible listed valuation upward of US$3bn.
• With sliding earnings, falling margins, that kind of pricing is optimistic.

• Public Financial (626 HK) announced a scheme privatisation offer from Public Bank (PBK MK) at HK$2.50 per share, a 61.3% premium to the undisturbed price. The offer is final.
• The offer is well below book value (P/B of 0.35x) and light compared to peer multiples. However, it is an attractive exit as it represents a 10-year high. 
• The vote is low-risk, as the high takeover premium will appeal to minorities given the near-term cash certainty compared to remaining a minority holder in an illiquid, 73%-controlled stock. 

• PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its shareholders is set to expire soon.
• PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
• In this note, we will talk about the lockup dynamics and possible placement.

• In Public Financial (626 HK) Halted: Public Bank (PBK MK) Takeover Expected, I speculated Public Bank (PBK MK) may make a HK$2.50/share Scheme Offer for 73.23%-held  Public Financial (626 HK).
• And that is what unfolded. It’s a 61.29% premium to last close. The Offer price is final. Dividends will be netted.
• I don’t see why this transaction cannot be fast-tracked in say, four months, well ahead of the 31st March 2027 long-stop.

• CICC (3908 HK) has received CSRC approval for its merger with Cinda Securities (601059 CH) and Dongxing Securities (601198 CH), but its share price has fallen. 
• Concerns about EPS dilution are valid, as CDS’ and DXS’ 1H26 earnings are weaker than CICC’s. However, amid increased industry consolidation, the merger is strategically important.
• CICC now sits at 0.57x 12-month forward P/B, just the average since 2021. We expect the merger to enhance book value, and H-shareholders will benefit more. 

• Public-to-private valuation arbitrage in Australian self-storage is driven by a stark cap rate disconnect, with ASK trading at an implied cap rate in the low-to-mid 6% range, while direct private market transactions and sovereign wealth mandates for institutional-grade portfolios continue to clear in the mid-to-high 4% to low 5% range.
• Abacus Group (ASX: ABG) holds a dominant ~19.9% blocking stake in ASK, meaning any privatization attempt is fundamentally path-dependent on ABG’s strategic intent, capital gains tax liabilities from demerger roll-overs, and its own capital allocation requirements.
• A Scheme of Arrangement under Australian corporations law requires approval by a double majority (75% of votes cast and 50% of voting shareholders present), making register concentration a dual-edged sword where a few institutional block-holders can easily block or facilitate a buyout.

• Fremantle Community Financial Services Ltd (NSX: FCF) operates the Fremantle Community Bank branch under a revenue-sharing franchise agreement with Bendigo and Adelaide Bank Limited, serving the Western Australian market with a comprehensive suite of consumer, business, and wealth banking solutions.
• The company delivered robust FY25 financial results, with net profit after tax advancing 90.7% year-on-year to A$187,228 (basic EPS of 25.41 cents), supported by a 14.0% expansion in total banking business (Funds Under Management) to A$225.25 million, driven by strong gains across residential lending (+52.8%) and deposit balances (+18.2%).
• FCF features an exceptionally conservative balance sheet with zero funded debt and A$879,721 in cash reserves (representing 96.6% of net assets), trading at an attractive valuation discount (P/B of 0.32x and P/E of 1.57x) with high fully franked dividend distributions, balanced against structural trading illiquidity on the National Stock Exchange of Australia.

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• Bagmane Prime Office REIT (BAGMANE IN) is a pure-play Grade A+ commercial office REIT in India, anchored by six institutional-grade business parks totaling 19.6 million square feet (msf) of leasable area (16.6 msf completed) situated in Bengaluru’s core technology corridors.
• The REIT exhibits industry-leading operating metrics, highlighted by a 98.7% committed occupancy rate, a 90% Net Operating Income (NOI) margin, and long-tenure leases predominantly occupied by Fortune 500 multinationals and Global Capability Centres (GCCs).
• Growth is underpinned by a 47.1 msf Right of First Offer (ROFO) pipeline from sponsor Bagmane Group (partnered with Blackstone), an active 3.0 msf development pipeline, and a pristine balance sheet featuring a conservative ~4-10% Loan-to-Value (LTV) ratio providing substantial acquisition debt headroom.

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• The Hang Seng Index (HSI INDEX) has been rallying briefly in July, then flat/slightly down in August. September is a question mark, the index direction is unclear at the moment.
• Solid domestic macro fundamentals—notably strong mainland China trade balance data and targeted state liquidity injections— continue to drive institutional Southbound capital flows into Hong Kong-listed equities.
• This insight plots out our model support and profit targets for tactical positioning in case a breakout happens in the next 2-3 weeks. 

• Asset-Light Transitions Mask Structural Leakages: While the proposed ClubMed Lifestyle Group Hong Kong IPO (filed on August 28, 2026) and the Sanya Atlantis REIT highlight an aggressive pivot toward asset-light operations, deep structural leakages persist. ClubMed’s net profit plummeted by 84% over three years to EUR 10.9 million in 2025, driven by skyrocketing income tax expenses to EUR 48.4 million, illustrating the severe holding company frictions that continue to drive Fosun’s deep holding company discount.
• Regulatory and Repatriation Bottlenecks Force Heavy Bank Reliance: Cross-border capital mobility remains strictly bottlenecked by the State Administration of Foreign Exchange (SAFE) capital account controls and the Portuguese insurance regulator (ASF). Consequently, Fosun cannot easily pool cash offshore to meet holding company liabilities and remains structurally dependent on Chinese state-owned syndicated bank loans—such as the USD 910 million facility signed in September 2025—constraining its ability to lower net holding company interest-bearing debt below the RMB 60 billion target.
• KPI Pivots Contrast with Backloaded Real Estate Impairments: Executive compensation has successfully transitioned from asset-growth to debt-reduction and cash-generation metrics. However, management’s creditability remains under pressure; the massive RMB 21.5 billion to RMB 23.5 billion impairment provision in fiscal year 2025 represents a necessary but severely delayed recognition of underperforming real estate assets at Yuyuan, raising questions about the timeliness of future valuation write-downs.

• Ingenia Communities (INA AU) has rejected a non-binding proposal from Warburg Pincus at A$4.75, a 30.1% premium to the last close and a 11.0% premium to the undisturbed price.
• The timing is opportunistic, and the offer is light as it implies no control premium and is below the 52-week high and sell-side price targets. 
• The proposal is conditional on abandoning the Peet Ltd (PPC AU) offer, which is facilitated by a fiduciary-out clause. An offer around A$5.15 is needed to test the Board’s resolve.   

• Back in 2023, asset manager Pacific Current (PAC AU) fielded Offers from Regal and GQG, neither of which gained traction: GQG Mulls Offer As Pacific Current Balks At Regal’s NBIO 
• River Capital, which initially teamed up with Regal, steadily mopped up shares, and currently holds ~43%. Late-August, River and PAC announced a backdoor merger via new shares at A$13/share. 
• ROC Capital pitched an Offer for PAC back in May. Apparently River sat in on negotiations. Roc reckons River used those discussions to its advantage. PAC sees it otherwise.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: In India’s financial sector, currently two pair trade opportunities persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Short sellers made bold moves the week of August 31.
• MOO saw the most dramatic buildup – short interest tripled in seven days.
• At the other end, MSFT shorts nearly disappeared entirely, and GME saw rapid covering ahead of its September 8 earnings.

• In response to an AFR article, Pacific Current (PAC AU) belatedly disclosed that it rejected a non-binding proposal from Roc Partners in May 2026. 
• PAC is currently undergoing a strategic review to consider River Capital’s proposal alongside a sale or delisting/liquidation of holdings.
• Both offers are unattractive. PAC is a cash box (A$9.23 per share) with the boutique portfolio providing option value (boutiques valued at FV P/NAV of 0.27x at last close).

• Bank Central Asia (BBCA IJ)  earnings engine remains intact—CASA above 85%, loans regaining share, and ROE near 22%—despite an NIM recovery that remains unproven.
• Our fair value range is Rp4,928–Rp7,965, with Base Case at Rp6,520 versus the Rp6,700 reference price—downside skews larger than upside.
• The 2024 peak price was supported by NIM expansion (+30bps) and CIR improvement (-2.6pp); today, NIM is 50bps lower and loan growth has slowed to ~8%, narrowing upside.

• The efficiency is very good when looking at the growth in sales relative to the growth in assets
• The company has delivered strong sales growth, which is essential for long-term value creation
• The stock trades at a very attractive valuation

• On August 6, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q1 FY2027 (April–June) earnings results.
• Net sales increased 4.0% YoY to JPY 14,840 mn, and operating profit decreased 0.2% YoY to JPY 973 mn.
• Across the Group, fixed costs increased as the Company strengthened its growth foundation—primarily through personnel investments.

• On the 26th August, real estate developer Peet Ltd (PPC AU) entered into cash/scrip Offer by way of a Scheme with Ingenia Communities (INA AU).
• The Scheme appeared clean. Decent premium to NTA. Major shareholder (of Peet) support. However, Ingenia’s share price has fallen 13% since the transaction was announced. 
• This morning, Ingenia announced it has received, and rejected, a NBIO of A$4.75/share (in cash) from Warburg Pincus. The proposal is contingent on Ingenia not proceeding with the Peet Offer.

• Australia’s ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 31st August, published on the 4th September.
• The largest industry net increase in the past week was A$1.2bn into “Banks“; the largest industry net decrease was A$0.9bn out of “Gold“. Net shorts declined A$0.9bn week-on-week.
• Companies mentioned in this regular weekly report include: Commonwealth Bank of Australia (CBA AU), National Australia Bank (NAB AU), Transurban (TCL AU), Westpac Banking (WBC AU), and BHP (BHP AU).

• SBI Holdings (8473 JP) wants to buy 20% of BASE (4477 JP) out of 46.7% likely available. That’s unlikely at ¥340; they’ll have to bump to get those shares.
• Continental Aerospace Technologies (232 HK) has played out nicely. There’s still money on the table – just a question mark on timing for the distribution from “surplus cash”.
• Mitsubishi Chemical (4188 JP)‘s turnaround narrative sees it trading rich (implied stub & simple ratio) to ~51%-held Nippon Sanso Holdings (4091 JP)‘s steady-as-you-go narrative.

• One of the minority investors in Refine Co (377450 KS) called Cha Partners is heavily opposed this deal and has demanded higher shareholder returns. 
• The tender offer price is approximately 35% lower than the 27,159 won per share paid by Realty Fine when acquiring the stake from the existing largest shareholder.
• At this point, it appears that the tender offer completion rate could be about 50-70% of total shares up for tender offer (5.2 million).

• Operational Normalisation Post-FY25 Headwinds: Following a challenging FY25 marked by significant non-cash property revaluations and regulatory scrutiny surrounding exit fees, Lifestyle Communities has rebounded in FY26, reporting revenue of A$205.9M, a return to net profitability at A$46.9M, and robust positive free cash flow of A$92.1M.
• Compelling Valuation Discount to Sector Peers: Trading at 0.9x Price-to-Book and a forward P/E of 13.0x, LIC offers a substantial discount relative to pure-play peer Gemlife Communities Group (1.6x P/B and 31.2x P/E), providing institutional investors with a significant margin of safety backed by high-quality underlying real estate assets.
• Secular Demographic Tailwinds Tempered by Capital Allocation Discipline: Long-term demand remains supported by Australia’s aging demographic and downsizer affordability needs; however, near-term capital returns remain paused (FY26 DPS at A$0.00) as management prioritises balance sheet de-leveraging and self-funded project delivery.

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• Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations
• Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution
• We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk

• On August 6, MIGALO HOLDINGS Inc. (hereafter, the Company) announced its Q1 FY2027 (AprilJune) earnings results.
• The number of condominium buildings implementing FreeiD, the Companys facial recognition platform service and a key growth driver, adopting the system increased to 423 as of the end of June 2026, up from 228 YoY.
• Although the real estate sector is currently facing broad headwinds, the flow of positive catalystsmost notably FreeiD adoption announcements from major developers and participation in large-scale residential-commercial mixed-use projectspositions the stock as an investment opportunity with meaningful upside potential.

• SEBI has approved the draft prospectus of NSE. As per news reports, the management has completed extensive roadshows and is looking to launch the IPO as early as 21st September.
• The new Closing Auction Scheme by SEBI impacts options trading—the NSE’s primary revenue driver.
• Renewed focus on NSE’s dependence on options revenue amid SEBI’s regulatory crackdown is raising concerns that the exchange’s valuation is stretched too high.

• Defensive Cash Flow Profile in Niche Secondary Markets: Global Self Storage, Inc. (NASDAQ: SELF) operates a focused portfolio of 13 self-storage properties across secondary and tertiary US markets. Its local-market operating strategy and digital marketing framework insulate the asset base from severe Tier-1 metropolitan price wars, delivering consistent gross margins of ~48-50% and stable rental occupancy.
• Compelling Income Yield Backed by Cash Flow: Trading at $5.25, SELF offers an attractive annualized dividend yield of 5.48% ($0.29/share annualized). The distribution is fully covered by recurring operating cash flow ($4.47M in 2025) and free cash flow ($4.15M in 2025), underpinned by a conservative balance sheet and an extended $15 million Huntington credit facility.
• Sub-Scale Constraints vs. Compelling Valuation Support: Revenue growth has moderated to a 3-year CAGR of 2.08% as post-pandemic move-in velocity normalizes. While micro-cap liquidity and higher capital costs present headwinds to rapid portfolio scaling, current multiples (1.3x P/B, 5.3x EV/Sales, 15.6x EV/EBITDA) offer downside valuation support for income-oriented institutional investors.

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• BlackRock, Inc. (NYSE: BLK) is the world’s preeminent asset management firm, maintaining an unrivaled global scale across public and private markets, anchored by its premier iShares exchange-traded fund franchise and rapidly expanding private market capabilities.
• The Aladdin technology platform provides a critical competitive moat and mission-critical enterprise software ecosystem, generating high-retention, SaaS-like recurring revenues that provide strong cash flow resilience across macroeconomic cycles.
• With robust gross margins of ~77-79%, an expanding alternative investment footprint, and disciplined capital allocation prioritizing consistent dividend compounding and share buybacks, BlackRock remains prime-positioned for multi-year earnings growth.

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• Aon plc has taken another major step in its push into the U.S. middle market, entering a definitive agreement on August 31, 2026, to acquire USI Insurance Services in an all-cash transaction valued at approximately $17 billion, or $16.7 billion after certain tax attributes.
• The transaction, which is expected to close in the fourth quarter of 2026 subject to regulatory approvals and customary conditions, follows Aon’s 2024 acquisition of NFP and would significantly enlarge its presence among midsize U.S. businesses.
• USI brings roughly $3.3 billion of revenue, a large producer network and substantial property-and-casualty premium placement, while also giving Aon deeper exposure to specialty insurance distribution.

• Beneficient (BENF) leverages a proprietary FinTech platform and an innovative fiduciary trust structure branded as the ExAlt Plan to provide early exit liquidity solutions and custody/data analytics services to holders of alternative assets including medium-to-high net worth (MHNW) individuals and small-to-midsized institutions (STMIs).
• In addition, the company delivers primary capital solutions to fundraising General Partners (GPs).
• After a turbulent past 12 months due to former CEO issues, we believe the company is back on track for sustained growth going forward.

• Sacra estimates that Hello Clever hit $50M in annualized revenue in August 2026.
• Hello Clever has raised approximately A$9.5 million, including an A$5 million round that closed in late 2024.
• The company reports more than 1,000 merchants, 2 million users, and more than $2 billion in cumulative payment volume processed across more than 20 markets.

• Kobo Resources reported diamond drill results from seven additional holes at its 100%-owned Kossou Gold Project in Côte d’Ivoire.
• Six holes were completed at the northern end of the Road Cut Zone and reported strong intercepts like 68.60 g/t Au over 1.0m, 17.60 g/t over 1.0m, 2.25 g/t over 7.0m, 6.50 g/t over 2.0m, and 7.75 g/t over 2.0m.
• To date, KRI has drilled over 14,000m across 54 holes, bringing the total drilling at Kossou to more than 51,295m.

• NTT DC REIT (NTTDCR SP) will be added to a global sector index at the close on 18 September while Samty Residential Investment (3459 JP) will be deleted.
• We estimate passive trackers will need to buy over 12x ADV in the add and sell nearly 5x ADV in the delete.
• Positioning in NTT DC REIT (NTTDCR SP) could continue to build near-term and that could take the stock higher. Positioning in Samty Residential Investment (3459 JP) appears to be larger.

• The September RBNZ resolved as we projected: a 25bp hike with the OCR path modestly trimmed, citing on-target core, anchored expectations, and a softening labour market. Hawkish previews were wrong.
• Market pricing followed our mechanism. With the terminal effectively reaffirmed, the one-in-four weight on a hawkish 4% terminal priced out: the terminal fell 20bp to 3.28%; October halved to 30.5%.
• Key risk arrived before the catalyst: right on the RBNZ, stopped trade. US-Iran escalation on 1 September took us out at -15bp; Brent hit $97.04, spiking the 1y1y to 4.14%.

• Aspial Lifestyle delivered a strong set of 1H2026 results, with revenue rising 26.4% YoY to a record S$464.2 million, while net profit surging 88.7% to S$55.0 million, demonstrating that earnings continued to grow materially faster than the top line.
• The earnings improvement was broad-based across pawnbroking, retail and secured lending, with retail delivering the strongest operating leverage.
• Retail emerges as the biggest earnings driver, while pawnbroking remains resilient. 

• Regional Neobanking Transition: Kredivo Group has evolved from a standalone digital credit provider into a diversified Southeast Asian financial services conglomerate, anchored by its acquisitions of Krom Bank and Timo. This strategic expansion allows the company to integrate deposit-taking capabilities with its established point-of-sale checkout infrastructure.
• Proprietary Credit Decisioning Engine: The core value driver is an alternative data scoring model that enables instant underwriting for consumers without formal credit histories. Separately, the group is well funded relative to its stage, having raised approximately US$400m in equity through the March 2023 Series D and secured committed debt facilities approaching US$1.0b to fund the loan book, with a further round reported in December 2025.
• Third-Party Licence Dependency: The May 2026 acquisition of Timo gives Kredivo the brand, technology stack, and customer relationships, but not the banking licence, which remains with BVBank under a cooperation agreement. Termination or adverse modification would suspend deposit-taking in Vietnam and require migration to an alternative licensed partner, feasible in principle given Kredivo owns the front end, but disruptive and unproven in practice.

• Power Grid Bottlenecks are the defining constraints of the current data centre cycle. In Greater Tokyo (Inzai City), connection queues have stretched to 5-10 years, exacerbated by Tokyo Gas freezing high-voltage contracts on March 6, 2026. In Singapore, the regulatory limit of 200MW under the recent DC-CFA2 allocation demonstrates that grid capacity, rather than developer appetite, dictates speed-to-market.
• The Tokyo acquisition (TY12x and TY13x) announced on September 1, 2026, represents a calculated shift to fully-fitted colocation assets to capture high rental reversions in an under-rented market (estimated at least 30% below prevailing market rents). Sourcing this deal from a GIC-Equinix JV with Equinix retaining a 10% operating interest preserves operational execution while shifting the heavy capital expenditure off Equinix’s balance sheet.
• Capital allocation metrics on the S$1.37 billion Tokyo transaction reveal a tight financing tightrope. While immediately accretive to DPU by 2.6% on a pro forma basis, it elevates Keppel DC REIT’s aggregate leverage from 34% to 38% (and 39% including consumption tax debt), pushing the REIT closer to its maximum historic comfort threshold and necessitating the S$625 million private placement closed on September 2, 2026.