Financials

• On the 31sr July, Chinese property play Joy City (207 HK) announced a Scheme buyback, @ $0.62/share (declared final), a 67.57% premium; but arguably a 158% premium to undisturbed.
• Yes, this was a ~70% discount to NAV. However, Joy City had traded at P/B of 0.14x, on average, the past five years. Earnings have trended south in that timeframe.
• The Scheme Document’s now out, with a Court Meeting on the 17th November and expected payment around the 4th December. The IFA (Somerley) says “fair & reasonable”. It probably is.

• Joy City Property (207 HK)’s IFA opines that the share buyback by way of a scheme at HK$0.62 is fair and reasonable. The vote is on 17 November. 
• While the offer implies a P/B of 0.29x, it is reasonable compared to peer multiples and historical trading ranges. No disinterested shareholder holds a blocking stake.
• Nevertheless, there remains vote risk and caution is warranted. At the current price and for a 4 December payment, the gross/annualised spread is 8.8%/103.6%. 

There have been several announcements on technical and commercial progress across IP Group’s portfolio this year. A recent highlight was Pfizer’s announcement that it will acquire Metsera. IP Group has the potential to generate significant income from the intellectual property (IP) related to anti-obesity programmes that it owns and exclusively licenses to Zihipp, which Metsera acquired in 2023. Metsera’s drug candidates represent a multi-billion dollar revenue opportunity, of which IP Group may receive a low-single-digit percentage amount of royalty income, on top of which it may collect technical and commercial milestone payments, as well as an earn-out related to its previous equity investment in Zihipp. Other notable announcements across IP Group’s life sciences portfolio include Istesso’s encouraging data, published in The Journal of Pharmacology and Experimental Therapeutics, and clinical trial progress of other holdings. We also note that three of IP Group’s portfolio companies (Oxford Nanopore Technologies (ONT), Oxford Quantum Circuits and Oxa) were featured in NVIDIA’s press release on building the UK’s AI infrastructure.

• JAFCO’s revenue and profits declined YoY, with revenue at JPY11.9bn and net income at JPY1.9bn.
• Capital gains were JPY4.4bn, with a 1.84x investment multiple, and one domestic IPO was executed.
• Total investment in 1H FY03/26 was JPY13.7bn, with JPY7.7bn in domestic VC investments across eight companies.

• Coinbase’s second quarter 2025 performance indicates a mixed bag of financial and strategic outcomes.
• The company reported a total revenue of $1.5 billion and an adjusted EBITDA of $512 million, showing robust financial health.
• This result underscores the company’s effective management of its core businesses, despite a 40% decline in total trading volume influenced by macroeconomic conditions, lower volatility, and a strategic emphasis on revenue over trading volume for stablepairs.

Molten Ventures expects to deliver a solid 7.2% NAV per share total return, according to its H126 trading update, supported by a 5.5% constant currency increase in gross portfolio value (driven by value-creation activities and improving market multiples) and a c 1.9% NAV accretion from buybacks. The company continues to deliver strong realisations with £62m in proceeds in H126, representing 4.5% of opening gross portfolio value (broadly in line with its through-the-cycle target of 10% per year). Management highlighted that its portfolio remains ‘robust and resilient’, with respect to both funding requirements and revenue growth, and that its Core portfolio demonstrates strong growth and profitability metrics. Based on the 719p NAV reported in Molten’s trading update, its last closing share price implies a 34% discount to NAV.

Record reported steady progress in its Q226 trading update. Assets under management (AUM) grew by 2% in the quarter to $110.3bn, the highest level reported for Record, primarily driven by positive asset movements of $2.3bn. Crystallised Q2 performance fees of £0.5m were slightly below the run-rate end-FY26 estimate of £3m. Importantly, the first deployment of €100m of capital from the Infrastructure Equity fund will add incremental management fees for the group. We are not changing our estimates at this stage, and await the full set of H1 results on 7 November.

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

• Minmetals Land (230 HK) has disclosed a Bermuda scheme offer from China Minmetals at HK$1.00 per share, a 104.1% premium to the last close price of HK$0.49.
• Key conditions include approval by at least 75% independent shareholders (<10% of independent shareholders’ rejection) and the headcount test. The offer is final. 
• No disinterested shareholder holds a blocking stake. This is a done deal in large part due to the significant takeover premium.

• After suspending shares on the 30th September, SOE-Backed, Chinese property play Minmetals Land (230 HK), has now announced an Offer, by way of a Scheme buyback, from parent China Minmetals. 
• The Offer Price of HK$1/share, declared final, is a punchy 185.71% premium to last close. And also a 179% premium over the 30th June 2025 NAV. Optically, looks solid also.
• Disinterested shareholders hold 38.12%. They should be happy with terms. This should wrap up (perhaps) late February 2026. 

• In First Pacific (142 HK): Maynilad’s IPO Price Firmed, I discussed Maynilad’s upcoming IPO, a company controlled by MPIC, which in turn, is controlled by First Pacific Co (142 HK).
• Since that note, I have tracked down Maynilad’s elusive prospectus.
• This insight is largely a rehash of yesterday’s note, together with updated numbers applying prospectus figures. I thought this warranted a fresh insight as opposed to a boomerang.

• Federal Bank delivered record net interest income (NII) and fee income in Q2 FY26, while net profit fell ~9½ % YoY. 
• Core earnings momentum is intact—CASA growth, margin uptick, asset quality improving—but elevated provisions and subdued credit growth raise questions on earnings durability.
• He bank is executing on key levers, but investors need clarity on the earnings runway and capital/deposit growth ahead—read on for the deeper dive.

• NAV rose 8% YTD to SEK 179 bn; Industrivärden C trades at a tight 4.5% discount.
• Concentrated, high-quality portfolio: Sandvik + Volvo ≈ 60% NAV; ultra-low 0.07% costs. Solid balance sheet (A+/Stable, 3% leverage) but limited near-term upside after discount compression. 
• Tactically, short-bias positioning (short holdco / long asset basket) is attractive near a 3–6% discount, while a renewed 8–10% gap would again justify a reversal into the classic long-holdco trade.

• Coocon Corp is a key player in South Korea’s rapidly expanding fintech sector, providing essential data and payment API infrastructure to a wide range of clients including financial institutions and tech companies.
• The company is demonstrating robust financial performance, characterized by significant revenue and net income growth, driven by the acceleration of financial service digitalization and supportive government policies like Open Banking and MyData.
• While the outlook is positive due to secular growth trends, Coocon faces notable risks from an increasingly competitive landscape and potential changes in financial regulations that could impact future growth and profitability.

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• The podcast discusses remitly, a digital remittance provider, and its potential for growth and investment opportunities.
• Mario Savelli from Marathon Partners shares insights on remitly’s business model and growth prospects compared to other companies like Wise.

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• Indutrade AB reported its third-quarter results for 2025, highlighting several key aspects of its recent performance.
• The company’s order intake saw improvement compared to the previous year, with notable growth in four of its five business areas and strong continued demand from the medical technology and pharmaceuticals sectors.
• However, net sales experienced a decline of 2% overall, with a 1% drop in organic sales, which was primarily attributed to weaker sales in the Life Science business area due to tough comparatives with significant sales to Novo Nordisk in the same period last year.

• Assurant, Inc. is doubling down on its technology edge.
• In October 2025, the specialty insurer announced the acquisition of OptoFidelity’s mobile device testing solutions portfolio — a strategic move that could significantly enhance its Connected Living business.
• OptoFidelity, a Finland-based leader in optical metrology and automation systems, has deployed over 9,000 test systems globally for carriers and manufacturers since 2005.

• First Pacific Co (142 HK)‘s 49.9%-held MPIC is spinning off Maynilad, a distributor of potable water and provider of sewage services, on the Philippine exchange.
• The IPO has been priced at PHP 15/share, down 25% from earlier expectations. Proceeds may reach PHP 34bn (~US$580mn), in the largest Filipino IPO since 2021. 
• First Pac’s NAV discount has drifted off a recent multi-year narrowing, but remains elevated for a multiple cross-border, difficult to short holdco.

• Despite good earnings results, HDFC Bank (HDFCB IN) does not seem to be going anywhere. The stock did rally for the past 3 weeks but after the earnings stayed flat.
• Our quantitative probabilistic model indicates HDFC Bank usually does not rally for more than 4 weeks when this pattern is encountered (we are in the 4th week, this week). 
• From a price perspective, our model shows a mildly overbought stock, confirming the slow pace. The pullback should be short-lived (1-2 weeks), but it’s imminent.

• Context: The Bank Of Queensland (BOQ AU) vs. Commonwealth Bank (CBA AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Long Bank Of Queensland (BOQ AU) vs. short CBA (CBA AU) 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.

• Modest sweetener, same outcome: Inocsa raises its GCO offer to €49.75 (+€0.75/share) after strong sector performance, ensuring fairness optics but still below intrinsic value and peer valuations.
• Timeline drift, limited spread: Seven-month process extended by repeated dividend-driven adjustments; expected settlement in early Jan-2026, offering ~1% gross spread and ~4.9% annualized return for arbitrageurs.
• Delisting inevitable: With 62% control and minimal regulatory risk, Inocsa’s bid remains near-certain; minority shareholders face diminishing upside and liquidity risk once Catalana Occidente exits the exchange.

• Fully Diluted Valuation (FDV) and Market Capitalisation (MC), while subject to various externalities, are often used as reference points for token valuation. However, this approach is ambiguous for early-stage tokens: Small circulating floats and speculative momentum often inflate FDV, creating uncertainty over whether to benchmark against peers’ FDV or to adjust for differences in circulating supply.
• We analysed over 800 tokens, regressing circulating supply (%CS) against both Fully Diluted Valuation (FDV) and Market Capitalisation (MC), with results segmented by project maturity and time.
• Main finding: Throughout most of a token’s life, MC explains valuation behaviour more reliably than FDV. The market anchors on circulating supply rather than total theoretical value.

• Close Brothers is a UK-based merchant banking group with a focus on specialist lending, securities trading, and formerly, wealth management. The company’s performance is currently overshadowed by the Financial Conduct Authority’s (FCA) investigation into historical motor finance commissions, which has led to a suspension of dividends and significant financial provisions.
• The core banking business remains resilient, characterized by a prudent lending approach, strong margins, and deep expertise in niche markets. However, the uncertainty surrounding the FCA review presents a material risk to short-to-medium term earnings and capital.
• Management is taking decisive action to bolster the balance sheet, including the sale of its Asset Management division and a focus on cost discipline. The long-term viability will depend on the final outcome of the regulatory review and the bank’s ability to navigate the evolving economic and regulatory landscape.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Japfa Comfeed, New World Development, Softbank Group
• UST yields declined yesterday, with the curve bull-flattening for the second day. The yield on the 2Y UST was stable at 3.46%, while the yield on the 10Y UST fell 2 bps to 3.96%.
• Equities halted a two-day rally, while gold and silver retreated from near record-high levels. The S&P 500 was unchanged at 6,735, while the Nasdaq declined 0.2% to 22,954.

• Impending Private Equity Takeover: Hargreaves Lansdown‘s board has recommended a £5.4bn cash offer from a private equity consortium, signaling a shift from public to private ownership. This move is expected to accelerate the company’s strategic transformation outside the glare of public markets but introduces uncertainty for existing public shareholders.
• Market Leader Facing Headwinds: As the UK’s largest retail investment platform with a dominant market share and record Assets under Administration (AUA) of £155.3bn, HL boasts significant scale. However, it faces challenges from intense competition, pressure on fees, declining client retention rates, and the need for significant technology investment to maintain its edge.
• Robust Financials Tempered by Rising Costs: The company has demonstrated strong revenue growth, particularly benefiting from higher interest rates on client cash. However, profitability has been impacted by rising costs associated with strategic investments in technology and a shift towards lower-margin products, a trend that is expected to continue as it evolves its business model.

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• OSB Group is a leading specialist mortgage lender in the UK, focusing on underserved segments of the market such as professional Buy-to-Let and specialist residential mortgages. This specialization allows for potentially higher margins and a degree of insulation from the intense competition in the mainstream mortgage market.
• The company operates a diversified and stable funding model, primarily relying on retail deposits from its Kent Reliance and Charter Savings Bank brands. This is supplemented by access to wholesale funding through securitization platforms and Bank of England schemes, providing financial flexibility.
• Recent financial performance indicates resilience, with underlying pre-tax profit growth in 2024. However, the company faces headwinds from a subdued UK mortgage market and rising cost-to-income ratios. Future growth is expected to be driven by the expanding specialist lending market, fueled by changing employment and living patterns.

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• The longer the US government shutdown continues, the more headwinds accumulate against the dollar and investor conviction remains low.
• Despite near term uncertainty, a dollar bearish outlook is maintained, with a focus on outside the US pro-cyclical growth metrics.
• Developments in US regional banks and escalating US-China trade tensions are key factors affecting global markets, with potential impacts on FX, risk events, and Eurodollar performance.

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Key points (machine generated)

• Toast faces concerns over overestimated unit economics as it expands into new verticals, particularly with Enterprise customers like Applebee’s.
• Projections for fiscal year 2026 appear unrealistic given Toast’s high valuation of approximately 45x forward EBITDA, risking market re-evaluation.
• Despite challenges with some software modules, Toast has significantly increased its market share among U.S. restaurants from under 5% to over 15%.

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.

• The key message from ICGT’s 1HFY’26 results (to July 2025) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth.
• Margins have widened by ca.5% (average revenue growth 10%), which should help allay some concerns over the impact of the challenging environment.
• New investment is forecast to accelerate, and realisation proceeds already exceed FY’25 with an average 14% uplift to carrying values on exit.

• Dominant Market Leader with Unmatched Reach: State Bank of India (SBI) is the largest public sector bank in India, commanding a significant market share of approximately 22.55% in deposits and 19.06% in advances as of March 2024. Its extensive network of over 22,000 branches and more than 65,000 ATMs provides an unparalleled physical presence, particularly in rural and semi-urban areas, forming a key competitive advantage.
• Strong Financial Performance and Growth Trajectory: The bank has demonstrated robust financial performance, with a significant increase in net profit and consistent revenue growth over the past three years. This is driven by healthy credit expansion, particularly in the retail and corporate segments, and improving asset quality with declining non-performing assets (NPAs).
• Digital Transformation Driving Future Growth: SBI is heavily invested in digital transformation, with its YONO (You Only Need One) platform being a cornerstone of its strategy. YONO has over 87 million registered users and is a significant contributor to savings account openings and retail loan origination, positioning the bank to cater to a growing tech-savvy customer base and enhance operational efficiency.

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The Diverse Income Trust’s (DIVI’s) managers, Gervais Williams and Martin Turner at Premier Miton Investors, are currently remarkably upbeat. Usually, when market leadership becomes too concentrated, like now in US large-cap technology stocks, investor preferences shift towards another group of companies. The managers believe that equity income stocks are set to become the new market favourites as, in a nationalistic world when asset prices are volatile, a steady stream of cash paid directly into investors’ bank accounts becomes a major advantage. They expect this trend to particularly favour the UK stock market as it has a large cohort of equity income stocks and has been devalued by persistent outflows since Brexit. Williams and Turner consider that many UK small-cap equity income stocks have fallen to ‘absurdly low valuations’; hence, they are the most bullish that they have been for 30 years. The managers anticipate a UK market super cycle, especially within small-cap stocks, which would likely become a very favourable long-term tailwind to DIVI’s performance, in addition to the value generated by the trust’s income strategy.

• Duke Capital offers a unique, high-yield investment proposition through its specialized royalty financing model, providing long-term, non-dilutive capital to established SMEs.
• Recent financial performance shows resilient growth in recurring cash revenues, demonstrating the stability of its core business model despite a challenging macroeconomic environment. However, overall net income has declined significantly due to non-cash fair value adjustments and a lack of profitable exits.
• The company’s strategy is focused on supporting existing portfolio companies’ ‘buy-and-build’ strategies and transitioning towards a third-party capital model to reduce shareholder dilution and scale its operations.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Bukit Makmur Mandiri, Longfor Group
• UST yields declined yesterday, led by the long end. The yield on the 2Y UST was stable at 3.46%, while that on the 10Y UST fell 3 bps to 3.98%.
• Equities climbed for a second day, on the back of generally strong Q3/25 earnings releases from US corporates. The S&P 500 rose 1.1% to 6,735, and the Nasdaq was up 1.4% at 22,991.

• Names with the biggest float bumps relative to their old float saw the sharpest moves — Hanwha Ocean and Ecopro Materials were the standout examples.
• Kakao Pay looks set for Dec review spotlight: float likely jumping from 21% to 34% (+13ppt, 60%+ surge), even bigger than Hanwha Ocean/Ecopro last round.
• Kakao Pay’s 13ppt float hike implies ~0.7–1.0x DTV passive inflows; with little pre‑positioning, flows may hit raw and drive outsized intraday impact.

• A look at our probabilistic tactical models for US and Asian Equities: comparing which stocks are overbought and which ones are oversold.
• Between the US Stocks we track, all seems to have room to rally, short-term, and Amazon (AMZN US) is actually oversold (buy opportunity). 
• The Asian Stocks we track instead show a less homogeneous picture, but several Asian stocks are incredibly overbought. Same as Gold. 

• They are a bank holding company headquartered in Jefferson City, Missouri. As of June 30, 2025, they had total balance sheet assets of $19.1 billion.
• Net income totaled $186.2 million, an increase of $14.9 million, or 8.7%, compared to $171.3 million for the six months ended June 30, 2024.
• Hile regional bank IPOs have generally been well-received in recent years, recent market sentiment toward the sector has turned more cautious, suggesting a more measured investor response this time around.

• Marsh & McLennan Companies (MMC) reported solid third quarter performance amidst a challenging economic and market environment.
• The company announced an impressive 11% increase in revenue bringing it to $6.4 billion, with underlying revenue growth of 4%.
• This growth was partially fuelled by acquisitions in 2024.

• Strategic Pivot to Drive Future Growth: Hongkong Land is undergoing a significant strategic shift, exiting the ‘build-to-sell’ residential market to focus exclusively on developing and managing ultra-premium integrated commercial properties in Asia’s gateway cities. This move aims to generate more stable, long-term recurring income and better manage earnings volatility.
• Unrivaled Portfolio Facing Headwinds: The company’s core strength lies in its portfolio of prime office and luxury retail properties, particularly its dominant position as the largest landlord in Hong Kong’s Central district. However, this portfolio is currently facing significant headwinds from a cyclical downturn in the Hong Kong office market, characterized by rising vacancy rates and declining rents.
• Valuation at a Steep Discount: Despite the challenging market, the company’s stock trades at a significant discount to its net asset value (NAV), as indicated by a very low price-to-book ratio. A new capital allocation framework, including share buybacks and a commitment to dividend growth, aims to enhance shareholder returns and narrow this valuation gap.

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• Albertsons Companies’ second-quarter earnings for 2025 reflect a nuanced performance with both positive strides and areas of cautious optimism.
• The company reported adjusted identical sales growth of 2.2%, with notable contributions from a 23% increase in digital sales and robust growth in its pharmacy segment, which includes significant share gains from competitor store closures.
• Adjusted EBITDA stood at $848 million, while adjusted earnings per share came in at $0.44, consistent with company expectations.

Key points (machine generated)

• Camden is expected to experience significant rent growth in the next 3-4 years due to declining apartment supply and population growth.
• The company’s stock is trading at a discount to its private market value, estimated between $130-150.
• As a multifamily REIT with over 58,000 apartments and a market cap of around $17 billion, Camden offers strong financials and high liquidity.

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• UST yields rose 2-4 bps on Friday, as haven flows into treasuries eased after US President Donald Trump indicated that high tariffs on China would not be sustainable.
• Yields on 2Y and 10Y USTs rose 3 bps to 3.46% and 4.01%, respectively. Equities ended higher, recovering from declines earlier in the day.
• The S&P 500 and Nasdaq both increased 0.5% to 6,664 and 22,680, respectively.

• Context: The ICICI Prudential Life (IPRU IN) vs. ICICI Lombard General Insurance (ICICIGI IN) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long ICICI Prudential Life (IPRU IN) and short ICICI Lombard General Insurance (ICICIGI IN) targets a 5% 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.

• The BBVA-Sabadell offer failed with <30% acceptance, as institutional and retail shareholders decisively rejected the all-stock, no-premium structure.
• Our long SAB / short BBVA trade worked tactically near expiry, as the market rewarded standalone value and capital flexibility.
• The outcome reinforces that hostile, low-premium, all-share deals rarely succeed in Europe — governance, sentiment, and structure matter as much as price.

• Context: The Scentre Group (SCG AU) vs. Stockland (SGP AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Scentre Group (SCG AU) and short Stockland (SGP 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.

• Regulation steady, not softer; policy silence reaffirms the 24% cap as industry standard, with industry participants electing to comply with immediate effect.
• Asset stress rising; delinquencies peak as low-tier borrowers struggle, but QFIN’s disciplined underwriting and data scale set the stage for recovery in 2026e.
• Leadership and capital strength, market-leading balance sheet and strong commitment to shareholder returns underpin confidence through the transition phase.

• Impending Acquisition by National Bank: Canadian Western Bank is set to be acquired by National Bank of Canada in a deal expected to close in early 2025. This transaction will significantly alter CWB’s standalone growth trajectory and strategic direction, integrating it into a larger, more diversified national institution.
• Niche Focus on Business Owners: CWB has historically differentiated itself by focusing on the financial needs of small and medium-sized business owners, offering personalized service and specialized expertise in sectors like commercial real estate, construction, and equipment financing.
• Geographic Concentration and Diversification Efforts: Traditionally concentrated in Western Canada, CWB has been actively expanding its presence in Ontario and other eastern provinces to diversify its loan portfolio and reduce reliance on the cyclical Western Canadian economy. The acquisition by Quebec-based National Bank will dramatically accelerate this geographic diversification.

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• CIBC is the fifth-largest bank in Canada, with a diversified business model spanning personal and commercial banking, wealth management, and capital markets across Canada and the U.S.
• The bank’s strategy is focused on building a relationship-oriented bank by growing its mass affluent and private wealth franchise, expanding digital capabilities, and maintaining a strong risk and capital position.
• While facing risks from a competitive domestic market and exposure to the Canadian housing market, CIBC has demonstrated strong revenue growth and a robust capital position, with a Common Equity Tier 1 (CET1) ratio of 13.4% as of Q2 2025.

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• First National is a leading non-bank mortgage originator in Canada, demonstrating a resilient business model focused on prime residential and commercial mortgages. Its strong relationships within the mortgage broker channel and a robust funding model are key pillars of its strategy.
• The company exhibits a strong track record of dividend growth, supported by consistent profitability from its servicing and securitization portfolios. This provides a stable, recurring revenue stream that complements income from new mortgage originations.
• While facing headwinds from a cooling Canadian housing market and intense competition, the company’s focus on high-quality, insured mortgages and a seasoned management team mitigate significant downside risk. Future growth is tied to the recovery of the housing market and the company’s ability to maintain its market share.

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• Sammaan Capital approved a 3-part preferential issue to Avenir, part of Abu Dhabi’s sovereign-controlled IHC, aggregating INR 8,850 crore (USD 1.06 billion) in equity and warrants (convertible in 18 months)
• Sammaan has been looking out for an equity partner for few quarters now. Avenir’s backing not just improves capital positioning but also helps restructure overall liability side of the business
• Upon consummation (80% probability), we anticipate material re-rating potential. However, there are multiple risks in the near term, including accelerated write-offs. Further, an ongoing litigation may jeopardize the deal itself.

• Despite having strong operational performances, we think ESR KS REIT is currently facing 2 headwinds, 1 structural issue and 1 cyclical issue
• Korea listed companies are generally suffering from under-valuation and excessive equity raise.  The equity raises, which are done at discount to NAV, is value destructive
• In the physical market, we think the logistics market is facing oversupply issue, slow absorption and protected recovery.

• Hang Seng Bank (11 HK) is trading tight  – perhaps too tight – to terms, as every punter views the deal as a term deposit.
• Be long Welcia Holdings (3141 JP). Be long Tsuruha Holdings (3391 JP). Buy dips. Buy big dips post-tender. Future guidance will include synergy effects.
• Richard Li’s HKT Ltd (6823 HK) is in the crosshairs as FCC moves to expel the telco from U.S. networks. 

• S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8 billion.
• The transaction, announced in October 2025, marks another major step by S&P to extend its footprint beyond public markets and deepen its capabilities across private markets.
• Expected to close either later in 2025 or early 2026, the deal is subject to regulatory approvals and customary closing conditions.

• NPS’s new SMID mandates use a benchmark, an 80/20 mix of the KOSPI Mid+Small Cap (Size Index) and KOSDAQ150, with ~₩500bn total, implying roughly a 20% step-up in mid/small-cap exposure.
• March KOSPI large→mid-cap migration could trigger significant passive flows, unlike last September when policy rallies and APR index noise distorted flow–price impact correlation.
• NPS compressed its SMID trading window near the effective date, hinting at tighter rebalancing; with ~20% mid-cap exposure bump in March, this could create a notable price impact trade.

• Canara HSBC Life Insurance (CHLI) (2908709Z IJ) raised about US$284m from its India IPO.
• CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
• In this note, we will talk about the trading dynamics.

• The CSI 300 Index (SHSZ300) has began a small correction. Our model has identified the current trend pattern as bearish. The pullback could reach the 4.3k/4.1k support zone.
• These corrections can last up to 4 weeks, but usually they resolve after 2-3 weeks (the index has already closed 1 week down, so there could be 1-2 more weeks).
• According to our model, the key support area is 4300: if the index breaks that support, it can fall quickly to 4100 or 4000. Read detailed tactical analysis in the insight.

• Context: The GPT Group (GPT AU) vs. Stockland (SGP AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long The GPT Group (GPT AU) and short Stockland (SGP AU) targets a 5% 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.

• Runwal Developers (1639241D IN) is looking to raise about US$225m in its upcoming India IPO. The deal will be run by ICICI Securities, BOBCap, IIFL, JM Financial.
• Runwal Developers is a real estate development company based in India. It is primarily engaged in lifestyle-oriented projects with a diversified portfolio across multiple segments.
• Its core business lies in real estate development, encompassing the development of land, sale of land, and Transferable Development Rights (TDRs), along with the construction and operation of residential townships.

• We focus on the five Indian public sector banks under our coverage in this report, and we identify growing credit and political risks for this group, including Bank of Baroda
• Political risk, in the form of a potential new round of public sector bank consolidation, could cut shareholder returns in the larger public sector banks absorbing the smaller banks
• Bank of Baroda is prominent – and well capitalised – amongst the larger public sector banks; we downgrade it to a neutral from a buy, locking in profits

• In today’s Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Longfor Group, Genting Berhad
• The UST curve bull steepened meaningfully yesterday, on haven flows and Fed-easing expectations after credit concerns hit two US regional banks. The yield on the 2Y UST fell 7 bps to 3.43%, while that on the 10Y UST declined 5 bps to 3.98%.
• Equities and risk assets (e.g. bitcoin) slumped following credit fears in the economy, while gold soared above USD 4.3 k/oz. The S&P 500 decreased 0.6% to 6,629, and the Nasdaq dropped 0.5% to 22,563.

• Itausa holdco trades at a 25% NAV discount, which is more than one standard deviation from the mean; yet we choose to downgrade Itausa to a neutral from a buy
• Itaú Unibanco shares, the key contributor to Itausa’s NAV, are trading at a near three-year high PBV ratio; we believe that the bank’s current valuation largely discounts its return potential
• We believe that, in turn, the bank’s current premium valuation limits the upside potential for Itausa’s shares; furthermore, the performance of the two shares has decoupled slightly in recent months

• Canara Robeco AMC has raised US$150m in its India IPO.
• Canara Robeco has demonstrated strong growth registering a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24. 
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• Exzeo Group (XZO US) is to offer 8 million shares at $20-$22 equating to a valuation of $1.8b-$2.0b and can go public as early as November 5th.
• The underwriters have reserved up to 5% of the shares of common stock offered through a directed share program.
• This company is a technology arm of HCI and revenue for this company is growing at a very strong pace (80% in 1H 2025). 

• Cumulative Q3 FY11/25 revenue was JPY24.4bn (-9.7% YoY), with operating profit at JPY2.2bn (-49.8% YoY).
• Full-year forecast revised: revenue JPY32.0bn (-2.0%), operating profit JPY2.5bn (+19.8%), net income JPY1.7bn (+25.0%).
• Dividend forecast unchanged at JPY94 per share, with a year-end dividend of JPY47 per share.

• FT Intermediate (FIGR US) went public on 11 September on Nasdaq and has since surged by ~60%, resulting in a company valuation of ~$8.5bn.
• Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.
• Inclusion in Global indices is expected in February and March 2026, with a slight risk that the float cap may fall short of the threshold, resulting in exclusion.

• The debate around the government shutdown has shined a spotlight on the need for access to affordable healthcare, which we believe also highlights the benefits of reducing costs & timelines to obtain quotes for employers of all sized orgs.
• With the recent upgrade of the eDIYBS platform, brokers who work with organizations with 150 or more employees can upload claims files easily and HIT’s AI technology capabilities processes the data quickly to generate bindable quotes for both small and large-employer segments.

• Western Alliance Bancorporation (WAL) is a well-positioned regional bank with a diversified business model focused on high-growth markets in the Western and Sun Belt regions of the United States. The bank’s strategy of specializing in niche commercial sectors, combined with a strong track record of loan and deposit growth, provides a solid foundation for future performance.
• The company’s financial performance has been robust, characterized by strong revenue growth and a consistent ability to generate returns above the industry average. While recent market volatility and concerns over commercial real estate have created headwinds, the bank’s prudent risk management and strong capital position should enable it to navigate these challenges effectively.
• Looking ahead, WAL is focused on leveraging its scalable platform and digital initiatives to enhance operational efficiency and expand its market share. The recent launch of its Private Client Group and a significant share repurchase program underscore management’s commitment to driving shareholder value. However, investors should remain mindful of the potential risks associated with a rising interest rate environment and increased competition from both traditional banks and fintech companies.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• HDFC Bank (HDFCB IN) is scheduled to report its FY 2026 Q2 results on Saturday, 18 October 2025.
• Highlight: Consensus sees EPS near INR 11.3 and revenue around INR 437 Bn; options imply a ±2.3% move, above the historical ±1.7% average.
• Portfolio Impact: As the largest constituent of the Nifty 50 and BSE Sensex, HDFC’s earnings will be closely watched and could set the tone for the broader market.

• Elevate Campuses Limited (1638929D IN) is looking to raise about US$287m in its upcoming India IPO. The deal will be run by JM Fin, MS and IIFL.
• Elevate Campuses Limited (ECL) owns, operates and manages on-campus student accommodation across Higher Education Institutions and owns K-12 (Kindergarten-to-12th grade) assets, operating under ‘Good Host Spaces’ and ‘ScholarZ’ brands.  
• As of Aug 31, 2025, ECL was the largest institutionalized and independent education platform in India, based on student capacity, as per the CBRE Report.

• Dominant Market Position: Korea Ratings is one of the top three credit rating agencies in South Korea, an oligopolistic market with extremely high barriers to entry due to stringent licensing requirements and the need for a long-standing reputation.
• Stable Financials with Strong Resilience: The company exhibits a flawless balance sheet, consistent profitability, and robust cash flow generation, underscored by a Smartkarma Resilience score of 5/5. Its business model is inherently tied to the recurring need for corporate debt issuance, providing a stable revenue base.
• Strategic International Partnership: As a subsidiary of Fitch Ratings, Ltd., Korea Ratings benefits from global best practices, sophisticated rating methodologies, and an enhanced international network, strengthening its competitive edge in the domestic market.

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• NZX is transitioning its business mix, with a strategic focus on the higher-growth funds management and wealth technology sectors to complement its traditional, monopolistic capital markets business.
• The company faces significant headwinds, including intense competition and fee compression in the funds management space, and slower growth in its core capital markets segment.
• While near-term earnings growth is anticipated, driven by the funds management division, the company’s valuation appears elevated, and operational expenditure control remains a key challenge for management.

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• CapitaLand India Trust, listed on SGX since 2007, has a portfolio valued at S$3.7 billion as of June 2025.
• For FY 2024, net property income rose 14% to S$205.6 million, with distributions to unitholders increasing 7% to S$101.5 million.
• The trust offers stable income distributions and growth by managing properties, developing land, and acquiring new assets.

Key points (machine generated)

• Apartment Investment & Management Co. (AIV) is a multifamily REIT focused on Class B apartments in high-demand U.S. markets.
• The company is considering a liquidation path, particularly after the sale of its Brickell Assemblage, which may lead to a full acquisition.
• Shareholders could see gains of 18% to 40% per share, or 23% to 54% with an expected $2 special distribution post-sale.

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.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Vedanta Resources
• The UST curve twisted slightly steeper yesterday, following dovish comments from a few Fed officials that kept rate-cut expectations intact. The yield on the 2Y UST fell 2 bps to 3.48%, while the yield on the 10Y UST was unchanged at 4.03%.
• Equities retreated, owing to fresh US-China trade tensions. The S&P 500 fell 0.2% to 6,644, while the Nasdaq declined 0.8% to 22,522.