Financials

• Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.
• CHLI is a private life insurer in India,  promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. 
• It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.

• In our previous insight dedicated to the Hang Seng Index we formulated a key question: is this going to be a small pullback or a large pullback? 
• The HSI pulled back just for 1 week, small pullback, our models were reset. But this week the index pulled back again, almost reaching Q2 support (mildly oversold).
• Then, on Friday, Trump tweeted something against China, after the Asian markets closed and all hell broke loose. The HSI Oct. futures tanked to 25300. Let’s discuss support zones…

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Greentown China, Sunny Optical
• UST yields rose 1-2 bps across the curve yesterday, amid a soft auction of 30Y notes that tailed marginally by 0.4 bps despite strong bidding metrics.
• The yield on the 2Y UST rose 1 bp to 3.59%, while that on the 10Y UST was up 2 bps at 4.14%. Equities retreated, with the S&P 500 and Nasdaq declining 0.3% and 0.1%, respectively.

• Bradesco’s re-rating is supported by credit quality improvements and by its solid insurance operations’ returns; we now estimate that the insurance operations account for close to half of group value
• We add small cap Banrisul to our coverage and also to our buy list for its deep value qualities and improving returns, with Banrisul ranking top in our proprietary scorecard
• Banco do Brasil remains a neutral, due to heightened political risk and worsening credit quality; holdco Itausa remains an attractive vehicle through which to gain equity exposure to Banco Itaú

Key points (machine generated)

• Relo Group aims for an operating profit of 50 billion yen by March 2029 under its ‘Fourth Olympic Strategy’.
• The company supports non-core business operations for SMEs and large corporations, focusing on employee benefits.
• Relo Group’s business model includes BtoB outsourcing services and BtoC rental management in major cities.

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S&U has issued interim results confirming the recovery of the business and momentum supporting full-year profit expectations. Group PBT of £15.6m was 22% higher than the prior year, driven by lower impairments and financing costs. The motor finance business, Advantage, is in a strong recovery phase and positive resolution of regulatory matters is scheduled for the beginning of 2026. Aspen, the property lender, continues to grow robustly, generating record PBT of £5m in H1. We view S&U’s trajectory positively and believe the company will meet our FY26 PBT forecast of £31.3m. The market reacted positively to the results, with the shares up 2% following the announcement.

• Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.
• Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.
• Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.

• Hang Seng Bank (11 HK) has announced an Offer from controlling parent (63.3551%), HSBC Holdings (5 HK), by way of a Scheme, in a HK$106bn (US$13.6bn) deal. 
• The Scheme Consideration is HK$155/share, a 30.3% premium to last close. The price is final. A “third interim dividend” will be added. Optically, the price is bang on.
• The long stop for conditions is the 30th September 2026. I think this transaction can be wrapped up in around five months. 

• Hang Seng Bank (11 HK) announced a scheme privatisation offer from HSBC Holdings (5 HK) at HK$155, a 30.3% premium to the undisturbed price.  
• Based on an estimated 2025 third dividend of HK$1.3 per share, the total consideration is HK$156.30 per share. The offer price is final.
• The offer is attractive compared to peer multiples and historical trading ranges. At the current price and for a late March payment, the gross/annualised spread is 2.9%/6.2%.

• WeWork India Management Ltd (1690124D IN) raised about US$338m in its India IPO.
• WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
• 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.

• Canara Robeco AMC (570515Z IN) a JV between Canara Bank (CBK IN) and Orix Corp (8591 JP) is the second oldest but the latest AMC to list in India
• A laggard with just 1.5% market share as of date, the company boasts of an equity-dominant AUM and strong retail franchise delivering strong PAT margins (47%) and ROE (36%)
• However, its SIP book has been declining while the broader industry has more than doubled. We feel the IPO pricing doesn’t leave room for material upside.

• Dominant Market Leader with Unmatched Scale: Vinhomes is Vietnam’s largest real estate developer, possessing a land bank significantly larger than its closest competitors, which underpins a long-term growth runway. Its integrated township model, supported by the Vingroup ecosystem (schools, hospitals, retail), creates a distinct competitive advantage and enhances property values.
• Robust Project Pipeline Driving Future Growth: The company has a clear development trajectory with several large-scale mega-projects in the pipeline, such as Vinhomes Vu Yen, Co Loa, and Wonder Park. These projects are expected to be key earnings drivers in the coming years, capitalizing on Vietnam’s urbanization trend and the rising middle class.
• Group-Related Risks and Market Sentiment Overhang: The company’s valuation is significantly impacted by its relationship with the parent company, Vingroup (VIC). Concerns regarding VIC’s financial health, potential liquidity challenges, and the use of VHM shares as collateral for group borrowings have created a persistent overhang on the stock price, overshadowing its strong operational performance.

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• Hyperliquid, a popular decentralized exchange, recently initiated an open Request for Proposal (RFP) for issuers of its native stablecoin, USDH.
• The requirements for issuers were clear: they needed to be “Hyperliquid-first,” “Hyperliquid-aligned,” and compliant.
• The platform’s substantial existing stablecoin demand of $6 billion, coupled with its rapid growth potential, attracted numerous stablecoin issuers.

• BBVA secures 20%+ acceptance with one day left; gross spread at close is +2.9%. Market focus now on final institutional flows and threshold risk into 10 Oct deadline.
• Most hedge funds expected to tender to avoid being caught in a non-event or downside skew if BBVA walks; second OPA would be all-cash but at the same price.
• Long SAB / short BBVA remains tactically attractive, with asymmetry reduced but not gone. Borrow demand light but may rise as index tracking and hedge unwinds converge into result publication.

• Affirm has turned GAAP EBIT positive for the first time in Q425 reflecting disciplined cost control and improving unit economics.
• Revenues are on track to reach nearly $4B in FY26, driven by expanding merchant adoption and the rising contribution from the Affirm Card.
• The stock is  pricing in sustained 25–30% growth and margin expansion as evident in its elevated valuation multiple of 40.5x 2026 P/E.

• AUM jumped £3.5bn (15.3%) to £26.7bn over Q2 of FY26 (1 Jul 25 – 30 Sep 25).
• Investment performance contributed £3.6bn (Q1: +£2.7bn) with net flows marginally negative at -£58m (Q1: -£0.6bn).
• The net flow improvement is particularly impressive given that it was a quarter of heavy outflows for equity funds more generally (page 3).

Key points (machine generated)

• Brown & Brown (BRO) is now the 4th largest insurance broker in the U.S. after acquiring Accession Risk Partners.
• BRO’s business model involves earning fixed commissions on insurance premiums, with expected organic growth of 4-6% through economic cycles.
• The $9.4 billion acquisition, funded partly by a $4 billion equity raise, presents integration risks but offers potential synergies and is priced attractively at 12x EBITDA.

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.

• Sony Financial Group (8729 JP) started ToSTNeT-3 buybacks last week and did one this week to jumpstart the buyback, cushioning the Nikkei 225 deletion on 29 Sep and subsequent overhang.
• In three ToSTNeT-3 buybacks in 6 trading days spending ¥28.9bn, the company bought back 177.513mm shares or 2.5% of shares out, or about 6.2% of Max Real World Float (MRWF).
• With ¥71.1bn left, at last that’s 460mm shares, or 16.2% of MRWF. Over 10mos that is 1.62%/month. That will boost Mar26 DPS, Mar27 DPS projections, EPS, etc.

• Once every quarter the TSE reassesses free float weights for a set of companies whose fiscal years ended 7-10 months prior. Calendar Q1 is the biggie so October is too.
• This year, as companies have made dramatic changes in their shareholder registries through crossholder sales, activist acquisitions, and other, there are some big changes and big dollar changes.
• We see nearly 600 FFW changes up and down, and then nearly 1,100 stocks which see a significant (average 0.5x ADV) funding trade. $35bn in total.

• After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.
• The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.
• We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.

• Canara Robeco AMC (570515Z IN) is looking to raise up to US$150m in its upcoming India IPO.
• Overall, revenue increased annually at about 39% since FY22 and based on 9M25 numbers, Canara’s FY25 performance is on track to surpass FY24’s levels
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

• Private debt terms signal stress. The primary lender’s 1YR term facility implies a 50%+ IRR via a MOIC option. This is under-covered and signals constrained alternatives.
• Calendar precedes cash. Fixed obligations hit before revenue, so equity value is driven by sequencing rather than AI demand narratives.
• Underwriting focus. Binding large-scale lease, funded bridge through fuel and logistics, and a credible take-out or refinance of the short-tenor facility.

• Sanghyun Park recently posted a comprehensive insight regarding South Korea’s move toward forcing firms to cancel treasury shares. I invite you to read it if you haven’t yet.
• The KOSPI 200 index passive flows will probably be deeply impacted by this legal reform, we could see this happening soon, before the December KOSPI 200 reshuffle.
• Since funds moves could start any time, here is a quantitative-model-based analysis of the most probable trends, with a short-term focus (next 3-4 weeks).

• AUM closed FY25 (1 Oct 24 – 30 Sep 25) on £26.1bn, above our previous forecast of £25.0bn.
• In Q4 (Jul – Sep), investment performance contributed +£1.4bn (+5.3%), offset by net outflows of -£1.4bn, in a quarter of heavy outflows for equity funds more generally (page 3).
• Impax’s outflows were slightly up on the previous quarter (-£1.3bn), but were a marked improvement over H1, which saw £10.2bn of net outflows, dominated by the loss of £6.2bn of St James’s Place mandates.

• Their platform assets increased from $57.6 billion as of January 31, 2024 to $80.2 billion as of January 31, 2025, representing 39% year-over-year growth.
• Tiger Global is the company’s largest shareholder, holding a 19.7% stake, followed by major backers such as Benchmark Capital, Index Ventures, Ribbit Capital, and Greylock Partners.
• The current government shutdown could delay the debut of this IPO due to the SEC unable to deem IPOs “effective” in a timely manner. 

• Their total revenue was $159.8 million and $254.9 million and their net income was $1.69 million and $48.83 million in 2023 and 2024, respectively.
• Google Ventures, Sequoia and Accel are shareholders in this high profile company. 
• The current government shutdown could delay the debut of this IPO due to the SEC unable to deem IPOs “effective” in a timely manner.

• Kobo announced results from its ongoing 2025 diamond drill program with an impressive, and shallow, highlight intercept of 3.87 g/t Au over 17m.
• Today’s results represent the first six holes from KRI’s ongoing 12,000-15,000m diamond drill program (launched on September 4th, 2025).
• Over the last 2 months, KRI has had several other updates, including the closing of a financing for $4M (not including in our assumed cash balance), the recommencement of its 2025 drill program, and the announcement of a new earn-in agreement on the Yakassé Gold Project.

• The Nikkei 225 (NKY INDEX) has reached eye-popping valuations, a 20% rally from the end of June into early October (40k to 48k).
• Our forecast is always short-term, 3-5 weeks horizon, so we cannot say if the index will continue to rally in 2026, but right now it’s OVERBOUGHT.
• We expect a pullback soon, you can buy the pullback, we discuss the support areas in the insight.

• We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.
• We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
• As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.

• Henderson Far East Income Ltd (HFEL) is an investment trust focused on providing a high and growing annual dividend, alongside capital appreciation, from a portfolio of Asia-Pacific equities.
• The trust is positioned to benefit from the structural growth trends in Asia, but its performance has been hampered by market volatility and its value-oriented approach, leading to a trade-off between a high yield and capital growth.
• Key risks for investors include geopolitical tensions in the region, the inherent volatility of Asian markets, and the use of gearing which can amplify both gains and losses.

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• Alec Holdings (ALEC UH) is set to debut on DFM on 15 October at a valuation of $1.9bn, claiming the title of the UAE’s largest-ever construction sector listing.
• The security is expected to be included in Global SmallCap in February 2026.
• The security is expected to be excluded from the other Global index due to an insufficient float cap.

• Hybridan Monthly, 1 October 2025 Market Comment: View from the Broker’s Desk Why you can’t compare a Defender to a Lamborghini I would always choose a Defender (90 version of course, not the Chelsea tractor new style) over a Lamborghini.
• Whilst many will always be taken in by the allure of brighter colours, louder engines, and slender appearance, there are some that will stay loyal to the homegrown juggernaut.
• It’s becoming an unfortunate common occurrence when you pick up the paper and read “My $1bn fintech wants to float — but London’s out of the question”.

• Canara Robeco AMC (570515Z IN) is looking to raise US$150m in its upcoming India IPO.
• Canara Robeco has registered a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24. Profitability margins have also expanded steadily in the same period.
• In this note, we look at the company’s past performance.

• Strong recent credit off-take and a favorable interest rate environment for issuance are expected to drive a robust revenue quarter for CARE Ratings, building on its core debt rating services.
• CareEdge’s focus on expanding its non-rating services, especially in ESG and infrastructure ratings, offers significant growth potential. 
• The Indian credit rating sector remains a high-margin oligopoly; a Q2 beat could re-rate CARE if it signals improved pricing discipline and acceleration in its non-rating advisory vertical.

• 1Spatial 49p £53.74m (SPA.L) The global player in Location Master Data Management software and solutions announced that it has signed a US$1.7m annually renewing Enterprise Agreement (EA) with the California Department of Transportation.
• The agreement consolidates multiple bilateral software licences into a single EA, simplifying the process and broadening the six-year relationship with Caltrans.
• The Agreement also enables Caltrans to rapidly deploy additional 1Spatial licences as required, which includes annual enterprise licences of US$1.5m representing a 50% increase in licence revenue on FY25.

Key points (machine generated)

• Anthony Pompliano discusses the premium Bitcoin treasury companies are experiencing, particularly ProCap BTC LLC.
• ProCap BTC is seen as undervalued due to a pending SPAC merger with Columbus Circle Capital Corp, despite raising over $750 million.
• Pompliano highlights a favorable risk/reward scenario with limited downside risk of $10 and potential upside of $17.82, inviting constructive feedback.

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.

Key points (machine generated)

• Globe-ing Inc. specializes in consulting and cloud services, focusing on SaaS solutions to enhance business strategies.
• For FY5/25, the company reported a 97.7% revenue growth to ¥8,255 million and a 7.6 times increase in operating profit to ¥2,800 million.
• Looking ahead, Globe-ing anticipates a 40% revenue increase for FY5/26 and plans to develop AI agents and expand its ‘Dynamic Equilibrium management’ methodology.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Transformed Business Model: Following the acquisition by the Poonawalla Group, the company has pivoted from its legacy as Magma Fincorp to a tech-driven NBFC. It now focuses on prime retail consumers and MSME segments with a digital-first approach, significantly improving its risk profile and operational efficiency.
• Strong Parentage and Financial Flexibility: Backed by the Cyrus Poonawalla Group, the company benefits from a strong brand, significant capital infusion, and access to lower-cost funding. This has resulted in a ‘AAA’ credit rating and provides a substantial competitive advantage in the crowded NBFC space.
• Aggressive Growth Strategy: Management has outlined a clear vision for rapid expansion, aiming to significantly grow its Assets Under Management (AUM) by diversifying its product suite and expanding its distribution network. The strategy focuses on a mix of secured and unsecured loans to maintain a balanced risk-adjusted return.

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• Institutions were net buyers of Singapore stocks with S$275 million inflow, led by DBS Group and CapitaLand Integrated Commercial Trust.
• Oversea-Chinese Banking Corporation led share buybacks with 1.25 million shares; Hongkong Land increased buyback mandate to US$193 million.
• Wilmar International’s chairman increased his stake to 14.39%; Centurion Corporation expanded Malaysian portfolio by 25% with Harum Megah acquisition.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Vista Land & Lifescapes, Rakuten Group, Vedanta Resources, Tata Steel
• UST yields rose on Friday, led by the front end. There was a lack of catalysts, due to non-publication of the September nonfarm payrolls amid the government shutdown, albeit private surveys showed weakening US services data. Yields on the 2Y and 10Y USTs rose 4 bps each to 3.58% and 4.12%, respectively. Equities were mixed, with the S&P 500 stable at 6,716, while the Nasdaq fell 0.3% to 22,781.
• Japan’s ruling Liberal Democratic Party has elected former economic security minister Sanae Takaichi as its new leader, making the 64-year-old likely to become the country’s first female prime minister. Ms Takaichi replaces Shigeru Ishiba, who resigned as prime minister last month after the party suffered two election blows (including losing its majority in the Lower House).

Key points (machine generated)

• Kingsway Financial (KFS) is a publicly-traded company in Chicago using the search fund model to acquire and develop businesses.
• Under CEO John T. Fitzgerald since 2018, Kingsway has focused on a warranty business and a search fund business, planning to sell the underperforming warranty segment.
• The company hires young entrepreneurs to manage acquisition targets, retaining 20% equity, and has communicated its strategy to investors through presentations available on its website.

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.

• Americold Realty Trust’s recent earnings call for the second quarter of 2025 presents a mixed bag, reflecting both operational resilience and ongoing challenges in the cold storage industry.
• The company’s performance highlights several key aspects that potential investors might consider.
• On the positive side, Americold continues to be recognized as a leading player in the 3PL and cold storage arenas.

• Revenue reached JPY84.0bn, achieving 85.6% of the full-year forecast, with a 20.9% YoY increase.
• Operating profit for the Fund and Consulting segment rose 42.8% YoY, with OPM improving 5.6pp to 63.9%.
• The company acquired 34 buildings and 70 pre-owned condominium units, while selling 32 renovated whole-building properties.

LAMDA Development delivered a strong H125 operational and financial performance across all segments of the business. The operational malls and marinas reached new high levels of EBITDA and the Ellinikon project delivered a significant increase in revenues and earnings. Adjusted net assets per share increased by 11% versus end-FY24, to €9.22, driven by the external revaluation of the operational malls. The subsequently agreed land sale to, and partnership with, ION Group is a major landmark in the long-term development of the Ellinikon project.

• CommBank’s shares broke down in July, but recently the share price has been shown more positive signs of moving higher, Fairmont Equities’ Michael Gable reports.

Key points (machine generated)

• Globe-ing Inc. reported a 97.7% revenue increase to ¥8,255 million for FY5/25, driven by demand for digital transformation and AI in consulting.
• For FY5/26, the company projects a 40% revenue increase to ¥11,555 million and a 26.4% rise in operating profit, supported by strategic hiring and AI productivity improvements.
• The company’s growth strategy focuses on developing AI agents for consulting tasks and promoting a ‘Dynamic Equilibrium management’ methodology for competitive advantage.

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• 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: Currently nine pair trade opportunities across four markets and five sectors 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.

• Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for ten prominent Australian stocks and the benchmark.
• Highlights: December implied volatility tends to be rich for the banks and cheap for the miners. S&P/ASX 200 (AS51 INDEX) implied volatility is cheap across the curve.
• Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

• Recent Spin-off and Independent Growth Trajectory: Sony Financial Group (SFG) recently completed its spin-off from Sony Group, becoming a publicly traded entity on the Tokyo Stock Exchange. This strategic move is designed to allow SFG to pursue its own growth strategies with greater agility and focus on its core financial services businesses, while still leveraging the strong brand recognition of Sony.
• Diversified Financial Services Portfolio: SFG operates a well-established and diversified business portfolio consisting of life insurance (Sony Life), non-life insurance (Sony Assurance), and banking (Sony Bank). This diversification provides multiple revenue streams and helps to mitigate risks associated with any single segment of the financial services industry.
• Shareholder Return Initiatives Amidst Market Volatility: In conjunction with its listing, SFG has announced a significant share buyback program of up to ¥100 billion. This is intended to enhance capital efficiency and mitigate potential selling pressure from index rebalancing, demonstrating a commitment to shareholder returns during a transitional period for the stock.

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• Investors are under-appreciating a sharp narrowing of the US current account deficit in 2Q25. This is a sustainable trend as net government borrowing normalises to around 5% of GDP
• The US is not losing its ability to attract long term capital flows. In 2Q25, net foreign direct investment reached $121b, the strongest since 3Q22
• The result is a sharp improvement in the basic balance. Investors should monitor this indicator to assess whether Trump’s policy mix of fiscal consolidation and re-shoring is succeeding or not

• Tata Capital Limited (TATACAP IN) IPO highlights strong branch growth and granular loan book, though new-to-credit exposure remains limited and underwriting largely product-driven.
• Weak sourcing disclosures beyond Home Loans raise concerns on DSA reliance, portfolio quality, and resilience during downturns, especially in competitive lending segments.
• Collections are highly digitized and analytics-driven, yet regulatory inspections reveal persistent compliance, governance, and risk management lapses across Tata Capital, TMFL, and TCHFL.

• On 1 October, it was reported in the local media that Hahn & Co (is acquiring the management rights of SK D&D Co Ltd (210980 KS). 
• This tender offer is not likely to be successful. Less than 1/3 of the 6.96 million shares that are up for tender offer could be sold by the existing shareholders.
• We believe that the majority of the remaining investors in SK D&D want higher tender offer price.

• Giovanni Agnelli founded the auto company Fiat in 1923 and XOR acquired the Juventus football Club
• Exor, a Dutch holding company controlled by the Agnelli family, has evolved from its Fiat roots to become an investment holding company with assets including Ferrari
• John Elkann, the great-great grandson of Fiat’s founder, is now leading Exor and shaping its future, with a focus on alternative asset management at Sangato

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Logan Group
• The UST curve flattened marginally yesterday, as long-end yields declined marginally while the short end was stable.
• Trading volumes were reported to be below average, as macro releases were stalled in the second day of the US government shutdown.

• Key 1H25 takeaways include: 1) As previously disclosed, MFI’s co-founders recently sold the company to Fire Lucky Investment Co., controlled by Mr. Dawei Yuan.
• Looking ahead, we would not be surprised to see Mr. Yuan increasingly leverage his considerable background/expertise, particularly as it relates to digital assets, to shift MFI’s strategic vision/business model, thereby enhancing the company’s growth prospects, revenue profile, and earnings power over time.
• 2) In September, MFI filed a prospectus as part of a previously-filed “shelf” registration statement to potentially raise up to $700 million via the sale of equity, debt, and/or warrants.

Key points (machine generated)

• Catalyst Bancorp, a Louisiana bank with $272 million in assets, has potential for 60-70% value appreciation if sold, currently trading at 653% of tangible book value.
• The bank, established in 1922 and transitioned to a stock institution in 2021, has expanded its branch network under CEO Joe Zanco and a young management team.
• Despite low return on equity, Catalyst Bancorp shows respectable return on assets, improving efficiency ratios, and a high Tier 1 capital ratio of 46.95% after repositioning its balance sheet.

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.

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

• Sony Financial Group (8729 JP) listed on Monday with a “Reference Price of ¥150. It opened at ¥205, quickly running to ¥210, then fell to ¥198 by lunch. Close? ¥173.8.
• That got a big ToSTNeT-3 buyback at ¥173.8. It traded lower on Day 2, closing at ¥164. Then lower still on Weds with another TN-3 buyback now ¥159.4. 
• Neither buyback was full. SFGI has bought back 124mm shares. But the stock has fallen hard. ADRs/ADSs start trading Tuesday. That could see more selling. 

• WeWork India Management Ltd (1690124D IN) IPO is an OFS under SEBI Regulation 6(2), reflecting weak financial eligibility, ongoing losses, and dependence on deferred tax credits for reported profitability.
• Promoter and governance risks loom large, with pending ED, CBI, and EOW proceedings against Jitendra and Karan Virwani, plus complaints of incomplete or misleading disclosures in filings.
• The IPO mainly serves as a deleveraging tool for the promoter, with pledged shares, heavy audit qualifications, weak controls, and depleting cash exposing material investor risks.

• Sammaan Capital’s Board approved a preferential issue to Avenir Investment RSC Ltd., a wholly-owned subsidiary of Abu Dhabi’s IHC, aggregating INR 8,850 crore (USD 1.06 billion) in equity and warrants.  
• The strategic inflow from the well-capitalized, sovereign-linked IHC provides a massive de-risking event, validates Sammaan’s new-book strategy, and signals a powerful new stream of capital flows into Indian HFC/NBFC space.  
• The scale, strategic nature, and pricing of the deal position Sammaan for a significant re-rating, shifting the investment thesis from asset quality clean-up to funded growth.

• New World announced FY25 results, market reaction was initially negative, due to losses to shareholders.  Stock was down 10% post open but rebounded quickly to recover all the losses
• However, we think the market has neglected the other positives: strong contract sales, resilient IP earnings, improved total debt, stabilized gearing and lower borrow cost
• Market is forward-looking, we think NWD, as a leveraged play, will benefit the most in rate cut cycle.  At current valuation (0.12x PB) – we continue to stay bullish

• WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
• WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
• In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.

• WeWork India is the Indian arm of global flex space major (WEWKQ US); however, it is promoted by Indian real estate major Embassy group (~48% stake post IPO)
• WeWork has differentiated itself from the crowded flex space market with a focus on premium Grade-A property and cornering market share in major markets like Bengaluru and Mumbai (MMA)
• IPO valuation at 22x FY25 EBITDA prices in this premium relative to peers (12-14x). Can the company sustain these valuations?

Key points (machine generated)

• Agent IG Holdings is facing an operating loss for the interim period ending December 2025 but expects to meet full-year financial targets due to business expansion.
• The company provides a wide range of property and life insurance services and is pursuing mergers and acquisitions to adapt to industry changes.
• Since January 2016, Agent IG has integrated 636 insurance agencies and acquired Financial Japan Co., Ltd. in April 2024 to strengthen its life insurance focus.

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• Equity-Funded Bitcoin accumulation stalls, as Metaplanet’s share price and mNAV collapse, closing the window for reflexive BTC yield growth
• BIG trading desk delivers outsized returns, but sustainability remains uncertain amid falling Bitcoin volatility and rising funding obligations.
• Phase II pivots toward platform ambitions, signalling a shift from accumulation to architecture, and potentially, from treasury to Bitcoin bank.

• JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
• The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
• Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-September 2025.

• Context: The ICICI Bank (ICICIBC IN) vs. HDFC Bank (HDFCB IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: The combination of going long ICICI Bank (ICICIBC IN) and short HDFC Bank (HDFCB IN) has traded profitably in July and is now flagged again as a fresh opportunity.
• 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.

• Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$1.7 billion. 
• I had previously discussed the investment case in Tata Capital IPO: The Investment Case. 
• The RHP updates show that the fundamentals remain mixed. Positives include large size, mid-tier growth rates and good asset quality. Negatives include below peer average NIM, interest spread and ROA. 

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT, Vedanta Resources, Nickel Industries
• The UST curve twisted slightly steeper yesterday, with the front-end continuing to be supported by the prospect of Fed rate cuts against the backdrop of a looming US government shutdown.
• The yield on the 2Y UST fell 1 bp to 3.61%, while that on the 10Y UST was up 1 bp at 4.15%. Equities climbed for the third day, with the S&P 500 and Nasdaq up 0.4% and 0.3%, respectively.

• The company priced 18.4 million shares at $20.00, the high end of its $18.00–$20.00 range and shares opened at $22.50, a 12.5% premium.
• The deal was in high demand ahead of pricing, with order books reportedly more than 10x oversubscribed.
• Neptune’s debut follows five other insurance-related IPOs this year, a sector that has produced strong results immediately following their IPOs.

• Tata Capital Limited (TATACAP IN) is looking to raise up to US$1.7bn in its upcoming India IPO.
• Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
• We have looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.

• DNB has set quantitative prudential requirements as part of the SREP 2025 decision for Triodos Bank.
• The Total SREP Capital Requirement (TSCR) for Triodos Bank on a consolidated basis is 12.18%.
• Consisting of a Pillar 1 Capital Requirement of 8.00% and a Pillar 2 Capital Requirement of 4.18%, a slight decrease from the requirement for 2024 (4.45%).

• MoneyMax’s group revenue rose 31.2% year-on-year to S$243.0 million, with net profits increasing 76.4% to S$31.8 million in H1 FY2025.
• The company’s five-year plan includes expanding in Singapore and Malaysia and exploring Southeast Asian markets with similar demographics.
• MoneyMax maintains a robust balance sheet, holding cash and cash equivalents of approximately S$18.9 million as of 30 June 2025.

Key points (machine generated)

• Agent IG Holdings reported an operating loss for the interim period ending December 2025 but expects to meet full-year objectives.
• The company offers a wide range of property and life insurance services and is pursuing mergers and acquisitions to strengthen its market position.
• Since January 2016, Agent IG Holdings has acquired 636 insurance agencies, including the notable acquisition of Financial Japan Co., Ltd. in April 2024.

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