Financials

• On 27 August, Metaplanet (3350 JP) announced a large overseas offering in line with a pause in the 20th Warrant Issuance program it had outstanding. The goal? Buy more bitcoin.
• Shares had been ¥890 on the 27th, trading higher through the 29th. The offering priced at ¥553. Down 38%. Ouch. But it meant index upweight due to higher share count.
• Friday post-close, global index provider M _ _ _ announced a consultation on digital asset treasury companies, suspending the upweight for Metaplanet. Watch out MSTR!

• Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
• CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
• In this note, we look at the REIT’s portfolio and performance.

• KRX provides broad official market data, but no consensus estimates. FnGuide aggregates broker reports, standardizes them, and delivers actionable consensus numbers for practical trading use.
• FnGuide’s consensus data is solid and well-structured for screening, though coverage is limited to ~300–400 stocks, which still aligns with the practical trading universe.
• FnGuide’s paid services require Korean residency or a corporate workaround, making access tough for overseas traders; realistically, we can rely on their free sites for financials, consensus, and basic screening.

• The KOSPI 200 INDEX reached a new all time high last Friday, closing at 462.74. Let’s be clear: it’s very overbought according to our  model. 
• Our forecast is that the index will NOT rally for more than another 1 or 2 weeks (i.e. this week and maybe one more week).
• 449-442 is the price support zone with 50%-75% probability of reversal, if it was hit this week (this data will be updated if the index closes up this week).

• On the 26th August, rural commercial bank Shengjing Bank Co Ltd H (2066 HK) announced a HK$1.32/Share Offer, a pretty tragic 86.49% discount to NAV.
• On the 12th September, the Offeror bumped terms to HK$1.60 (best & final). That’s a 40.5% premium to undisturbed, but still a 83.96% discount to NAV.
• The Composite Document’s now out, with a H-share class meeting on the 21st October. The IFA (Gram Capital) says “fair & reasonable”. To be expected. 

• This note discusses the superlative historical track record of Tata Capital Limited (TATACAP IN) pre merger with Tata Motors Finance.
• It also focusses on financial metrics of Tata Motors Finance and its financial track record.
• Finally, how post merger of both companies the finance metrics has changed and what would be the likely valuation of IPO is discussed in this note.

• The dollar has not been able to break out of its range, despite various economic factors at play
• Asian currencies, such as the Chinese yuan, have seen more traction and movement compared to the dollar
• Continued US-China negotiations are impacting the market dynamics and influencing the direction of currencies like the yuan

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
• Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
• LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.

• Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
• Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
• LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.

BlackRock Latin American Investment Trust (BRLA) has two co-managers, Sam Vecht (lead) and Gordon Fraser, who are part of BlackRock’s London-based Emerging Markets & Frontiers team. Although Fraser was appointed as one of the trust’s managers relatively recently in April 2025, he has worked with Vecht for the last 18 years. The Latin American market can be volatile, which provides opportunities for investors willing to take a longer-term view. BRLA’s managers seek quality companies with good growth prospects that are trading on sensible valuations. They have in-depth knowledge of the whole region, so are able to find interesting businesses outside the dominant economies of Brazil and Mexico.

• Back on the 26th August, troubled rural commercial bank Shengjing Bank Co Ltd (2066 HK) announced a HK$1.32/Share Offer, a 15.79% premium to undisturbed, and a 86.49% discount to NAV. 
• Clearly not all is well with Shengjing Bank. And alternatives to the low-balled Offer are slim on the ground. 
• The Offeror has now bumped terms to HK$1.60 (best & final). That’s a 40.5% premium to undisturbed, but still a 83.96% discount to NAV. 

• 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 four 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.

• Klarna Group (KLAR US) is ineligible for US indices due to incorporation and headquarters in the UK, a foreign listing in the US and a majority of assets in Sweden.
• Klarna Group (KLAR US) is ineligible for EU indices due to a sole listing in the US.
• Klarna Group (KLAR US) can achieve inclusion in Global indices given an eligible nationality and following the lock-up expiry which increases float cap and public voting rights.

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (12 to 26 September 2025).
• Our top 10 picks were up on average 7.4% from 29 August to 12 September, outperforming KOSPI which was up 6.6% in the same period.
• Top 10 picks in this bi-weekly include KCC Corp, Nongshim Holdings, KT&G, Paradise, Samsung Life Insurance, Hana Financial, SK Inc, CJ Corp, Lg Chem, and Lotte Tour Development.

• Shenyang SASAC increased its Shengjing Bank Co Ltd H (2066 HK) offer by 21.2% from HK$1.32 to HK$1.60 per H Share, a 40.4% premium to the undisturbed price.
• The revised offer has been declared final. The revised terms signal that at least one of the substantial H shareholders would not accept the previous offer.
• While the revised terms should ensure the support of key shareholders, the terms remain light. Therefore, there remains a risk around the 90% minimum acceptance condition. 

• Context: The Kotak Mahindra Bank (KMB IN) vs. Bajaj Finserv (BJFIN IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Kotak Mahindra Bank and short Bajaj Finserv targets a 6% 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 Hang Seng Index (HSI INDEX) has been rallying +37% since its plunge to 19260 on April 7th. It is +6% higher than its previous high in mid-March.
• The sentiment towards the index remains positive lately, and our model indicates the HSI  is a bit overbought but could go higher.
• The HSI INDEX starts to be toppish around 26874 (75% prob. of reversal). Covering past that point is not a bad idea, especially if the index is up 3-4 weeks.

• Gemini Space Station made a splashy debut on Friday, pricing 15.2 million shares at $28.00, above its upwardly-revised $24-$26 range (originally $17-$19). The stock opened at $37.01.
• Gemini hit an intraday high of $45.89, but selling pressure quickly came in as investors took profits. The stock stabilized in the low $30s, closing at $32.00.
• Retail investors played a central role in the offering, with 31% of shares allocated to individual investors—far above the typical 6–8% seen in traditional deals.

LAMDA Development’s agreed disposal of land to ION Group for €450m is a landmark in the long-term development of the Ellinikon project and, if it successfully completes the relevant due diligence process, will underpin the long-term value of the company’s post-Phase 1 (PP1) development plans. We value LAMDA’s existing mall and marina operations plus Phase 1 at around €12.30/share. In addition, investors can take further comfort in the potential value of the PP1 developments, which we originally valued at €9.30/share. LAMDA is due to announce H125 results on 17 September and more detail relating to the ION disposal may be forthcoming at that stage.

• Context: The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. Unlike most central banks, the BoJ announces its decisions flexibly, usually around noon.
• Highlight: Analysis of the past 13 meetings hints at patterns linking longer meetings and delayed announcements with policy changes, including a surprise hike in July 2024.
• Why it Matters: This analysis helps investors interpret timing signals ahead of the 19 September decision, assessing whether delay itself could hint at an outcome shift.

• The report explores Intuition Protocol, a decentralized trust layer designed to solve the internet’s core challenge: how information is discovered, validated, and shared.
• Unlike centralized Web2 platforms or binary prediction markets, Intuition introduces Token Curated Graphs built from Atoms (unique data identifiers) and Triples (relationships between them).
• By aligning economic incentives, social capital, and portable data structures, the protocol turns knowledge into an asset class—one that individuals, communities, and AI agents can own, curate, and monetize.

• Property management play Evergrande Property Services (6666 HK) (EPS) is currently suspended pursuant to the Takeovers Code. 
• Evergrande (3333 HK) controls 51.71%. This suspension is either a precursor to a Scheme; or (more likely) cash-strapped Evergrande is exiting, potentially triggering an unconditional MGO. 
• Evergrande, currently in liquidation, was delisted from the HKEx on the 25th August 2025 after failing to fulfil HKEx resumption guidance. The delisting was arguably symbolic, but remains a milestone.

• Back on the 3rd July 2025, Jilin Province Trust must a voluntary Offer at HK$0.70/share (~0.23x P/B!!) for troubled rural commercial bank Jilin Jiutai Rural Comm Bank (6122 HK). 
• Shares have been suspended since 12th March. Jilin Jiutai have yet to publish their 2024 annual results. It’s doubtful shares will resume trading. Ever. 
• The Composite Doc Booklet is now out, with a H-share class meeting on the 24th October, the same day as the first close. The IFA (Gram) says “fair & reasonable“.

• Evergrande Property Services (6666 HK) is in a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
• The trading halt likely relates to Evergrande (3333 HK) liquidators’ efforts to sell Evergrande Group’s majority interest in Evergrande Services.
• The sale is likely to trigger an unconditional mandatory general offer. I estimate the potential offer price to be around HK$1.08 per share, a 17.8% premium to the last close.

• In Evergrande Property Services (6666 HK): Offer Expected As Parent (Likely) Exits., I speculated on the outcome of Evergrande Property Services (6666 HK) (EPS)’s suspension due to the Takeovers Code. 
• EPS has now announced that the liquidators for Evergrande (3333 HK) have been fielding non-binding Offers for Evergrande’s 51.016% stake in EPS. Final proposals are expected to be submitted by November.
• With a view to maximizing proceeds, the liquidators will ideally seek a sole bidder, leading to a change of control. And an unconditional MGO.  Shares resume trading this morning.

• Dev X planning to double the operational capacity in next two years.
• Company is also planning to repay certain debt, while its tier-2 focus and backward integration provides them edge over its peers
• Operationally, they are better than peers, evident from longer period lease and high occupancy rates

• Context: The LIC Housing Finance (LICHF IN) vs. Bank Of India (BOI IN) price-ratio deviates more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long LIC Housing Finance (LICHF IN) and short Bank Of India (BOI IN) targets a 7% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Context: The QBE Insurance (QBE AU) vs. Medibank Private (MPL AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long QBE Insurance (QBE AU) and short Medibank Private (MPL AU) targets a 6% 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 market for real-world AI is projected to be a significant driver of both enterprise and consumer AI adoption. While the enterprise AI market size is estimated to reach $450 billion by 2030, targeting industries such as manufacturing, logistics, healthcare, energy, and finance, the consumer AI market size is projected to reach $674.49 billion by 2030.
• IoTeX is a modular L1 blockchain and middleware platform connecting various centralized and decentralized real-world data sources to AI models and applications.  It empowers a decentralized agentic economy by enabling secure, scalable, and privacy-focused interactions between devices, humans, dapps, and AI agents.
• IoTeX’s unique strength lies in its three-layered real-world AI tech stack: data ingestion layer for connecting various centralized and decentralized data sources (APIs, modular DePIN infrastructure), data verification & processing layer for data aggregation, formatting, indexing, and proving (Quicksilver), and Adaptive AI core layer for domain-specific and foundation model training and AI inferences (Realm).

• We close out our long on Inter downgrading it from buy to neutral; Inter was the more profitable half of our prior pairs trade with our past short on Nubank
• This is in part a tactical downgrade, locking in gains but it also reflects that Inter is no longer a bargain neobank in terms of valuations
• In addition, Inter’s neobank metrics continue to lag those of its core peer Nubank meaningfully, and its risk weighted asset growth is accelerating, consuming more of its modest capital cushion

Partners Group Private Equity Limited (PEY) recently announced several major transactions, including a block sale of part of its shares in the listed Vishal Mega Mart, as well as exits from PCI Pharma Services and Techem (both coupled with a minority reinvestment). Partners Group (PG), PEY’s investment manager, expects a further pick-up in both realisations and investments in the coming quarters. This raises the prospects for PEY’s share repurchases in line with its capital allocation framework, alongside its regular dividend. Meanwhile, PEY’s NAV total return (TR) of -5.7% in H125 was affected by fx headwinds from the weakening of the US dollar. We note PEY’s recent inclusion in the UK 250 index.

• Metaplanet raises JPY 205bn via discounted share issue, doubling Bitcoin holdings to ~32,000 BTC and reframing investor focus toward Bitcoin-per-share growth.
• Despite 50% dilution, BTC yield per share rises ~50% in Q3, positioning Metaplanet as a structural proxy for digital monetary assets.
• Enhanced balance sheet flexibility should enable a further JPY 125bn raise in Q4, reinforcing the company’s long-term accumulation strategy and premium valuation.

• Only very few senior executives have benefitted from privatisation of IDBI Bank
• Hefty remueration increases given to CEO and two Deputy Managing Directors
• Major improvement in the bank’s performance on account of government led injection of equity and bank’s share price has under-performed peers. 

• On 3 July, Jilin Jiutai Rural Comm Bank (6122 HK) disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70. IFA opines it is fair and reasonable. 
• The IFA analysis is flawed, and the offer is unattractive. Nevertheless, the offer represents the best-case scenario for minorities, as the timeline for resuming trading remains uncertain.
• While the 24 October vote on the delisting proposal should pass, the satisfaction of the minimum acceptance condition (90% of independent H shares) poses a challenge.

• Klarna’s IPO issue price of USD40 implies a market capitalisation of USD15.1bn and, according to financial press reports, the IPO was twenty-five times over-subscribed
• The Klarna IPO valuation metrics, versus its peers, still serves to highlight Affirm’s very stretched valuation and we stand by our Affirm sell rating
• On the positive side, we highlight PayPal as also the best value play of the major BNPL participants; we also like PagSeguro and Nexi

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
• UST yields increased yesterday, led by the front end, as market attention shifted to the release of PPI and CPI data over the next two days. The UST curve bear-flattened, partly unwinding four straight days of yield declines. Yields on USTs rose 7 bps to 3.56% for the 2Y, and 5 bps to 4.09% for the 10Y.
• Equities rallied to reach fresh record highs, as the expectation of Fed rate cuts offset the weakening jobs data. The S&P 500 was 0.3% higher at 6,513, while the Nasdaq increased 0.4% to 21,879.

• Shows cointegration with traditional gold assets but trades 24/7, on-chain
• Plays into the growing interest in on-chain real world assets (RWAs)
• For on-chain portfolios, a small XAUt sleeve can cut volatility and drawdowns.

Key points (machine generated)

• Host Hotels & Resorts, Inc. is the largest publicly traded hotel REIT with 43,000 rooms across 81 properties.
• The company faces challenges from a broken business model, reflected in its discount to net asset value and market expectations.
• There is potential for a 40-80% upside by restructuring assets into coherent portfolios to attract better buyers.

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.

Invesco Asia Dragon Trust (IAD) delivered an 18.1% net asset value (NAV) total return (TR) over the 12 months to end-July 2025, supported by the strong performance of Asian markets, especially China and Hong Kong. The performance was ahead of the 16.4% return delivered by its benchmark index (MSCI AC Asia ex-Japan), reinforcing our confidence in the managers’ strategy. The case for the trust’s investments is often contrarian at the point of purchase and may take time to play out, but over the long term IAD has delivered returns above the benchmark and its peers. The fund does not structurally favour any region, with one of its current strongest convictions being a revival of consumption in China, and there have been signs of positive economic readings in this area. Additionally, the trust’s share price TR in the last year was 21.5%, as the discount to NAV narrowed after the announcement of its merger with Asia Dragon Trust (DGN).

Key points (machine generated)

• LINE’s shares have declined 40% since its IPO in July 2024, creating an attractive investment opportunity at 12x 2025 normalized free cash flow.
• Despite concerns over slowing fundamentals, the company is expected to grow due to reduced supply risks, its LinOS management system, and M&A potential.
• With a 5% dividend yield and management forecasting a turnaround by late 2025, analysts project a price target of $70 to $90 by 2026, indicating limited downside risk.

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.

• Klarna priced a full-size IPO of 34.3 million shares at $40.00, coming in $3 above the marketed range. Shares opened on Tuesday at $52.00, a +30.0% gain at first trade.
• The deal reflected exceptional institutional interest, reportedly 25x oversubscribed, with half the order book zeroed. The top 10 accounts received 45% of allocations, and the top 25 took 65%.
• It’s difficult to forecast 30-days out with this IPO given the market moving headlines and events expected. Overall, we believe that the stock could trade flat to slightly higher.

• The Sony Financial Holdings (8729 JP) (now called Sony Financial Group Inc (“SFGI”)) spinoff approaches. It will start trading 20 days from now.
• Yesterday, the TSE confirmed approval (outline, Securities Report (J), Corporate Governance Report (J). The company provided details of a possible ToSTNeT-3 buyback on Day 2 pre-open. That complicates things.
• The introduction of that type of buyback flexibility indicates that supply overhang may be managed better than buyers would hope. Means other strategies may be necessary.

• Context: The Central Bank Of India (CBOI IN) vs. Indian Overseas Bank (IOB IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Central Bank Of India (CBOI IN) vs. short Indian Overseas Bank (IOB IN) targets a 5% return to the statistical mean reversion level.
• 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.

• Sumitomo Mitsui Banking Corporation (SMBC) aims to raise around US$700m via a cleanup of its 1.65% stake in Kotak Mahindra Bank (KMB IN).
• SMBC received RBI’s approval last month to buy a 24.99% stake in Yes Bank (YES IN). As per media reports,the cleanup is to procure funds for its Yes Bank stake.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• BMPS has secured control of Mediobanca following improved terms; the offer will briefly reopen in mid-September. Market pricing has tightened the spread, reflecting convergence momentum into settlement and governance changes.
• Acceptance dynamics likely favor incremental tenders during the re-open window as control clarity rises and strategy signals firm. Catalysts cluster around board composition, formal results notices, and subsequent settlement milestones.
• For risk-arb, positioning now focuses on convergence mechanics and disciplined hedging around headlines; sensitivity to bidder shares remains material while post-offer pathways may include on-market top-ups and medium-term threshold considerations.

• American Airlines Group reported its second-quarter 2025 financial results, highlighting a strategic focus on expanding its range while maintaining stability amidst a turbulent market.
• The airline achieved an adjusted pretax profit of $869 million, translating to earnings per share of $0.95, marking the high end of its prior guidance.
• The company generated record revenue of $14.4 billion, demonstrating resilience in a fluctuating demand environment.

• The underwriters raised the price range from $17–$19 to $24–$26, one of the largest upward revisions in recent memory.
• The underwriters re-filed a prospectus and added a $50 million concurrent private placement with Nasdaq on Tuesday morning.
• From our years of experience in IPOs and short-term forecasting, one rule stands above the rest: deal dynamics.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT, Vedanta Resources
• UST yields declined for a fourth straight day yesterday, in a continuation of the trend following the releases of weak JOLTS and nonfarm payroll data last week. The UST curve bull-flattened for a second day. The yield on the 2Y UST declined 2 bps to 3.49%, while the yield on the 10Y UST fell 4 bps to 4.04%. Equities climbed, with the S&P 500 and Nasdaq up 0.2% and 0.5%, respectively.
• In the US, the New York Fed one-year inflation expectations rose to 3.20% (3.09% p).

• The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th September 2025.
• There will be two ADD/DEL for T50, five separate ADDs/DELs for T100, and no changes for TDIV.
• All of these are exactly in line with our final expectations.

• Deputy PM Koo guided the threshold decision by month-end, likely before Chuseok; historically, Seoul drops major policy prints on Thu/Fri, pointing to 25–26 as the high-prob window.
• Local intel points to ₩5bn; strong public pushback makes it politically locked. Traders are positioning ahead of the 25–26 window, balancing index longs with hedges.
• FSS break-up creates regulatory uncertainty, pressuring banks and brokers. Traders appear to be pairing index longs with financials shorts, riding policy momentum while hedging sector risk.

• Commerce network Klarna Group will offer 34.3 million shares at $35-$37 and to debut on Wednesday (9/10).
• The direct comp, Affirm, posted a strong quarter but some of Klarna’s metrics are on par or potentially stronger than its competitor. 
• The valuation, both relative to peers and compared with prior “bloated” rounds, looks far more reasonable this time.

• FT Intermediate (FIGR US) is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.
• A key driver is Figure Connect, its blockchain-based marketplace launched in mid-2024, which has already transacted $1.3 billion in HELOC volume with 27 marketplace participants onboarded.
• The company can significantly reduce middle men and has been gaining market share but still have just a small piece of this large pie.

• The deal has moved into its closing stretch, with process milestones largely secured. From here, this feels more like a basis clean-up than a binary event, with execution discipline paramount.
• Value now leans on PHP shares rather than regulatory drama. Hedging the stock leg frames the opportunity; avoiding complexity and timing slippage likely matters more than squeezing every basis point.
• Squeeze-Out is advancing; settlement expected in October as delisting completes. I recommend treating CMA headlines as background noise and keeping sizing disciplined.

Key points (machine generated)

• Paraguay’s economy is growing rapidly with a GDP of $43 billion and stable geopolitics.
• The country has low taxes, minimal debt, and strong fiscal management, leading to a strong currency and a recent credit rating upgrade to investment grade.
• Banco Continental is the leading bank in Paraguay, with a market cap of $700 million, attractive share pricing, and expected earnings growth of 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.

• Context: The Bendigo And Adelaide Bank (BEN AU) vs. NAB (NAB AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Bendigo And Adelaide Bank (BEN AU) and short National Australia Bank (NAB 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.

Key points (machine generated)

• The author predicts a significant breakout for silver due to a 50-year cup and handle formation.
• Gold has been favored by central banks, especially in Asia, while silver has faced challenges from rising real interest rates.
• Silver’s growth potential is emphasized, with $2 trillion in above-ground silver compared to gold’s $22 trillion valuation.

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)

• NB Bancorp (NBBK) is acquiring Provident Bancorp, enhancing its pro forma valuation.
• Post-merger, NBBK trades at 77% of tangible book value, with projected EPS for 2026 nearing $2 due to cost savings.
• NBBK has repurchased 5% of its shares at $19.07 and plans another 5% buyback despite a current share price of $15.98.

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)

• The author identifies Nisshin Group as a promising undervalued Japanese investment in the real estate sector.
• Nisshin operates in Tokyo, focusing on residential condominiums and rental properties, with a solid business model and consistent profitability.
• Despite stagnant stock performance over two decades, Nisshin has shown modest growth and improving margins, supported by a committed management team.

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.

• 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 six pair trade opportunities across three markets and four 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.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.
• On the placements front, deals continue to flow through as the market remains receptive. 

• 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: Going long Bank Of Queensland (BOQ AU) and short Commonwealth Bank of Australia (CBA AU) targets a 4% return, with Bank Of Queensland (BOQ AU) supported by cheaper valuations.
• 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.

• BBVA’s bid goes live on 8 Sept, but a –8.71% spread and poor optics keep tactical long SAB / short BBVA trades attractive.
• Sabadell continues to boost standalone appeal via dividends, TSB sale, and strategic capital returns, reducing shareholder incentive to tender at current terms.
• Legal overhang and merger restrictions extend into 2028, capping synergies and reinforcing the asymmetry in event-driven positioning ahead of potential bid adjustments.

• Context: The Kotak Mahindra Bank (KMB IN) vs. Bajaj Finance (BAF IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Kotak Mahindra Bank (KMB IN) and short Bajaj Finance (BAF IN) targets a 9% return, with the long position supported by cheaper valuations.
• 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.