Daily Briefs

• There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
• If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
• The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.

• Brian Freitas has discussed in a recent insight the methodology changes for the NSE Nifty Bank Index that will be implemented starting from December 30.
• HDFC Bank (HDFCB IN) is one of the two stocks that passive trackers need to sell (the other is ICICI Bank Ltd).
• HDFC Bank (HDFCB IN) is falling this week, so we analyze our model’s WEEKLY support entry zones, to evaluate how much HDFC Bank can fall, for hedging or re-entry purpose. 

• KakaoBank is a dominant digital-only bank in South Korea, leveraging the vast user base of the KakaoTalk messenger platform to achieve significant market penetration and rapid growth. Its branchless model provides a structural cost advantage over traditional incumbents.
• The bank is pursuing an aggressive growth strategy focused on expanding its customer base to 30 million and total assets to KRW 100 trillion by 2027. Key initiatives include diversifying into new loan products, enhancing platform services (e.g., advertising, loan comparison), and expanding internationally into markets like Indonesia and Thailand.
• While growth has been robust, the company faces significant risks from intense competition from other digital banks (K-Bank, Toss Bank) and traditional banks’ digital offerings. Furthermore, regulatory uncertainty, particularly concerning its largest shareholder, Kakao Corp., and potential government measures to manage household debt, presents a material headwind.

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• Wealthfront targets digital-native high earners, with 1.3 million funded clients and $88.2 billion in platform assets, driving strong client retention and organic growth.
• The IPO offers 34.6 million shares at $12–$14, raising $255.2 million, with proceeds supporting working capital, debt repayment, and potential acquisitions.
• The company demonstrates robust financial performance: 26% year-over-year revenue growth, 36% net income margins, and a proven product-led growth strategy supported by strong client engagement.

• H1-26 (to 30 Sep 25) saw EBITDA jump 14% y-o-y to £4.2m and EBITDA margin up from 20.8% to 24.6%.
• Impressively, this was achieved in a muted period for portfolio activity, with revenue slightly down from £17.6m to £17.2m.
• AUM was marginally up at £2.0bn.

• Our key picks for 1H 2026 are driven by fundamental valuations, margin and growth prospects; top of our buy list is Nexi, with PagSeguro in second place
• Our key sell is Affirm; the increasingly competitive BNPL market is a potential “banana skin” for its premium growth forecasts, coupled with potentially worsening consumer credit delinquency
• Klarna is one to watch in 1H 2026, but it is not there yet; the share price’s underwhelming performance post-IPO reflects the competitive BNPL market, especially in the US

Key points (machine generated)

• Realgate, listed on the Tokyo Stock Exchange under code 5532, reported an operating profit over 1 billion yen for the fiscal year ending September 2025.
• Founded in 2009 and led by President Yutaka Iwamoto, Realgate focuses on revitalizing old buildings in urban areas into flexible workspaces.
• The company has shown consistent revenue growth for 16 periods and became a consolidated subsidiary of CyberAgent in July 2021, leading to its listing in June 2023.

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Target Healthcare REIT has acquired three operational care homes and one new development for a total of £45m, deploying more than half the proceeds of its recent nine-home portfolio disposal. The high-quality homes, let to a strong new but established tenant, have been acquired at an accretive blended net initial yield of more than 6%. With significant remaining available capital, and a strong pipeline of similarly attractive opportunities, we expect acquisitions, in combination with indexed rent reviews, to drive continuing earnings and DPS growth.

• Dominant Market Position with a Wide Moat: As the sole domestic reinsurance company in Taiwan, Central Reinsurance holds a significant competitive advantage, benefiting from strong relationships with local clients and a deep understanding of the domestic market.
• Strong Financial Performance and Shareholder Returns: The company has demonstrated robust growth in net income and has a track record of attractive dividend payouts, underscored by a very strong capital and earnings position.
• Exposure to Catastrophe Risk and Geographic Concentration: The company’s earnings are inherently volatile due to its exposure to natural catastrophes, particularly earthquakes and typhoons in its geographically concentrated Taiwanese market.

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• SBI Shinsei Bank (8303 JP), a Japanese financial institution, has set an IPO price range of JPY1,440 to JPY1,450 per share compared to the reference price of JPY1,440.
• I discussed the relisting in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Valuation Insights. 
• The relisting has attracted solid interest from several investors. The peers have modestly re-rated, and the IPO price range is attractive.

• NSE Indices has announced the methodology changes for the NSE Nifty Bank Index (NSEBANK INDEX) that will be implemented in 4 tranches starting in December.
• Yes Bank (YES IN) and Union Bank Of India (UNBK IN) will be added to the index to increase the number of constituents from 12 to 14.
• Passives need to sell HDFC Bank (HDFCB IN) and ICICI Bank Ltd (ICICIBC IN) while buying all the other stocks in the index.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing.
• SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
• We looked at the company’s past performance in our earlier note. In this note, we talk about valuations.

• Global team focusing on what’s new for 2026 in terms of market outlook
• Bullish on Eurodollar, expecting more modest gains due to US resilience
• Dollar maintains yield supremacy, but new cyclical currencies emerging as carry efficient options for hedging volatility shocks

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• Macro crew discussed a benign outlook on carry fairly risk on climate for the first half of the year
• FX vols expected to be fairly contained in 2026 due to factors like US growth and central bank activity
• Themes for positioning in 2026 include bullish European growth, antipodean FX, and bearish Yen outlook

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• Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
• Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
• In our previous note, we looked at its past performance. In this note, we will talk about valuations.

• Top Hong Kong Stock Exchange listed covered call candidates for the month of December.
• The top 10 provide an average ~6.9% premium with a potential ~8.4% upside P&L if exercised.
• Investors with a neutral 1-month view on the underlying can seek to generate income.

• NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
• NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
• In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.

• Priority Technology received a non-binding privatization offer from its founder at $6-$6.15/share, with a 11%-14% spread.
• Generation Bio completed restructuring, now a cash shell with net cash at $7.6/share, 50% above current price.
• Sotherly Hotels’ preferred shares trade with a 12-14% spread to offer price, common shares at 5% spread.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Genting Berhad, Meituan
• UST yields climbed 1-3 bps on Friday, albeit there were no material catalysts as the market returned after Thanksgiving. The yield on the 2Y UST rose 1 bp to 3.49%, while that on the 10Y UST was up 2 bps at 4.01%. Equities climbed on thin trading in a shortened postholiday session. The S&P 500 and Nasdaq advanced 0.5% and 0.7% to 6,849 and 23,366, respectively.
• China’s November official manufacturing PMI edged up to 49.2 (49.4 e / 49.0 p), albeit remaining in contraction territory for the eighth straight month. The non-manufacturing PMI slipped to 49.5 (50.0 e / 50.1 p), with the composite PMI declining to 49.7 (50.0 p).