In today’s briefing:
- PCOMP Index Rebalance: PLUS to Replace BLOOM as Regulatory Concerns Hit Stock
- ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock
- Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold
- Haier D-Share (690D GR) — 2025 Update
- Weekly Update (LION, MAGN, NLOP, SONY)
PCOMP Index Rebalance: PLUS to Replace BLOOM as Regulatory Concerns Hit Stock
- As forecast, DigiPlus Interactive (PLUS PM) will replace Bloomberry Resorts (BLOOM PM) in the Philippines Stock Exchange PSEi Index (PCOMP INDEX) at the close of trading on 15 August.
- DigiPlus Interactive has traded lower following the filing of the Online Gambling Regulatory bill that aims to enhance responsible gaming standards and strengthen regulatory oversight in the sector.
- DigiPlus Interactive is in the early stages of a buyback and is looking to launch in Brazil and South Africa. The index inclusion could provide some respite in the short-term.
ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock
- 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, Inida ECM flows continued unabated with more deals being launched.
- On the placements front as well, India saw over US$2bn worth of deals during the week.
Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold
- Founded by Gaurav Singh Kushwaha, who holds 18% stake (Pre-IPO), Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN) is an omni-channel jewellery brand in India.
- Company experienced losses since its inception, which is attributed to its growth and expansion strategy. As of March 31, 2025, the company had accumulated losses amounting to INR 24,583.31 million.
- Bluestone is valued at market cap of INR 78230 million,which is 4.4x FY25 revenue.Given ongoing losses, negative cash flows,promoter share pledge, and aggressive expansion, we believe it’s a steep ask.
Haier D-Share (690D GR) — 2025 Update
Haier is the world’s largest home appliances company, with particular strength in refrigerators and washing machines. It’s got multiple world-renowned brands, including Haier, GE Appliance, Fisher & Paykel, Candy and more.
The company was largely built by visionary entrepreneur Zhang Ruimin, who created a corporate culture unique in China and beyond. He spearheaded Haier’s international expansion, acquiring companies such as America’s GE Appliances and Italy’s Candy, giving it local distribution networks for its lower-priced Haier offering.
In late 2020, Haier Smart Home merged with its separately-listed distribution subsidiary Haier Electronics. Following this complex transaction, Haier was left with three separate share classes: A-shares listed in Shanghai, H-shares listed in Hong Kong and D-shares listed in Frankfurt.
Weekly Update (LION, MAGN, NLOP, SONY)
Sony Group Corporation (SONY) is planning to partially spin off its financial services division, Sony Financial Group Inc. (SFGI), in what would be Japan’s first major spin‑off with a direct listing in over two decades.
The company will divest 80% of its stake while retaining the remaining 20%, and the spin‑off is scheduled for September 29, 2025.
- This looks interesting to me as I see potential for indiscriminate selling. Sony Financial Service Group contributes ~13% of Company Net Income (¥1,067.4B).
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