Daily Brief Financials: Aadhar Housing Finance, Wanda Hotel Development, Aspen Insurance Holdings, Canara Robeco AMC, Avjennings Ltd, BlackRock Latin American Inves, American Integrity Insurance Group, Centurion Corp, Krung Thai Bank Pub, Aruhi Corp and more

• Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon
• AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
• In this note, we will talk about the lockup dynamics and possible placement.

• Wanda Hotel Development plans to sell hotel management operations to Tongcheng Travel for HK$2.4bn, exceeding its market cap.
• WHD intends to return most sale proceeds to shareholders, retaining some for working capital and future investments.
• WHD retains valuable real estate assets, including Chicago condos and a Guilin shopping mall, with potential additional sales.

• The stock opened at $33.25 versus the $30.00 issue price for a gain of 10.8% at first trade.
• According to guidance that the deal finished north of 10-times oversubscribed. The guidance pointed to a midpoint pricing and that is where the final outcome occurred.
• The sponsor, Apollo Global, is known for being a shrewd entity and a stickler on price, however, in this instance investors saw solid value in the company.

• Canara Robeco AMC (570515Z IN) is looking to raise about US$176m in its upcoming India IPO. The deal will be run by Axis, JM Fin and SBI Caps.
• Canara Robeco is an asset management company engaged in managing mutual funds and providing investment advice on Indian equities to Robeco Hong Kong Limited, a member of the Promoter Group.
• According to CRISIL, it is India’s second oldest asset management company.

• The Avjennings Ltd (AVJ AU) IE considers AVID’s A$0.655 offer fair and reasonable as it is above its A$0.54-0.61 valuation range.
• The offer is conditional on shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk, as SC Global (54.02% of outstanding shares) will vote in favour. 
• The attractive offer represents a 98.5% premium to the undisturbed price. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.  

BlackRock Latin American Investment Trust’s (BRLA’s) lead co-manager Sam Vecht reiterates his enthusiasm for a region that is out of favour with other investors. He recognises that returns in Latin America can be volatile, so takes a longer-term view, seeking companies with the potential for stable growth that are trading on reasonable valuations. The manager has developed an in-depth knowledge of the region because of his frequent visits, which include travel to the smaller countries as well as to Brazil and Mexico, the economies of which dominate Latin America. Vecht believes that meeting a wide network, including corporate executives, government officials and community members, allows him to uncover interesting opportunities that may be overlooked by other investors.

• Specialty insurer American Integrity Insurance Group (AII US) came to market Thursday with solid interest from sector-dedicated investors producing a 15.6% winner at first trade.
• According to our sources, the deal was well-oversubscribed which equates to roughly 5x-6x in terms of granular subscription levels.
• Given the choppiness of the broad market in April and the temporary pause in the IPO market, the insurance sector was the perfect area to lead the comeback.

• GLP aims to bounce back from a $1.8B loss by selling its international funds business.
• BlackRock, Centurion, Coliwoo, and Arch are exploring residential opportunities at the Singapore Forum.
• The goal is to create a mutually beneficial situation for investors and occupiers through these discussions.

• Krung Thai ranks top of the Thai bank peer group on our weighted scorecard methodology, based on multiple valuation parameters, as well as balance sheet and return metrics
• Krung Thai is driving its solid post-provision profitability higher, delivering close to double-digit ROE with a premium capital ratio for a PBV ratio of under 0.7x
• The recent Trump tariff induced correction in the Krung Thai share price is a buying opportunity; it has scope to narrow the valuation gap with SCBx

• In FY03/25, SBI ARUHI’s operating revenue increased 9.2% YoY to JPY22.3bn, with pre-tax profit up 4.3% YoY.
• For FY03/26, the company forecasts operating revenue of JPY23.0bn (+3.2% YoY) and pre-tax profit of JPY2.5bn (+3.0% YoY).
• SBI ARUHI’s five-year plan aims for JPY55.0bn operating revenue, JPY10.0bn pre-tax profit, and over 10.0% ROE.