In today’s briefing:
- BBVA’s Hostile Offer for Sabadell Moves into Final Phase: The Catalan Conundrum
- Strike (6196 JP): 1H FY09/25 flash update
- Hokkoku Financial Holdings (7381 JP): Full-year FY03/25 flash update
- Japan Investment Adviser Co (7172 JP): Q1 FY12/25 flash update
- SES AI Corp. – MU-0 Shows the Future for SES AI Across Multiple Battery Markets
BBVA’s Hostile Offer for Sabadell Moves into Final Phase: The Catalan Conundrum
- CNMC approved BBVA’s bid with mild SME lending and branch access commitments. The offer now enters Phase 3, with government review and CNMV filing expected by late Q2 2025.
- Sabadell shares trade 6.7% above the offer value, suggesting market expectation of an improved bid or deal failure. The gross spread is negative despite regulatory momentum.
- BBVA’s CET1 would drop to 11.99% under current terms. It can raise the cash offer by €0.12–0.17/share and still stay above 11.5%, allowing room to improve the deal.
Strike (6196 JP): 1H FY09/25 flash update
- Revenue for FY09/25 was JPY9.0bn, a 3.0% YoY decline, with operating profit at JPY2.4bn, down 34.2%.
- Cost of revenue increased 14.2% YoY to JPY3.7bn, driven by higher personnel and referral fees.
- Dividend payout ratio target increased to 50%, with annual dividend forecast raised to JPY180.0 per share.
Hokkoku Financial Holdings (7381 JP): Full-year FY03/25 flash update
- Consolidated ordinary income decreased by 1.4% YoY to JPY89.6bn, while gross profit increased by 39.3% YoY.
- Hokkoku Bank’s core operating profit rose 87.8% YoY, driven by increased net interest income and operating income.
- For FY03/26, the company forecasts a 46.4% YoY increase in consolidated ordinary profit to JPY18.0bn.
Japan Investment Adviser Co (7172 JP): Q1 FY12/25 flash update
- Q1 revenue increased 22.3% YoY, driven by a 19.5% rise in Operating Lease business revenue, reaching JPY11.0bn.
- Operating profit margin rose 9.9pp to 63.3% in Q1, despite foreign exchange losses of JPY448mn.
- Total value of operating lease deals arranged in Q1 was JPY79.3bn, with significant growth in vessel arrangements.
SES AI Corp. – MU-0 Shows the Future for SES AI Across Multiple Battery Markets
- SES AI, a leader in AI-powered battery research, released the first version of Molecular Universe MU- 0 on April 29.
- The live demo explained MU-0’s features and pricing structures. Molecular Universe is for mass- produced material discovery and development services, SES AI’s largest and most profitable revenue component.
- The company expects the platform to deliver commercially practical winning solutions that help users compete.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
