Daily Brief Financials: Bullish US, Metaplanet, Mercuria Holdings, Willis Towers Watson , RHB Capital Bhd, Grandy House, Deutsche Beteiligungs AG, FaithNetwork Co Ltd, ARCIL and more

• Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
• The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
• The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.

• Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).
• Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.
• Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.

• Operating revenue decreased 14.3% YoY to JPY1.9bn, with gross profit declining 24.9% YoY to JPY1.5bn.
• The recurring loss was JPY159mn, influenced by a JPY325mn drop in gross profit and foreign exchange losses.
• New investments were made in the Buyout and Growth strategies, and a Structured Equity Investment Strategy was launched.

• In the second quarter of 2025, Willis Towers Watson (WTW) reported a commendable financial performance, characterized by organic revenue growth and significant earnings per share (EPS) enhancements.
• The company delivered a 5% organic growth, achieving an adjusted EPS of $2.86, a 20% increase from the previous year.
• These results underscore WTW’s effective strategic execution in a challenging macroeconomic climate, reflecting strong resilience amidst geopolitical uncertainties and inflationary pressures.

• We downgrade RHB Bank Bhd (RHBBANK MK) , our sole buy in Malaysian banks, to a neutral from a buy rating
• Despite its attractive valuation credentials, RHB Bank, has not been one of our successful buy picks; nonetheless, quarter-to-date it has delivered a small positive (+2%) USD return
• Despite global market relief from another US-China tariff deadline extension, we believe that in the case of Malaysian banks, and RHB in particular, near-term positive catalysts are largely absent

• Grandy House’s Q1 FY03/26 sales were JPY12.6bn, with operating profit up 147.8% YoY, and recurring profit up 700.9% YoY.
• The company sold 279 new homes in Q1 FY03/26, down 34 units YoY, amid a challenging market environment.
• Total assets at end-Q1 FY03/26 were JPY67.7bn, with a JPY1.3bn decrease in cash and deposits from payments.

Deutsche Beteiligungs (DBAG) posted a 1.9% NAV total return (TR) in H125, with the positive impact of higher valuation multiples partly offset by a negative contribution from portfolio earnings growth and higher portfolio net debt. DBAG delivered on its promise of a pick-up in investment activity, with three private debt investments, a long-term minority investment into FinMatch (funded entirely from DBAG’s balance sheet) and a follow-on private equity (PE) investment in an existing portfolio company. Consequently, DBAG considers itself fully invested. Exits proved more difficult to complete in the current environment than expected, with management now assuming at least one realisation by the end of the year (compared to three to four exits expected until Q126 at the time of the Q125 results release). DBAG’s shares now trade at a wide 30.3% discount to the last reported NAV of its private market investments, on top of which DBAG’s shares offer exposure to its fund services business, generating recurring earnings (guided at €10–15m in FY25).

• The company reported Q1 sales of JPY3.0bn, a 51.2% YoY increase, with a gross profit of JPY692mn.
• Total assets increased by JPY1.2bn to JPY31.2bn, liabilities rose by JPY2.2bn, and net assets declined by JPY1.1bn.
• A stock split will increase total shares to 29,880,000, with a revised year-end dividend forecast of JPY40.0 per share.

• ARCIL (588250Z IN) is looking to raise at least US$344m in its upcoming India IPO. The deal will be run by IDBL Capital, IIFL Capital and JM Financial.
• Asset Reconstruction Company (India) Limited (ARCIL) is one of India’s leading asset reconstruction companies that acquires stressed assets, like non-performing assets, from banks and financial institutions. 
• The business is spread across three key verticals: Corporate loans, SME and Retail loans. Corporate loans have historically been the largest contributor to ARCIL’s AUM (75.48% in FY25).