Daily Brief Financials: Bullish US, National Stock Exchange, HSBC Holdings, Canara HSBC Life Insurance, Precinct Properties New Zealand, FnGuide Inc, HSBC Holdings , Keppel REIT, T&D Holdings, Hang Seng Bank and more

• Global Index Provider M _ _ _ announced an index consultation on Digital Asset Treausry Companies on 27 August. Friday, they extended til year-end, but gave a clear proposal update. 
• They propose to exclude companies where digital asset holdings represent >50% of assets. They seek input. They also seek input on whether a company self-defines as a DAT…
• And also look at stated reasons for capital raising. A preliminary list suggests Strategy (MSTR US)  and Metaplanet (3350 JP) are obvious targets. Others will be too. 

• NSE dominates market as it maintains a near-monopoly (∼90% share) in equity cash and dominates the booming derivatives segment.
• NSE’s Revenue and PAT are 5-9x larger than BSE’s, with a much higher PAT margin (68% vs. 44%).
• NSE Holds appreciating, strategic minority stakes in high-potential financial infrastructure companies which can be seen as hidden value for NSE.

• The decision to invest a large sum of money to increase Hong Kong and Mainland China banking exposure, seems oddly timed
• There is no exceptional discount to drive this decision, and there is unlikely to be any major resumption former times
• Granular data on credit metrics from HSB shows marked weakness, deterioration, and with privatization, we may only see this data one more time.

• Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.
• CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
• In this note, we talk about the peer comp and implied valuations in the IPO price range.

• Precinct Properties New Zealand (PCT NZ)  is looking to raise around US$163m from a primary placement.
• This is a large deal to digest, representing 193.7 days of the stock’s three month ADV and 13.4% of shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

Key points (machine generated)

• FnGuide, established in 2000, is a leading provider of market data and equity indices in South Korea.
• The company operates in three segments: financial market data, equity indices, and fund ratings, with the latter having limited market share.
• FnGuide’s ‘Value-Up’ plan focuses on improving stability, profitability, and growth, positioning it alongside global competitors like Factset and S&P Global.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• HSBC’s stock is trading at high multiples, but a drop in 1M HIBOR could reduce their 2026 EPS by about 10%, a risk not yet reflected in estimates.
• The bank’s net interest income is more sensitive to low HIBOR rates than disclosed, raising concerns for management about prolonged low rates.
• In a bearish scenario, HSBC’s stock could decline by 20%, while Barclays presents a strong long opportunity with expected NII growth and undervaluation.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Institutions were net buyers of Singapore stocks with S$250 million inflow, led by DBS Group and Sembcorp Industries.
• Keppel REIT raised S$113 million through a private placement to finance a 75% stake in Top Ryde City Shopping Centre.
• ASL Marine Holdings entered a placement agreement for 41,104,000 shares at S$0.1703 each to support business expansion.

• T&D Holdings operates a unique and resilient business model in the mature Japanese life insurance market through three specialized subsidiaries, each targeting a distinct demographic: Daido Life for small and medium-sized enterprises (SMEs), Taiyo Life for the senior market, and T&D Financial Life for the bancassurance channel.
• The company has demonstrated remarkable earnings recovery, swinging from a net loss in FY2023 to significant profitability in FY2024 and FY2025, driven by strategic initiatives and a shifting economic environment. The 3-year net income CAGR of 107.35% is a testament to this turnaround.
• While the company’s focused strategy provides a competitive moat, it faces key risks from Japan’s demographic shifts, interest rate volatility impacting its vast bond portfolio, and intense competition within the broader insurance and financial services sector.

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• Since announcing HSBC (5 HK)‘s Offer, Hang Seng Bank (11 HK) has traded tight-ish to terms, at a ~3.9% gross spread (including dividends). Or ~10% annualised if a five month offramp.
• Annualised spreads for clean liquid deals in Asia-Pac, do tend to widen after day 1. Meaning, the gross spread remains roughly static as investors hit their full quota early on.  
• HSBC shareholders are questioning the deal merits. For Hang Seng minorities, this is a great exit. Inside this report, I take a deeper dive into Hong Kong bank takeover precedents.