Daily Brief Financials: Capitaland Integrated Commercial Trust, Knowledge Realty Trust, Hana Financial, JDC Group AG and more

• Capitaland Integrated Commercial Trust (CICT SP) is looking to raise at least S$500M (US$388m) in a primary placement.
• The deal represents 9.7 days of 3 month ADV and ~3% of market cap.
• In this note, we comment on the deal dynamics and run the deal through our ECM framework.

• Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
• Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
• In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

• We stick with Hana Financial as our sole buy in Korean banks; even though it does not top our proprietary scorecard, it remains attractively valued and its returns are improving
• We downgrade Woori to a neutral from a buy, with Woori now trading at a PBV premium to Hana; historically, this has been an indicator of future poor share performance
• KB Financial ranks top in our scorecard; KB is one watch, but remains a neutral due to limited appeal in terms of valuation

JDC Group has acquired 60% of lead generation specialist FMK Group. The total purchase price consists of a fixed component in the mid-double-digit million euro range and variable components in the form of earn-out payments in the low-double-digit million euro range. As such, it is JDC’s largest acquisition to date. We expect management to provide more information on the transaction and its metrics during the investor and analyst call scheduled for Wednesday 6 August at 2pm CET. JDC has also increased its FY25 guidance and provided guidance for FY26. Please note that the estimates below have not yet been adjusted for the acquisition.