Daily Brief Financials: Dongbu Insurance, Sony Financial Group, Kolte Patil Developers and more

In today’s briefing:

Spotted a Quietly Emerging Passive Flow Trade: Long DB Ins, Short Samsung Life in December
Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc
Kolte Patil (KPDL): Weak Q1FY26 Performance, However Medium-Term Potential Is Intact

Spotted a Quietly Emerging Passive Flow Trade: Long DB Ins, Short Samsung Life in December

Samsung Life replaced DB Insurance at 5% vs 4.3% weight on June 13, triggering 0.2x DTV inflow/0.5x outflow; Samsung +1.79%, DB -4.97%, long-short net ~7%.
For December, DB Insurance likely reclaims Samsung Life’s slot; with higher ETF AUM, expect ~+1.0x DTV inflow for DB, ~-0.6/-0.7x DTV outflow for Samsung.
Still under the radar locally; expect big ETF rebal day moves. With June’s precedent, consider starting positions a day or two early before desk trades.

Trading in Sony Corp (6758 JP) with Sony Financial Group (8729 JP) spin-off rights has passed. SFGI starts trading separately on 29 Sep. ¥150/share is good. ¥130-140/share is even better.
Naspers (NPN SJ)‘s NAV is edging towards the low-end on a 12-month basis, However, the implied stub is out of whack as Prosus NV (PRX NA) outperforms.
The Shandong Hi-Speed Holdings (412 HK) bubble has finally popped. Now what?

Q1FY26 pre-sales came in weak led by delayed launches; however, KPDL’s management has guided to do INR 3500cr+ (25% YoY growth) in pre-sales for the full-year FY26.
During Q1FY26, KPDL completed allotment of 14.3% equity stake to Blackstone bringing in INR 417cr of capital that is earmarked to be predominantly used as growth capital.
Due to ongoing transition phase with Blackstone (BX US) being added as a promoter, the business development activity has been slow. However, more clarity and visibility is expected post Q2.

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