In today’s briefing:
- Elite UK REIT: October 2025 Update
- Total Net Asset Value of ETFs Based on FnGuide Indices Exceeds 30 Trillion Won (US$21 Billion)
- Cross-Market Outlook: US Vs Asia — Who’s Overbought, Who’s Oversold?(Nov 4, 2025)
- Exzeo Group, Inc. (XZO): Profitable HCI Spinoff Insurtech Drawing Interest from IPO Investors
- 2025 Buyback Consideration Surpasses 10-year High
- Selected European HoldCos and DLC: October 2025 Report
- 2025 Buyback Consideration Surpasses 10-year High
- Central Bancompany, Inc. (CBC):Missouri Based Bank Sets Terms, Seeking $5.0b+ Valuation
Elite UK REIT: October 2025 Update
- This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.
- Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.
- Since our initiation report, several positive developments have emerged.
Total Net Asset Value of ETFs Based on FnGuide Indices Exceeds 30 Trillion Won (US$21 Billion)
- FnGuide is one of the key beneficiaries of the increased index investing in Korea.
- Total net assets of ETFs tracking FnGuide indices surged from about 14 trillion won at the end of 2024 to about 30 trillion won as of end of October 2025.
- There has been a sharp increase in foreign ownership of FnGuide from 0.4% at the end of 2023 to 14.5% as of 3 November 2025.
Cross-Market Outlook: US Vs Asia — Who’s Overbought, Who’s Oversold?(Nov 4, 2025)
- A look at our probabilistic tactical models for US and Asian Equities: comparing which stocks are overbought and which ones are oversold.
- Most of the U.S. and Asian stocks we track are overbought, with Asian markets showing the strongest overbought conditions.
- Meta (META US) and the CSI 300 Index (SHSZ300) offer bargain-hunting opportunities for tactical investors.
Exzeo Group, Inc. (XZO): Profitable HCI Spinoff Insurtech Drawing Interest from IPO Investors
- Exzeo Group (XZO US), a profitable spin-off from HCI Group, enters the market with exceptional financial discipline under CEO Paresh Patel.
- With $195 million in annual recurring revenue, 51.6% EBITDA margins, zero debt, and $75 million in free cash flow, Exzeo stands out as a combination of scale and profitability.
- Books are well oversubscribed heading into pricing, with a Thursday debut anticipated. However, Truist Securities’ role as lead left underwriter introduces some execution uncertainty given its limited IPO track record.
2025 Buyback Consideration Surpasses 10-year High
- In 2025, 78 primary-listed Singapore companies repurchased S$1.91 billion in shares, a 90% increase from 2024.
- 17Live Group repurchased S$6.2 million shares, 3.4% of its market capitalisation, reflecting disciplined capital deployment.
- Jason Marine Group’s first buyback since 2015 followed a 40% revenue increase and strong project deliveries.
Selected European HoldCos and DLC: October 2025 Report
- GBL: discount 28.6% (Oct 31). Selling €1.7bn GBL Capital NAV for €1.5bn cash (+€0.4bn deferred); €0.6bn commitments transferred. Simpler, more liquid, greater buyback firepower—supports discount narrowing.
- Sweden: Industrivärden discount 5.8% (near lows). Investor AB resilient; NAV SEK 1,024bn, TSR +5%. Quality ballast, limited discount alpha now.
- Vivendi: 33.2% discount to €4.67 NAV; AMF-driven OPA path intact. Scenario-weighted value ~€4.17; prefer outright long or stub vs UMG/Banijay/MFE; trim if discount narrows to 10–15%.
2025 Buyback Consideration Surpasses 10-year High
- In 2025, 78 primary-listed Singapore companies repurchased S$1.91 billion in shares, a 90% increase from 2024.
- 17Live Group repurchased S$6.2 million shares, 3.4% of its market capitalisation, reflecting disciplined capital deployment.
- Jason Marine Group’s first buyback since 2015 followed a 40% revenue increase and strong project deliveries.
Central Bancompany, Inc. (CBC):Missouri Based Bank Sets Terms, Seeking $5.0b+ Valuation
- Central Bancompany (CBC) targets a late-November IPO with strong fundamentals—$19.1B in assets, $14.2B in wealth under advice, and consistent profitability across diversified Midwest banking operations.
- The $5B–$5.7B Missouri-based bank’s offering seeks $374M in proceeds to support expansion and potential acquisitions, highlighting disciplined growth and a proven 123-year legacy of stability.
- Despite the ongoing government shutdown, CBC’s IPO remains on track for November 21, marking one of the largest and most diversified bank debuts in 2025.
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