In today’s briefing:
- Smartkarma Corporate Webinar | Elite UK REIT: Counter Cyclical Portfolio, Attractive Yields
- NPS Announces New Local SMID Fund Managers: Could Impact March KOSPI Size Index Migration Event
- Canara HSBC Life Insurance IPO Trading – Muted Demand All Round
- CSI 300 (SHSZ300) Tactical Outlook: Severe Downside Tail Risk
- Long The GPT Group (GPT AU) Vs. Short Stockland (SGP AU): 5% Stat Arb Opportunity in Aussie REITs
- Runwal Developers Pre-IPO Tearsheet
- Indian Public Sector Banks: Taking Profits on Bank of Baroda (BOB IN)
- Lucror Analytics – Morning Views Asia
- Itausa ( ITSA4 BZ): Itaú Unibanco Premium Rating Limits Holding Company Upside
Smartkarma Corporate Webinar | Elite UK REIT: Counter Cyclical Portfolio, Attractive Yields
For our next Corporate Webinar, engageIR by Smartkarma is glad to welcome Elite UK REIT (ELITE SP)’s team to Smartkarma. We will be joined by their Chief Executive Officer, Joshua Liaw, Chief Investment Officer, Jonathan Edmunds, and Chief Financial Officer, Michael Tong, along with Smartkarma Insight Provider Garreth Elston.
In the upcoming webinar, the Elite UK REIT team will share a short company presentation after which they will engage in a fireside chat with Garreth. The Corporate Webinar will include a live Q&A session.
The Corporate Webinar will be hosted on Tuesday, 11 November 2025, 18:00 SGT.
About Elite UK REIT
Elite UK REIT (“Elite REIT” (“英利房托”)), is a UK REIT listed in Pound sterling on the Singapore Exchange and managed by Singapore-headquartered Elite UK REIT Management Pte. Ltd. (the “Manager”).
Elite REIT’s Sponsors are Elite Partners Holding Pte. Ltd. (“EPH”), the holding firm for Elite Partners Group, an alternative investment and asset manager; and Ho Lee Group Pte. Ltd., a real estate and construction conglomerate.
Elite REIT’s portfolio comprises mostly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. With its portfolio, Elite REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions and other UK Government departments. As at 30 June 2025, Elite REIT’s portfolio has a total asset value of £421.5 million.
For more information on Elite UK REIT, please visit https://www.eliteukreit.com/
NPS Announces New Local SMID Fund Managers: Could Impact March KOSPI Size Index Migration Event
- NPS’s new SMID mandates use a benchmark, an 80/20 mix of the KOSPI Mid+Small Cap (Size Index) and KOSDAQ150, with ~₩500bn total, implying roughly a 20% step-up in mid/small-cap exposure.
- March KOSPI large→mid-cap migration could trigger significant passive flows, unlike last September when policy rallies and APR index noise distorted flow–price impact correlation.
- NPS compressed its SMID trading window near the effective date, hinting at tighter rebalancing; with ~20% mid-cap exposure bump in March, this could create a notable price impact trade.
Canara HSBC Life Insurance IPO Trading – Muted Demand All Round
- Canara HSBC Life Insurance (CHLI) (2908709Z IJ) raised about US$284m from its India IPO.
- 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 will talk about the trading dynamics.
CSI 300 (SHSZ300) Tactical Outlook: Severe Downside Tail Risk
- The CSI 300 Index (SHSZ300) has began a small correction. Our model has identified the current trend pattern as bearish. The pullback could reach the 4.3k/4.1k support zone.
- These corrections can last up to 4 weeks, but usually they resolve after 2-3 weeks (the index has already closed 1 week down, so there could be 1-2 more weeks).
- According to our model, the key support area is 4300: if the index breaks that support, it can fall quickly to 4100 or 4000. Read detailed tactical analysis in the insight.
Long The GPT Group (GPT AU) Vs. Short Stockland (SGP AU): 5% Stat Arb Opportunity in Aussie REITs
- Context: The GPT Group (GPT AU) vs. Stockland (SGP AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
- Highlights: Going long The GPT Group (GPT AU) and short Stockland (SGP AU) targets a 5% return.
- Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.
Runwal Developers Pre-IPO Tearsheet
- Runwal Developers (1639241D IN) is looking to raise about US$225m in its upcoming India IPO. The deal will be run by ICICI Securities, BOBCap, IIFL, JM Financial.
- Runwal Developers is a real estate development company based in India. It is primarily engaged in lifestyle-oriented projects with a diversified portfolio across multiple segments.
- Its core business lies in real estate development, encompassing the development of land, sale of land, and Transferable Development Rights (TDRs), along with the construction and operation of residential townships.
Indian Public Sector Banks: Taking Profits on Bank of Baroda (BOB IN)
- We focus on the five Indian public sector banks under our coverage in this report, and we identify growing credit and political risks for this group, including Bank of Baroda
- Political risk, in the form of a potential new round of public sector bank consolidation, could cut shareholder returns in the larger public sector banks absorbing the smaller banks
- Bank of Baroda is prominent – and well capitalised – amongst the larger public sector banks; we downgrade it to a neutral from a buy, locking in profits
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Longfor Group, Genting Berhad
- The UST curve bull steepened meaningfully yesterday, on haven flows and Fed-easing expectations after credit concerns hit two US regional banks. The yield on the 2Y UST fell 7 bps to 3.43%, while that on the 10Y UST declined 5 bps to 3.98%.
- Equities and risk assets (e.g. bitcoin) slumped following credit fears in the economy, while gold soared above USD 4.3 k/oz. The S&P 500 decreased 0.6% to 6,629, and the Nasdaq dropped 0.5% to 22,563.
Itausa ( ITSA4 BZ): Itaú Unibanco Premium Rating Limits Holding Company Upside
- Itausa holdco trades at a 25% NAV discount, which is more than one standard deviation from the mean; yet we choose to downgrade Itausa to a neutral from a buy
- Itaú Unibanco shares, the key contributor to Itausa’s NAV, are trading at a near three-year high PBV ratio; we believe that the bank’s current valuation largely discounts its return potential
- We believe that, in turn, the bank’s current premium valuation limits the upside potential for Itausa’s shares; furthermore, the performance of the two shares has decoupled slightly in recent months
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