In today’s briefing:
- ESR (1821 HK): Pre-Cons Done. Scheme Doc By 22nd May
- IndusInd Bank- Never Ending Trouble
- Under Review: Banking on Politics in BBVA’s Bid for Sabadell
- T&D Holdings (8795 JP): Full-year FY03/25 flash update
- FaithNetwork Co Ltd (3489 JP): Full-year FY03/25 flash update
- Dream Incubator (4310 JP): Full-year FY03/25 flash update
- Advance Create (8798 JP): 1H FY09/25 Flash update
- Jaccs Co Ltd (8584 JP): Full-year FY03/25 flash update
ESR (1821 HK): Pre-Cons Done. Scheme Doc By 22nd May
- Back on the 4th December 204, Starwood/Warburg Pincus Consortium announced a firm pre-conditional Offer for ESR Group (1821 HK) at HK$13/share (best & final), by way of a Scheme.
- The list of pre-cons was extensive. Last night (15th May), ESR announced the satisfaction of all pre-cons.
- The Scheme Doc is now required to be dispatched by the 22nd May, suggesting payment around mid-July. Assuming no dispatch delays.
IndusInd Bank- Never Ending Trouble
- Indusind Bank (IIB IN) does not seem to be able to get out of hot water.
- In yet another accounting and governance pothole, the bank has disclosed a surprising take on interest income, which was overstated by INR 6.7 bn.
- The internal audit department also reported unsubstantiated balances of INR 6 bn in other assets, which was netted off with liabilities.
Under Review: Banking on Politics in BBVA’s Bid for Sabadell
- BBVA’s hostile bid for Sabadell has cleared regulatory hurdles but faces political resistance (public consultation ending today 16 May), with final Government review pending by June 26.
- A potential Sabadell–Abanca merger appears unlikely; Escotet would be the top shareholder (~33–36%) in such a deal, but Abanca has publicly denied interest.
- The offer trades at a negative gross spread, suggesting market doubts or expectations of a sweetened bid — supporting a long SAB / short BBVA pair trade setup.
T&D Holdings (8795 JP): Full-year FY03/25 flash update
- Ordinary revenues in FY03/25 reached JPY3.7tn, a 16.3% YoY increase, with insurance premiums at JPY2.6tn.
- Group adjusted profit rose 36.7% YoY to JPY141.5bn, driven by strong domestic life insurance business performance.
- T&D Holdings forecasts FY03/26 ordinary revenues to decline 19.3% YoY to JPY3.0tn, with a 12.3% YoY profit increase.
FaithNetwork Co Ltd (3489 JP): Full-year FY03/25 flash update
- FY03/25 results: Sales JPY29.9bn (+34.2% YoY), operating profit JPY4.5bn (+116.2% YoY), net income JPY2.8bn (+193.6% YoY).
- Real Estate Investment Support business: Sales JPY29.0bn (+35.1% YoY), segment profit JPY4.3bn (+121.0% YoY), margin 15.0%.
- FY03/26 forecast: Revenue JPY35.0bn (+17.0% YoY), operating profit JPY5.6bn (+23.9% YoY), dividend JPY120.0 per share.
Dream Incubator (4310 JP): Full-year FY03/25 flash update
- For FY03/25, the company reported sales of JPY6.2bn, operating profit of JPY257mn, and net income of JPY170mn.
- In FY03/25, Business Production sales were JPY5.5bn, with operating profit of JPY1.1bn, and Venture Capital sales increased 116.0% YoY.
- For FY03/26, the company forecasts Business Production sales of JPY6.2bn and expects an annual dividend of JPY106.00 per share.
Advance Create (8798 JP): 1H FY09/25 Flash update
- In 1H FY09/25, revenue declined 39.3% YoY, resulting in operating, recurring, and net losses due to lower advertising income and reduced PV.
- The Insurance Agency business saw a 37.6% YoY revenue decline, with an operating loss of JPY1.1bn, impacted by decreased PV and sluggish appointment growth.
- For FY09/25, the company forecasts a 5.8% YoY revenue decline, with JPY912mn negative impact from special factors in Q1 and Q2.
Jaccs Co Ltd (8584 JP): Full-year FY03/25 flash update
- JACCS reported FY03/25 operating revenue of JPY191.1bn (+3.4% YoY), exceeding the full-year forecast by 1.0%.
- Consolidated operating expenses increased by JPY13.6bn (+9.0% YoY), with notable rises in bad-debt-related expenses and finance costs.
- Revised forecasts for FY03/26 project operating revenue of JPY193.0bn (+4.4% YoY) and a dividend of JPY210/share.
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