Daily Brief Financials: First Pacific Co, Samsung Life Insurance, Hamilton Lane, Seazen Holdings , Picton Property Income and more

• In StubWorld: First Pacific (142 HK) Looking Stretched, I saw First Pacific Co (142 HK)‘s discount to NAV at ~30%, around its narrowest level in a decade.
• That analysis applied a fixed value for MPIC (delisted in 4Q23). However, if applying a look-through into 23.7%-held Manila Electric Company (MER PM), that NAV discount widens. Currently ~40%.
• By that yardstick this is the narrowest NAV discount since early 2018. This appears too tight. The benefits from the proposed spin-off of Maynilad appear baked in.

• Both accounting issues are complex, but intense regulator scrutiny fuels the Samsung Life Act case, sparking governance reshuffle bets and driving today’s Samsung Life stock pop.
• Accounting rechecks could spark divestment fears or governance-driven rerating, creating a classic headline-driven, bidirectional trading setup.
• Near-Term, this is a headline-driven momentum setup: Samsung Life longs/shorts, ready to pivot, with relative-value plays vs financial peers or Samsung’s governance-linked names.

• Hamilton Lane’s first quarter of fiscal 2026 showcased a multifaceted financial performance, marked by both growth and areas of concern.
• The company’s total asset footprint has seen a 5% year-on-year increase, reaching $986 billion, indicating robust growth across both specialized funds and customized separate accounts.
• These asset categories contributed significantly to the near $11 billion increase in Assets Under Management (AUM), now totaling $141 billion, reflecting a substantial 9% growth year-over-year.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Japfa Comfeed
• UST yields declined 1-2 bps yesterday, amid limited macro catalysts and following good demand for an auction of 20Y notes. The yield on the 2Y UST was unchanged at 3.75%, while the yield on the 10Y UST fell 2 bps to 4.29%.
• Equities retreated for a second day, driven by broad decreases in tech heavyweights amid concerns over AI profitability. The S&P 500 slid 0.2% to 6,396, while the Nasdaq was down 0.7% at 21,173.

Picton Property Income (PCTN) delivered a 1.9% NAV total return in Q126, a combination of dividends (116% covered by EPRA earnings) and modest NAV growth. Lease events continue to unlock reversionary rent potential and portfolio repositioning continues. Share repurchases have contributed to strong share price gains in the year to date, but the discount to NAV remains 25% and is, in our view, an attractive opportunity.