Daily Brief Financials: FnGuide Inc, SBI Funds Management Ltd, Z Fin, SEGRO, Hang Seng Index, JPMorgan Chase & Co, IB Kimyoung, Smartbroker Holding, United Overseas Bank and more

• FnGuide Inc (064850 KS) sales and profits soared in 2Q 2026. 
• It had sales of 14.9 billion won (up 96.3% YoY and 5.8% higher than consensus) and operating profit of 7.9 billion won (up 281.6% YoY and 13.9% higher than consensus).
• As initial trading surges for single-stock 2x leveraged ETFs stabilize, dropping demand may soon rejuvenate investor interest in diversified ETF products linked to FnGuide’s equity indices.

• SBI Funds Management raised about US$1.2bn in its upcoming India IPO.
• SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.
• We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

• Z Fin (1168 HK) announced a scheme privatisation offer from Mr Yaping Ou at HK$6.60 per share, a 61.4% premium to the last close. The offer is final.
• The offer is light and well below intrinsic value. Based on the August 2025 funding round, the implied value of Z Fin’s stake in ZA Global materially exceeds the offer. 
• While no disinterested shareholder holds a blocking stake, the vote is not a foregone conclusion, particularly given the noticeable dissent at the recent AGM.   

• As discussed in Z Fin (1168 HK)’s Suspension: Expect Ou To Make An Offer, following Z Fin (1168 HK)‘s suspension, an Offer from Ou Yaping, Z Fin’s founder, was expected.
• And that is what unfolded late last night (21st July). Ou is Offering HK$6.60/share, by way of a Scheme. Terms are final.
• Terms are a 61.37% premium to undisturbed. Yet a 72.13% discount to NAV. Minorities are somewhat active looking at recent AGM voting. Yet terms are fair to listed peers. 

• Prologis’ third proposal narrows the valuation gap to 62p/share and increases deal credibility, but negotiations remain focused on price ahead of the Rule 2.6 deadline.
• SEGRO’s willingness to engage on improved terms raises the probability of a recommended transaction, although today’s proposal still appears insufficient to secure Board support.
• After a strong share price reaction, the opportunity has shifted from deep value to merger arbitrage, favouring outright SEGRO exposure over a fully hedged position.

• The Hang Seng Index (HSI INDEX) has been in a downtrend since the start of 2026. The last recovery rally started in June – now peaking, according to our model.
• Soft Q2 2026 mainland GDP growth and ongoing property sector drag are heightening focus on anticipated stimulus signals from late-July China mainland policy meetings.
• The key question is: was this just a Bear Rally? Or is there a chance that this rally can continue longer after a brief pullback, possibly re-establishing a long-term trend?

• Dominant Market Position and Diversified Business Model: JPMorgan Chase & Co. (JPM) is the largest bank in the United States by assets and market capitalization, with a highly diversified business model spanning consumer and community banking, corporate and investment banking, commercial banking, and asset and wealth management. This diversification provides multiple revenue streams, mitigating risk and allowing the company to capitalize on growth opportunities across different economic cycles.
• Strong Financial Performance and Fortress Balance Sheet: The company has a consistent track record of robust financial performance, characterized by strong earnings and a solid balance sheet. This financial strength, often referred to as a “fortress balance sheet,”enables the company to weather economic downturns, make strategic acquisitions, and invest heavily in technology and growth initiatives.
• Strategic Focus on Technology and Growth: JPM is making significant investments in technology, particularly in artificial intelligence and digital banking, to enhance operational efficiency, improve customer experience, and maintain a competitive edge against traditional and fintech rivals. The company is also pursuing growth through international expansion of its consumer brand and strategic acquisitions.

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• Pull up IB Kimyoung (KOSDAQ: 339950) on any screener and you see a dull, cheap Korean education stock: a mid-single-digit multiple, a 1.5% yield, revenue creeping up.
• You move on. You would be wrong to. That 1.5% is a year stale; the real dividend is worth over 15% at today’s ₩2,650.
• A third of the market value sits in cash. The core business earns more than 150% on the capital it uses.

• Following a 2025 fiscal year marked by strong growth but investment-heavy earnings, Smartbroker Holding AG is now in a crucial scaling phase.
• Consolidated revenue rose significantly by 30.1% to €68.28 million in fiscal year 2025 (previous year: €52.48 million), thereby exceeding the original forecast by a noticeable margin.
• The main growth driver was the transaction business centered on Smartbroker+, whose revenue increased to €40.14 million (previous year: €27.23 million).

• The IMF projects Singapore’s GDP growth to moderate from 5.0% in 2025 to 2.7% in 2027, driven by technology-related exports and investment.
• Gross capital formation is expected to rise from 22.5% of GDP in 2025 to 23.7% in 2027, supported by infrastructure and manufacturing investment.
• Singapore’s banking sector remains well-capitalised with a capital adequacy ratio of 18.5% in 2Q25, supporting economic stability.