In today’s briefing:
- Frasers Hospitality Trust (FHT SP): Frasers Property & TCC Reload Scheme
- Insignia Financial (IFL AU): Bain Walks Due To “Macro Uncertainty”. CC Capital’s Still In. For Now
- Fraser Hospitality Trust (FHT SP): Frasers Property’s Light Scheme Offer
- KRX’s In-House Derivatives Night Session: Schedule, Operational Details & Trading Considerations
- Korean Banks; Stick with Hana (086790 KS) And Woori (316140 KS)
- Lucror Analytics – Morning Views Asia
- J Trust Co Ltd (8508 JP): Q1 FY12/25 flash update
- Mercuria Holdings (7347 JP): Q1 FY12/25 flash update
- Orient Corp (8585 JP): Full-year FY03/25 flash update
- Chime Financial, Inc. (CHYM): No Fee Financial Company Filed for IPO, Anticipated June Debut
Frasers Hospitality Trust (FHT SP): Frasers Property & TCC Reload Scheme
- Frasers Hospitality Trust (FHT SP) (FHT) has announced a Scheme Implementation Deed was signed for the S-REIT’s privatisation by its current sponsor, Frasers Property Limited.
- The Scheme Consideration is S$0.71/unit in cash against the latest adjusted NAV estimate of S$0.63904/unit (vs last NAV of S$0.64160/unit).
- Back in September 2022, ~3% of units (~4.7% of minorities) voted against Frasers/TCC’s S$0.70/unit Offer. But only 18.8% of minorities actually voted. That deal just failed.
Insignia Financial (IFL AU): Bain Walks Due To “Macro Uncertainty”. CC Capital’s Still In. For Now
- You could see this coming. With due diligence expected to close on the 15th May, Bain has notified Insignia Financial (IFL AU) it won’t proceed due to macro uncertainties.
- Discussions remain ongoing with CC Capital. No fixed timeline on those talks, although it appears negotiations will extend beyond the 15th May.
- NBIOs were not an ideal place to hide amid Trump’s trade war. They still aren’t. Insignia is down 14.9% as I type.
Fraser Hospitality Trust (FHT SP): Frasers Property’s Light Scheme Offer
- Frasers Hospitality Trust (FHT SP) announced a scheme privatisation from Frasers Property Ltd (FPL SP) at S$0.71 cash and permitted distributions (estimated at S$0.0086 per unit).
- The 2022 scheme failed because it narrowly missed the 75% approval threshold. The current offer is light compared to the 2022 offer in several ways.
- Emerging retail opposition could make satisfying the headcount test challenging. The offer has not been declared final, and a bump is possible.
KRX’s In-House Derivatives Night Session: Schedule, Operational Details & Trading Considerations
- KRX’s night-time derivatives market goes live Monday, June 9. With Eurex ties ending June 5, this shift to in-house trading could bring flow and liquidity changes worth planning for.
- KRX is doubling its night session lineup from 5 to 10 products, adding KOSDAQ 150 futures/options, Mini KOSPI 200 options, and 3- and 10-year KTB futures.
- KRX is tightening overall price limits for night sessions but doubling real-time order bands—aiming to curb big swings while keeping trades flowing smoothly despite thinner liquidity.
Korean Banks; Stick with Hana (086790 KS) And Woori (316140 KS)
- Our weighted metrics of share valuations, returns, capital adequacy and credit quality feed into a scorecard matrix; we look for opportunities where the risks are well discounted in current valuations
- Woori Financial Group (316140 KS) remains the stand-out in terms of our matrix; this is based on valuation, dividend yield, and its superior credit quality relative to its peers
- Hana Financial is second from top in our scorecard due to its attractive PBV ratio versus RoE, healthy dividend yield and sound credit quality; management should deliver improved medium-term returns
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Softbank Group
In the US, the April CPI came in below expectations for the third straight month at 2.3% y-o-y (2.4% e / 2.4% p) and 0.2% m-o-m (0.3% e / -0.1% p). Core CPI (excluding food and energy) stood at 2.8% y-o-y (2.8% e / 2.8% p) and 0.2% m-o-m (0.3% e / 0.1% p).
Treasuries were largely steady yesterday, as supply pressure from corporate issuances offset the softer than expected April CPI print.
J Trust Co Ltd (8508 JP): Q1 FY12/25 flash update
- Operating revenue declined by JPY897mn YoY to JPY30.7bn, with mixed performance across regional financial and real estate businesses.
- Operating profit increased by JPY2.4bn YoY to JPY2.1bn, driven by various segment improvements and damage compensation income.
- J Trust plans to repurchase up to 4,000,000 shares, with a maximum acquisition cost of JPY1.5bn.
Mercuria Holdings (7347 JP): Q1 FY12/25 flash update
- Operating revenue declined 15.4% YoY to JPY852mn, with a gross profit increase of 24.0% YoY to JPY712mn.
- Recurring loss narrowed to JPY111mn due to a JPY138mn gross profit increase, despite higher SG&A expenses.
- The company launched a “Structured Equity Investment Strategy” and invested in a Vietnam real estate project.
Orient Corp (8585 JP): Full-year FY03/25 flash update
- Operating revenue increased by JPY16.2bn due to growth in core businesses and newly consolidated subsidiaries, despite rising expenses.
- The company forecasts FY03/26 operating revenue of JPY250.0bn, with a focus on growth businesses and managing financial expenses.
- Orico’s new medium-term plan aims to enhance digital technology use, customer-centric models, and achieve a P/B ratio above 1.0.
Chime Financial, Inc. (CHYM): No Fee Financial Company Filed for IPO, Anticipated June Debut
- Chime Financial officially filed their S-1 with the SEC with an anticipated June debut.
- Chime’s valuation peaked at $25 billion during its Series G round in August 2021.
- Revenue: For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m)
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