Daily Brief Financials: Frasers Hospitality Trust, Maple Finance, Citigroup Inc, Kwg Property Holding, Manolete Partners and more

• In a somewhat extraordinary turn of events, the Scheme Meeting for the Frasers Hospitality Trust (FHT SP) takeover did not garner enough votes to get to YES. 
• About 3% of units (about 8% of minorities) came out against. But only 18.8% of minorities actually voted. The deal has failed. The bidders can’t come back for a while.
• The units are trading down nearly 25% today as a result. This is cheap against both hospitality and major S-REIT peers. Inside, I discuss Overhang and Divs.

• Stablecoins borrowing demand, and thus the lending yield is strongly correlated with crypto market performance. Stablecoins yields are now less than U.S. 1-year Treasury rate.
• Newer Defi lending protocols channel stablecoins liquidity to institutions, businesses, and consumers outside the crypto industry. They provide a more stable yield that is not dependent on crypto market performance.
• While these protocols present yield opportunities for stablecoins, their protocol tokens are not ideal targets for investment.

• Citi’s Basel III framework is safe as houses, we urge investors to remain coy as systemic risk remains high due to volatile economic and geopolitical features.
• The firm’s operating cash flow is robust and covers an attractive 4.03% dividend yield soundly, we urged investors to stay coy.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Fosun International
• KWG Living Group
• Sino-Ocean Service

• Manolete Partners issued a profit warning on Friday 9th September 2022.
• Share price dipped over 15% after a market over-reaction that resulted in the share price dipping over 15%.
• This is a wonderful buying opportunity, according to the article.