Daily Brief Financials: Get Nice, SHF Holdings , Jana Small Finance Bank, Kotak Mahindra Bank and more

• Get Nice (64 HK)/GNH has disclosed a scheme offer from Mr Hung Hon Man (founder and Chairman) at HK$4.00 (scheme consideration of HK$2.00 + special dividend of HK$2.00).
• While the offer represents a five-year high, it is light, implying a P/B multiple at a discount to precedent transactions and peer multiples. 
• However, the scheme vote is low-risk, as no disinterested shareholder holds a blocking stake. Unless an activist(s) takes an interest by building a blocking stake, this is a done deal.

• SHF Holdings provides compliant banking and lending services to cannabis businesses and financial institutions using a proprietary technology platform. This offering is for existing stockholders, with no direct proceeds for.
• Proprietary platform processed $35.4 billion in cannabis deposits since 2015, navigated over 25 banking examinations, and launched a 401(k) plan.
• Total revenue was $7.67 million in 2025, with a net loss of $2.16 million. Auditors expressed substantial doubt about the company’s going concern ability.

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• Jana Small Finance Bank, a secured-lending-focused lender, reported Q1 FY27 PAT of INR 155 crore, up 52%, with NIM at 7.5% and GNPA improving to 2.24%.
• Gross loan portfolio grew 26% to INR 37,612 crore, secured loans reached 72.8%, slippages fell, CASA improved to 19%, and credit cost held at 0.45%.
• With MFI stress easing and promoter risk contained, FY27’s 19-21% loan growth, 23-25% deposit growth and 80%+ PAT growth hinge on asset quality and deposit execution.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently eight pair trade opportunities persist across four markets and four sectors.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.