Daily Brief Financials: Guangdong – Hong Kong Greater Bay Area Holdings, Abacus Storage King, HKEX, Bombay Stock Exchange, USD, China International Capital Corporation, Banca Popolare Di Sondrio Scar, Xior Student Housing, CapitaLand Ascendas REIT, Kasumigaseki Hotel REIT and more

• Property developer Guangdong – Hong Kong Greater Bay Area Holdings (1396 HK) (GHKGBA) is currently suspended pursuant to the Takeovers Code.
• GHKGBA, previously known as Hydoo, was subject to an unconditional MGO in 2019 after China Guangdong-Hong Kong Greater Bay Area (CGHKGBA) acquired a 51.56%.  CGHKGBA currently holds a 50.94% stake
• At a guess, CGHKGBA will seek to take GHKGBA private by way of a Scheme. The rub/pushback? GHKGBA’s share price is up 2,383% YTD. And trailing P/B is ~7x. 

• Abacus Storage King (ASK AU) disclosed a non-binding proposal from Ki Corporation and Public Storage (PSA US) at A$1.65 per unit, a 14.7% premium to its previously rejected offer.
• The Board will grant six weeks of due diligence. While below NTA (implies P/NTA of 0.95x), the offer is reasonable compared to peer multiples and historical trading ranges.   
• The consortium will likely need to switch to a takeover offer as National Storage REIT (NSR AU), which holds effectively a blocking stake, is unlikely to vote in favour. 

• Volume trends and sub-sector splits highlight where interest is most concentrated.
• We revisit top names that appeared prominently in last week’s active lists
• Trading patterns suggest a mix of positioning motives across Financial names.

• BSE’s Option Premium ADTO in July MTD is down 25% MoM to INR 105bn amid lower market volatility and regulatory overhang from SEBI’s ban on Jane Street.
• This weakness has triggered another 6–8% volume cut assumption in the market, on top of the 4–5% volume cut in June 2025.
• BSE will face pressure in the near-term due to lower volume and valuation pressure, but long-term optimism tied to earnings if volumes normalize and reforms push investors toward cash equities.

• Discussion covers topics including dollar signals, $CNY fixes, tariffs, and observations on Swiss and sterling
• Dollar remains bearish despite some systematic signals turning less bearish or even bullish
• Client sentiment may be shifting tactically towards throwing in the towel on the bearish dollar trend due to technical patterns, but long-term view remains unchanged

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• China International Capital Corporation (3908 HK)‘s 1H25 positive profit alert is encouraging, with 1H25 results growing by 55-78% YoY.  
• YTD, CICC has a 59.5% share of the HK IPO market. The solid H-share IPO pipeline of A-share companies is beneficial, as this is its major area of strength.
• Market consensus has underestimated its FY25 earnings, inflating its PER multiples. The current 51% discount of its H-share to A-share is just too steep (average 37.7%).

• BPER acquired 58.35% of Sondrio with an enhanced bid, but low take-up signals shareholder dissatisfaction and opens room for further action.
• Revised terms imply a 3.9% gross spread, offering a compelling short-term arbitrage play with estimated 12.4% annualized return.
• A potential reopening or share accumulation remains likely, with Unipol’s dual role adding strategic weight and optionality to the situation.

• We think the student housing sector / PBSA is interesting– the sector is driven by strong drivers including steady university enrolment, rising international student mobility, as well as urbanization
• The sector is further characterized by the huge demand/supply imbalance – supply has high entry barriers including high construction costs, inflationary pressures, and complex planning issues
• We like XIOR, which is a leading student housing company focused in Europe, on the back of its high asset quality, strategic growth as well as pricing power

• NTT DC REIT’s IPO, scheduled for July 14, has a market capitalisation of US$1.03 billion, featuring six data centres.
• NTT DC REIT projects a 7.5% annualised distribution yield for 9M FY26, surpassing other Data Centre S-REITs.
• KDC’s AUM is S$4.9 billion, with 24 data centres; Digital Core REIT manages US$1.7 billion in assets.

• Kasumigaseki Hotel REIT (401A JP)  is looking to raise up to US$195m in its upcoming Japan IPO.
• It is a REIT with hotel assets, sponsored by Kasumigaseki Capital (3498 JP) . 
• In this note, we look at the firm’s past performance.