Daily Brief Financials: Hang Lung Properties, Ngern Tid Lor , Mitsubishi Estate, Canara Bank, Longfor Properties, NB Bancorp , Homestreet Inc and more

• And eagle-eyed reader spotted Hang Lung Properties (101 HK)‘s scrip dividend option for the FY23 final dividend. That’s the first time I’ve seen HLP provide this alternative. 
• Over the years, the Chan family and Hang Lung (10 HK) have chipped away at HLG’s and HLP’s minorities. HLP and HLG are currently trading at all-time low P/Bs. 
• This scrip dividend, which takes a page out of Jardine Matheson (JM SP)‘s playbook, would boost HLG’s stake in HLP to ~63% from 61.24% currently; if opting only for scrip.

• In its final results on 30 January, the Hang Lung Properties (101 HK) board declared a final dividend of HK$0.60 per share, which can be paid in cash or by scrip.
• The Chan family’s share of outstanding shares has steadily increased from 53.15% in 2013 to 61.89%. The scrip dividend could increase the family to 63.57% of post-dividend outstanding shares. 
• The Chan family have plenty of headroom to chip away at minorities before breaching the 25% public float requirements. HPL’s valuation is undemanding, but a privatisation offer is unlikely.

• The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
• In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.
• With roughly half of the 3-month reference period now complete, I see three changes for the SET 50 index but one of those names is still close to the border.

• In this insight, we explore Mitsubishi Estate, who is the second largest real estate company in terms of market cap
• Mitsubishi Estate major business is in office (Tokyo CBD), residential/condo, as well as some retail and hotel
• Japan stock market is upbeat and saw the largest inflow among Asia YTD.  8802 valuation is not demanding.

• Canara Bank has seen stunning profit expansion over the past several years
• Lower NPLs can drive lower credit costs to support profit expansion further
• ROE moved from 11.7% to 17.3% over the past several years

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.

• Meituan

• NB Bancorp has grown as a mutual bank, allowing flexibility to pursue growth opportunities without shareholder constraints
• Strong financial performance and potential for market growth make NBBK a promising long-term investment
• Recommended for investors seeking opportunities for growth and financial stability

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• HomeStreet Inc. focuses on MultiFamily lending in western states and recently surged in stock value due to a merger agreement with FirstSun Capital Bancorp
• Shareholders of HomeStreet will receive shares of FSUN under the deal, expected to close in the middle of 2024
• The author recommends building a position in FSUN, believing it is undervalued and has potential growth over the next 3 years

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.