Daily Brief Financials: Hang Seng Bank, NS Group, Pakuwon Jati, SBI Shinsei Bank, Good Com Asset and more

• Hang Seng Bank (11 HK)’s IFA considers HSBC Holdings (5 HK)’s scheme privatisation offer of HK$155 per share to be fair and reasonable. 
• The key condition is scheme approval by at least 75% disinterested shareholders (<10% disinterested shareholders’ rejection). The scheme vote remains low risk.
• The offer is attractive compared to peer multiples and privatisation precedents. This is done. At the current price and for a 4 February payment, the gross/annualised spread is 1.0%/7.1%.

• NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
• It raised around US$220m in its Japan IPO via an entirely secondary offering.
• In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.

• Pakuwon Jati stands out with its robust recurring income stream, primarily from a strong portfolio of retail malls, which provides a stable cushion against the cyclicality of its development business.
• The company is pursuing a clear growth strategy by expanding its successful ‘superblock’ concept to new cities like Batam and Semarang, and launching new high-rise projects, which is expected to drive future earnings.
• While the development arm faces headwinds from a soft condominium market and high capital expenditure requirements for new projects, the company’s strong balance sheet and attractive valuation present a compelling investment case.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, raised around US$2.1bn in its Japan listing.
• SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
• We looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.

• FY10/25 sales were JPY54.6bn (-8.7% YoY), operating profit JPY2.9bn (-46.2% YoY), net income JPY1.5bn (-54.2% YoY).
• FY10/26 forecast: sales JPY79.3bn (+45.3% YoY), operating profit JPY7.7bn (+163.3% YoY), net income JPY4.5bn (+198.4% YoY).
• FY10/25 saw significant SG&A expense increase due to M&A costs, advertising, and shareholder returns, impacting profitability.