Daily Brief Financials: Hang Seng Bank, WeWork India Management Ltd, Canara Robeco AMC, Vinhomes , Hyper USD, Banco De Sabadell SA, Affirm Holdings , Polar Capital Holdings, Brown & Brown and more

• Hang Seng Bank (11 HK) has announced an Offer from controlling parent (63.3551%), HSBC Holdings (5 HK), by way of a Scheme, in a HK$106bn (US$13.6bn) deal. 
• The Scheme Consideration is HK$155/share, a 30.3% premium to last close. The price is final. A “third interim dividend” will be added. Optically, the price is bang on.
• The long stop for conditions is the 30th September 2026. I think this transaction can be wrapped up in around five months. 

• Hang Seng Bank (11 HK) announced a scheme privatisation offer from HSBC Holdings (5 HK) at HK$155, a 30.3% premium to the undisturbed price.  
• Based on an estimated 2025 third dividend of HK$1.3 per share, the total consideration is HK$156.30 per share. The offer price is final.
• The offer is attractive compared to peer multiples and historical trading ranges. At the current price and for a late March payment, the gross/annualised spread is 2.9%/6.2%.

• WeWork India Management Ltd (1690124D IN) raised about US$338m in its India IPO.
• WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• Canara Robeco AMC (570515Z IN) a JV between Canara Bank (CBK IN) and Orix Corp (8591 JP) is the second oldest but the latest AMC to list in India
• A laggard with just 1.5% market share as of date, the company boasts of an equity-dominant AUM and strong retail franchise delivering strong PAT margins (47%) and ROE (36%)
• However, its SIP book has been declining while the broader industry has more than doubled. We feel the IPO pricing doesn’t leave room for material upside.

• Dominant Market Leader with Unmatched Scale: Vinhomes is Vietnam’s largest real estate developer, possessing a land bank significantly larger than its closest competitors, which underpins a long-term growth runway. Its integrated township model, supported by the Vingroup ecosystem (schools, hospitals, retail), creates a distinct competitive advantage and enhances property values.
• Robust Project Pipeline Driving Future Growth: The company has a clear development trajectory with several large-scale mega-projects in the pipeline, such as Vinhomes Vu Yen, Co Loa, and Wonder Park. These projects are expected to be key earnings drivers in the coming years, capitalizing on Vietnam’s urbanization trend and the rising middle class.
• Group-Related Risks and Market Sentiment Overhang: The company’s valuation is significantly impacted by its relationship with the parent company, Vingroup (VIC). Concerns regarding VIC’s financial health, potential liquidity challenges, and the use of VHM shares as collateral for group borrowings have created a persistent overhang on the stock price, overshadowing its strong operational performance.

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• Hyperliquid, a popular decentralized exchange, recently initiated an open Request for Proposal (RFP) for issuers of its native stablecoin, USDH.
• The requirements for issuers were clear: they needed to be “Hyperliquid-first,” “Hyperliquid-aligned,” and compliant.
• The platform’s substantial existing stablecoin demand of $6 billion, coupled with its rapid growth potential, attracted numerous stablecoin issuers.

• BBVA secures 20%+ acceptance with one day left; gross spread at close is +2.9%. Market focus now on final institutional flows and threshold risk into 10 Oct deadline.
• Most hedge funds expected to tender to avoid being caught in a non-event or downside skew if BBVA walks; second OPA would be all-cash but at the same price.
• Long SAB / short BBVA remains tactically attractive, with asymmetry reduced but not gone. Borrow demand light but may rise as index tracking and hedge unwinds converge into result publication.

• Affirm has turned GAAP EBIT positive for the first time in Q425 reflecting disciplined cost control and improving unit economics.
• Revenues are on track to reach nearly $4B in FY26, driven by expanding merchant adoption and the rising contribution from the Affirm Card.
• The stock is  pricing in sustained 25–30% growth and margin expansion as evident in its elevated valuation multiple of 40.5x 2026 P/E.

• AUM jumped £3.5bn (15.3%) to £26.7bn over Q2 of FY26 (1 Jul 25 – 30 Sep 25).
• Investment performance contributed £3.6bn (Q1: +£2.7bn) with net flows marginally negative at -£58m (Q1: -£0.6bn).
• The net flow improvement is particularly impressive given that it was a quarter of heavy outflows for equity funds more generally (page 3).

Key points (machine generated)

• Brown & Brown (BRO) is now the 4th largest insurance broker in the U.S. after acquiring Accession Risk Partners.
• BRO’s business model involves earning fixed commissions on insurance premiums, with expected organic growth of 4-6% through economic cycles.
• The $9.4 billion acquisition, funded partly by a $4 billion equity raise, presents integration risks but offers potential synergies and is priced attractively at 12x EBITDA.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.