In today’s briefing:
- Time to Sell HDFC Bank? Stock Nears Record High and Slightly Overbought
- Consolidating Yield: LondonMetric’s Possible Offer for Urban Logistics
- Asia Real Estate Tracker (15-Apr-2025): HK Admiralty office floor sells at 17-year low.
- Lucror Analytics – Morning Views Asia
- FP Partner (7388 JP): Q1 FY11/25 flash update
- Health In Tech Inc – To broaden its TAM
- KRI: Strategic Foothold in Côte d’Ivoire
Time to Sell HDFC Bank? Stock Nears Record High and Slightly Overbought
- HDFC Bank (HDFCB IN) is one of those few stocks that were nearly unaffected by the recent market turmoil (-5.7% pullback, peak to bottom and now at new highs).
- Our insight in January 14th 2025 signaled a strong buy opportunity, the stock rallied +13% from there.
- Now the stock has reached its previous all time highs, and may become overbought. Long-term outlook remains positive, but a short-term pullback is possible in the next 2 weeks.
Consolidating Yield: LondonMetric’s Possible Offer for Urban Logistics
- Strategic merger between LondonMetric and Urban Logistics offers scale, diversification, and internal management benefits, with a modest premium to pre-announcement price and meaningful potential for operational synergies and cost savings.
- Scheme of arrangement could complete by July 2025 if approved; long-term investors may benefit from enhanced dividend yield, greater liquidity, and sustained growth in logistics-focused real estate under unified management.
- Long SHED at 138.6p to capture 8.1% gross spread; attractive upside with manageable downside risk and strong board support; reassess on firm offer announcement by 9 May 2025.
Asia Real Estate Tracker (15-Apr-2025): HK Admiralty office floor sells at 17-year low.
- Hong Kong office floor in Admiralty sells at a 17-year low, reflecting challenging market conditions in the region.
- Brookfield strengthens APAC logistics presence with $588M NZ joint venture, highlighting growth opportunities in the sector.
- Manulife IM acquires Sydney Logistics Park from KKR and Centennial for $35M, expanding their real estate portfolio in Australia.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Country Garden
- In the US, the 1-year New York Fed inflation expectations edged up to 3.58% (3.26% e / 3.13% p).
- Treasuries rallied yesterday, unwinding part of last week’s decline, after the Trump administration granted a temporary tariff reprieve on smartphones and consumer electronics.
FP Partner (7388 JP): Q1 FY11/25 flash update
- Revenue for Q1 FY11/25 was JPY8.3bn, flat YoY, with operating profit at JPY798mn, down 41.5% YoY.
- The number of sales representatives increased to 2,546, while policy transfer agreements decreased to 4,981, down 27,362 YoY.
- New policies totaled 56,931, down 1.1% YoY, with new customers at 35,339, up 0.7% YoY.
Health In Tech Inc – To broaden its TAM
- To broaden its TAM, HIT began beta testing a large-group 3rd-party AI-powered underwriting platform in 4Q24 & is optimistic about its prospects, based on interest generated to-date.
- In 1Q25, the company delivered solutions to large employers, including one with 1k+ employees.
- HIT believes the infrastructure it has established position it for strong growth, as it broadens its TAM and expands its offerings, often via collaborations such as one formed recently with DialCare to integrate DialCare’s virtual primary care, therapy, and psychiatry services into Health In Tech’s self-funded health plan offerings.
KRI: Strategic Foothold in Côte d’Ivoire
- Kobo is a gold exploration company with a focus in Côte d’Ivoire, a country getting increasing attention from the mid-tier and major firms.
- KRI’s flagship asset is ~7km from Perseus’ Yaouré gold mine (~250Koz Au produced in 2024) which will need new ore supply by 2030.
- Kobo has a massive land package totalling 1,441km2 (590km2 permitted and the remaining pending) making it an attractive takeout target.
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