In today’s briefing:
- Hongkong Land (HKL SP) Recycles Nine Floors Of One Exchange Square
- Kyoto Financial Group (TSE:5844) – Positive Shift in C-Suite Outlook
- Asia Real Estate Tracker (25-Apr-2025): HKEX buys 9 floors at Exchange Square for $810M.
- Jio Financial Q4 FY25 Update: Strategic Growth and Digital Expansion Drive Strong Performance
Hongkong Land (HKL SP) Recycles Nine Floors Of One Exchange Square
- In a rare move, Jardine Matheson (JM SP)-controlled Hongkong Land (HKL SP) has sold nine floors (147,025 square feet) of One Exchange Square to HKEX (388 HK) for HK$6.3bn (US$810mn).
- HKL plans to use the proceeds to provide enhancements to the property sold, the reduction of net debt; and for a share buyback. Shares are up 9% as I type.
- HKL is focussed on divesting US$4bn to US$6bn of its balance sheet assets in the next three years. HKL’s CEO Michael Smith: “Recycling capital is our top priority right now“.
Kyoto Financial Group (TSE:5844) – Positive Shift in C-Suite Outlook
- Kyoto Financial’s president has hinted at increasing disposals in strategic equity holdings; the prior target was a JPY100bn reduction in holdings by March 2029, now there is talk of JPY200-300bn
- We estimate Kyoto Financial’s equity holdings relative to market cap at 140%+, well above its peer banks; yet, until very recently, the president had been against meaningfully reducing equity holdings
- The president’s change of view leads us to upgrade Kyoto Financial to a buy; the change in outlook means that there is real potential to extract value for shareholders
Asia Real Estate Tracker (25-Apr-2025): HKEX buys 9 floors at Exchange Square for $810M.
- Hong Kong Exchanges and Clearing Limited (HKEX) is purchasing 9 floors at Exchange Square in Hong Kong for $810 million, marking the top deal of the year.
- The California Public Employees’ Retirement System (CalPERS) fund has acquired an office tower near Shanghai Xintiandi for $316 million.
- Mitsubishi Estate has started construction on a $1.7 billion office project in London, further solidifying its presence in the city’s real estate market.
Jio Financial Q4 FY25 Update: Strategic Growth and Digital Expansion Drive Strong Performance
- Jio Financial Services (JIOFIN IN) reported a substantial increase in its Assets Under Management (AUM) to 10,053 crore, marking a 139% QoQ growth.
- The company’s digital-first approach through the JioFinance app and the rapid growth in Jio Payments Bank’s customer base demonstrate its expanding market footprint and customer engagement.
- The strategic investments in technology, robust growth in core segments, and improved customer acquisition processes provide strong momentum for FY26 and beyond, reinforcing confidence in JFSL’s growth trajectory.
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