Daily Brief Financials: ICICI Bank Ltd, Bangkok Bank Public, Cofinimmo SA, Georgia Capital PLC, Federal Bank, Qbe Insurance, Japan Post Bank, Kobo Resources , SBI RHEOS HIFUMI, Cavendish and more

• In May, SEBI recommended changes to the minimum number of constituents for non-benchmark indices and the capping for those indices. Then came the market consultation in August.
• SEBI has now confirmed the changes along with the timeline for capping changes to the largest stocks in the index.
• The changes could commence in December and continue till March. The adds will take place in December and weight changes for the largest stocks will take place in 4 tranches.

• We upgrade deep value Bangkok Bank to buy from neutral; it trades on a 40%+ PBV discount to SCBx and its return trends improved further alongside solid balance sheet credentials
• TMB Thanachart’s share price has corrected versus the peer group, so its PBV valuation no longer looks so stretched especially versus SCBx; we upgrade TMB Thanachart to neutral from sell
• Krung Thai remains a neutral, even though it is delivering on improved returns, as it is not compelling value and has been narrowing the discount with SCBx

• Aedifica formally filed BCA remedies, agreeing to €300 m Belgian asset disposals; final approval expected late Jan 2026.
• Gross spread narrows to ~1.2%, annualized IRR ≈ 4.7%, low interloper risk.
• High-Certainty Q1 2026 closing supports long Cofinimmo / short 1.185× Aedifica “carry-to-close” positioning.

Georgia Capital (GCAP) reported strong Q325 results, with 7.9% quarterly growth in NAV per share (on a total return basis, in Georgian lari), continuing its long-term growth path (five-year NAV CAGR stands at 29.1%) and bringing its one-year sterling NAV performance to 63.2%. The main value driver remained the listed Lion Finance Group, which posted an 8.1% share price increase in the quarter. The private portfolio showed a 6.7% increase in value, reflecting good operational performance, which prompted GCAP to increase its expectations of 2025 dividend income to GEL200m (from GEL180m), with a view that this increase will be permanent. The NAV per share growth was also supported by GCAP’s NAV-accretive buybacks (+1.2pp), as the company continues to deploy its GEL700m capital return programme, scheduled until end-2027. After the current tranche of US$50m is concluded, the remaining capital to be deployed will amount to GEL300m, which translates to 6.5% of end-September NAV.

• Blackstone has announced a INR 6,197 crore preferential capital infusion in Federal Bank, acquiring up to a 10% stake through convertible warrants, a landmark deal in India’s mid-sized banking space.
• This investment boosts Federal Bank’s capital by 200–250 bps, enabling growth in high-yield segments while maintaining financial stability, reflecting growing global investor confidence in India’s private banks.
• The capital infusion strengthens Federal Bank’s earnings prospects, with a projected 29% CAGR from FY26–28E, margin growth, and improved RoA reaching 1.35% by FY28E.

• Context: The QBE Insurance (QBE AU) vs. Medibank Private (MPL AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long QBE Insurance (QBE AU) and short Medibank Private (MPL AU) targets a 8% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Unrivaled Deposit Franchise Forms a Stable Foundation: Japan Post Bank‘s core strength lies in its vast and stable deposit base, sourced through an unparalleled nationwide network of post offices. This provides a low-cost funding advantage and a significant competitive moat.
• Monetary Policy Shift Presents a Key Inflection Point: The Bank of Japan’s move away from negative interest rates is a structural tailwind. As the bank strategically rotates its massive securities portfolio, there is significant potential for net interest margin expansion and earnings growth.
• Attractive Valuation with Clear Catalysts: The stock trades at a significant discount to its book value. Near-term catalysts, such as the expected US$1 billion inflow from the upcoming TOPIX free-float rebalancing, combined with long-term earnings potential, offer a compelling investment case.

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• What you need to know: • Kobo reported strong assay results from the Road Cut and Jagger Zones, including 2.50 g/t Au over 10.0m and 17.30 g/t Au over 1.0m, confirming high grade mineralization along the Contact Fault.
• • Drilling continues to validate strong grade continuity within key shear zones, reinforcing the scale and growth potential at Kossou.
• • The 12,000m-15,000m drill program continues, with additional drill results expected over the coming months, ahead of the Maiden Resource Estimate planned to be released in Q1/26.

• In 1H FY03/26, AUM reached JPY1.5tn, increasing 11.1% YoY and 6.2% QoQ, driven by market gains.
• Operating revenue rose to JPY5.9bn (+3.3% YoY), while operating profit fell to JPY1.0bn (-6.3% YoY).
• The average trust fee ratio increased to 62.9bps, with a direct sales ratio decrease to 19.6% YoY.

• Cavendish reported PBT of £1.1m for the half-year to September 2025.
• Revenue was up 3% on a comparable basis – against a still tricky background for UK smaller companies – and adjusted pre-tax profit was £2.0m, marginally ahead of the same period last year.
• The result was an indication of the strength of the diversified revenue stream – with both private and public divisions healthily profitable – and a strong control on costs, which fell over the period.