Daily Brief Financials: ICICI Prudential AMC, USD Coin, London Stock Exchange, Longfor Properties, Columbia Banking System, Howard Hughes Holdings , Phoenix Spree Deutschland, Lemonade Inc and more

• Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.
• The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x
• We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.

• The recent turbulence in the crypto-native stablecoins, marked by de-pegging and liquidations, exposes vulnerabilities in reserve management and a lack of capacity to handle “bank runs”.
• These vulnerabilities are a replica of the “wildcat banking” that occurred during the “free banking era” in the US.
• This era was characterized by state-chartered banks issuing notes with diverse and inconsistent practices, leading to discounts on notes circulated outside the issuing state, and instability from fraudulent or under-reserved banks.

• LSEG’s share price has performed poorly in 2025 due to AI disruption concerns relating to its data and analytics business; we believe LSEG can fend off this risk of disruption
• In our view, LSEG’s data and analytics segment harbours a defensive moat shielding it from potential disrupters; we believe LSEG shares are deep value relative to its DM exchange peers
• We keep our buy on flow monster CME Group for its dominant franchise – despite FMX – in its trading and post-trading operations dedicated to interest rates and other products

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries
• UST yields were stable yesterday, with long-end yields rising marginally despite a decent auction of 30Y notes (which stopped through marginally, at 4.773% award vs. the 4.774% when-issued yield).
• The yield on the 2Y UST was unchanged at 3.54%, while the yield on the 10Y UST rose 1 bp to 4.16%. Equities were mixed, as tech stocks declined on disappointing earnings from Oracle Corp. The S&P 500 rose 0.2% to 6,901, while the Nasdaq declined 0.3% to 23,594.

• Transformed Scale and Market Position: Following its merger with Umpqua Holdings in early 2023, Columbia Banking System has emerged as a leading regional bank in the Western U.S., with over $50 billion in assets. This increased scale provides the resources and sophistication of a larger institution while maintaining a community-focused, relationship-banking model.
• Strategic Repositioning for Higher Quality Earnings: The bank is actively shifting its loan portfolio away from transactional, lower-margin assets towards relationship-driven commercial and industrial (C&I) lending. This strategy, coupled with an expanding suite of non-interest income services like treasury management and wealth advisory, aims to create more durable, high-quality earnings streams and improve net interest margins (NIM).
• Attractive Shareholder Returns Profile: COLB offers a compelling dividend yield, currently standing at 4.92%, which is significantly above the market average. The company has a track record of consistent dividend payouts and growth, supported by a manageable payout ratio, making it an attractive option for income-focused investors.

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• Howard Hughes Holdings’ third-quarter 2025 results showcased a balanced performance, with both promising advancements and cautious considerations across its different business segments.
• On the positive side, Howard Hughes reported a strong quarter in its Master Planned Communities (MPC) segment, achieving a record $205 million in earnings before taxes (EBT), primarily driven by robust land sales in Summerlin.
• The sale of 319 acres, including a significant 231-acre bulk sale, although below the company’s average price per acre due to the lack of required upfront infrastructure, contributed notably to the quarterly performance.

Phoenix Spree Deutschland (PSD) has completed the refinancing of its debt facilities, a significant step forward in its orderly wind-down and managed realisation strategy and paving the way for capital to be returned to shareholders. With condominium sales continuing to run ahead of plan, the company expects to launch a programme of compulsory pro rata share redemptions, settled in cash, starting in 2026.

• Lemonade, Inc. (NYSE: LMND) is a full-stack digital insurance carrier that has built its entire operation—from underwriting to claims—on artificial intelligence (AI) since inception. 
• Founded in 2015 and publicly traded on the NYSE, the company sells renters, homeowners, pet, auto, and life insurance through a single mobile app.
• Its AI chatbots can bind policies in as little as 90 seconds and settle straightforward claims in minutes, with more than 55% of claims now processed without human adjusters.