Daily Brief Financials: Indian Bank, HashKey, Lifenet Insurance Company, Nice Information Service Co, Nuvama Wealth Management, Bell Financial, TCS Group Holding , Itau CorpBanca, J Trust Co Ltd and more

• Indian Bank (INBK IN)’s management has aggressively revised its full-year GNPA guidance down to below 2% from previous targets, driven by a best-in-class NNPA ratio of 0.16% in Q2 FY26.
• The sharp reduction in credit costs, management’s confident guidance is amplifying earnings, driving a high RoE of nearly 20%, and attracting substantial, yet still value-seeking, DII flows.
• With asset quality structurally de-risked and the core business growing robustly through high-yielding RAM segments, Indian Bank presents a compelling re-rating candidate.

• HashKey (3887 HK) is looking to raise up to US$215m in its upcoming Hong Kong IPO.
• It operates the largest licensed crypto exchange in Hong Kong.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• H1 FY3/26 results demonstrated solid execution, highlighted by visible efficiency gains.
• We believe visibility toward growth acceleration has improved post- Q2; the recovery in Individual Life is gaining momentum, evidenced by accelerating AP growth and improved profitability from tech- driven efficiency initiatives.
• Furthermore, the new partnership with The Kyoto Shinkin Bank clarifies the GCL segment’s growth upside by opening a strategic pathway to the vast domestic bank mortgage market. 

• Dominant Market Leader in a High-Barrier Industry: NICE Information Service is the largest credit bureau in South Korea, an industry characterized by significant regulatory hurdles and network effects, affording it a strong competitive moat.
• Consistent Financial Performance and Shareholder Returns: The company has demonstrated a solid track record of revenue, net income, and EPS growth over the past decade, complemented by a consistent and growing dividend payout to shareholders.
• Attractive Valuation Relative to Global Peers: NICE trades at a significant valuation discount to its international counterparts like Transunion and Equifax, presenting a potential value opportunity for investors, contingent on its ability to sustain growth and profitability.

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• At the top end of the price range (HK$6.95), HashKey (3887 HK)‘s IPO equals a FY26F P/S of 14.9x, and this is not a particularly appealing level. 
• While it is the industry leader in the region and Hong Kong, it is expected to stay in the red for FY25-27, making a PER comparison meaningless. 
• Tiny public shareholder base, cryptocurrency volatilities, and the increasingly competitive environment heightened risks. Only a low-end IPO price, or 12.7x FY26F P/S, is attractive.

• Nuvama is a leading integrated wealth management firm in India, well-positioned to capitalize on the country’s strong economic growth and the increasing financialization of savings.
• The company has demonstrated a robust growth trajectory, with significant year-over-year increases in revenue and profitability, driven by its focus on affluent and high-net-worth clients.
• Key risks include high dependency on volatile capital markets, intense industry competition which could pressure margins, and evolving regulatory changes.

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• Bell Financial Group Ltd (ASX:BFG) is a diversified provider of financial products and software solutions within, and increasingly outside, its traditional full-service stockbroking business.
• BFG has provided a trading update for the 11 months to November 2025, with group PBT well above RaaS estimates.
• Technology & Platforms and Products & Services PBT combined was 24% above the previous corresponding period (pcp) (RaaS +15% for FY25), an acceleration on the H1 FY25 growth rate (+16%).

• TCS Group operates a highly successful digital-first ‘ecosystem’ model through Tinkoff Bank, which has allowed it to become Russia’s second-largest bank by active retail customers, demonstrating significant technological and marketing prowess.
• The company’s financial performance shows a strong recovery in profitability in 2023 after a sharp decline in 2022, highlighting the resilience of its business model but also its sensitivity to the macroeconomic environment.
• Extreme geopolitical and economic uncertainty is the primary investment consideration. The company’s re-domiciliation to Russia, international sanctions on the banking sector, and dependence on the Russian economy create substantial risks that overshadow its operational strengths.

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• Itaú CorpBanca, now operating as Banco Itaú Chile, stands as a significant player in the Chilean and Colombian banking sectors, benefiting from the strong backing of its majority shareholder, Itaú Unibanco. The bank’s strategic focus on digital transformation and improving operational efficiency is expected to drive future growth and profitability.
• The bank has demonstrated a resilient financial performance, with a notable improvement in its capital adequacy and a strategic shift towards a more profitable loan mix. However, it faces challenges from intense competition in both its key markets and the macroeconomic headwinds affecting the region.
• Looking forward, the bank’s success will hinge on its ability to navigate the evolving regulatory landscapes in Chile and Colombia, capitalize on its digital initiatives to enhance customer experience and operational efficiency, and manage the inherent risks associated with the economic cycles of the regions in which it operates.

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Key points (machine generated)

• J Trust reported a 28.3% increase in operating profit to 6,385 million yen in Q3 of FY 2025.
• Operating revenue declined by 4.9% to 92,041 million yen compared to the previous year.
• The company aims to meet its full-year objectives through a three-year strategic plan focused on financial and real estate growth.

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