Daily Brief Financials: Insignia Financial, CNY, Block , USD, NIFTY Index, Sunac China Holdings, Vinhomes , Northeast Bank, Mirai Corp and more

• After wealth manager Insignia Financial (IFL AU) announced – and subsequently rejected  Bain’s A$4.00/share Offer, CC Capital waded in on the 6th January with its own A$4.30/share NBIO.
• IFL have yet to reach an opinion on CC Capital bid. And to make things interesting, Bain has  sweetened its Offer to $4.30/share, matching CC Capital’s terms.
• What now? Either, IFL opens the data room to both parties. Or rejects both. I think they should engage.

• Trump plans to put serious tariffs on Mexico and Canada due to immigration and drug issues, impacting Asian currencies
• US and UK CPI data in focus for the week ahead, with expectations of higher inflation
• Currency depreciation pressures in Asia expected to continue, with China and Korea most vulnerable to depreciation pressures

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• Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspects
• Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspects
• Company’s dedication to Bitcoin and its ecosystems driving future shareholder returns, despite being misunderstood due to its history

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Repo markets over year end were more subdued than expected, with balances reaching $473 billion in the afternoon on December 31st.
• The Fed’s balance sheet runoff, or QT, is expected to end by the first quarter of the year, with reserves holding above $3 trillion for most of last year.
• Potential delays in ending QT could be influenced by the resolution of the debt ceiling and the desired amount of reserves banks want to hold.

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• IVs jump early as sentiment soured, but trailed off through the week as underlying markets held support zones. Vol-Regime Model retains “High & Down” state.
• Skew & Smile unchanged over the week in spite of the rollercoaster ride in IVs. Term-structure experienced to-and-fro swings.    
• Trading Strategy Implications: Iron Condor/ Butterfly structures to be continued as long as regime model indicates “High & Down” vol state. 

• Resilience is showing up in survey data, impacting yields and strategies in Oregon and beyond
• Rising term premium and fiscal spending expectations affecting markets, especially the dollar
• Sterling facing challenges with lower quality carry, fiscal issues, and potential growth slowdown, while Dollar remains bullish with strong US employment report and Fed outlook

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• Sunac faces financial distress as China Cinda files new wind-up petition due to inability to repay debt.
• Country Garden plans to reduce $11.6B offshore debt as home sales decline in current market conditions.
• UOL from Singapore successfully invests $285M in Sydney office amid market revival, showcasing confidence in growth.

• Vinhomes launched a roadshow last week to market its debut USD 144A/RegS five-year bullet notes.
• The notes are expected to be rated B1 by Moody’s and BB- by Fitch, in line with the issuer rating.
• The proceeds will be used mainly for debt refinancing and capex.

• Northeast Bank is offering investors an informational arbitrage opportunity with potential for significant near-term earnings growth that has not been fully recognized by the market.
• The company’s focus on increasing SBA 7(a) loan origination is beginning to yield results, with the potential for considerable gains upon sale.
• Data from the SBA supports the optimistic outlook for Northeast Bank’s earnings in the coming quarters and years, presenting investors with a chance to profit from acting on this information before it is fully reflected in financial reports.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• FP10/24 results exceeded company guidance for net operating income (NOI) and dividend per unit (DPU).
• The notable improvement of NOI (+11.6% vs. FP10/23, +4.8% vs FP4/24) is attributable to a lower expense ratio than initial expectations (actual 32.5%, guidance 34.0%) due to lower rental business expenses and repair costs, higher variable rent on the back of a strong tailwind in the hotel sector (actual ¥173 million vs. guidance ¥149 million), and other one-off rental income.
• Other expenses such as outsourcing costs and utility bills were well controlled, reflecting MIRAI’s asset management ability.