In today’s briefing:
- Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80
- HSI Index Tactical View: How Much Further Can the Rally Run?
- Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform
- Event Update: UniCredit Withdraws BPM Offer — End of the Line
- Marsh & McLennan’s Latest Earnings: How Economic Agility & Analytics Are Fueling Resilience!
- DLF’s Mumbai Re-Entry: A New Era for Premium Real Estate?
- Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold
- ZKsync Prividium – Compliant, Private, Turnkey Blockchain Infra
- India Real Estate: Domestic Demand & Infrastructure Boom – LONG DLF
- HIT: Strong Momentum
Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80
- On 22 July, Insignia Financial (IFL AU) entered a scheme implementation deed with CC Capital at A$4.80, a 4.0% discount to its previous non-binding offer of A$5.00.
- The key conditions are regulatory (APRA, FIRB, ACCC, FCA) and shareholder approvals. Shareholders should be supportive as the offer resulted from an auction.
- The offer is reasonable in comparison to historical trading ranges, peer multiples and precedent transaction multiples. The timing of regulatory approvals is the key risk.
HSI Index Tactical View: How Much Further Can the Rally Run?
- The Hang Seng Index (HSI INDEX) has reached new highs (25538). Our quantitative model says the index has reached a 75% probability of reversal.
- Let’s break down the model’s info: PRICE MODEL 75%, TIME MODEL 75%, combined prob. of reversal is 75%. The fact that both model’s factors are overbought is “bearish”.
- Can the index climb higher? Our detailed analysis is in the insight below, together with screenshots from the model.
Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform
- The is an institutionally focused global digital asset platform that provides market infrastructure and information services.
- Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.
- The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.
Event Update: UniCredit Withdraws BPM Offer — End of the Line
- UniCredit ends pursuit of BPM: Facing firm resistance from BPM and Rome, UniCredit formally withdraws its bid — closing the door on a deal the market never priced as likely.
- Persistent negative spread undermined credibility: The gross spread remained negative from day one, reflecting deep investor skepticism around deal viability, regulatory clearance, and BPM’s willingness to engage.
- Strategic implications for both sides: BPM reverts to standalone trajectory amid sector consolidation chatter; UniCredit’s retreat highlights constraints on its inorganic strategy — both political and market-driven.
Marsh & McLennan’s Latest Earnings: How Economic Agility & Analytics Are Fueling Resilience!
- Marsh & McLennan Companies reported a solid second quarter with a 12% increase in revenue, a 14% rise in adjusted operating income, and an 11% growth in adjusted EPS, aligning well with their expectations, despite challenging macroeconomic conditions.
- Underlying revenue increased by 4%, with contributions from various business segments including Marsh, Guy Carpenter, Mercer, and Oliver Wyman.
- The company continues to navigate a complex operating environment affected by geopolitical instability, trade wars, extreme weather, and emerging AI opportunities.
DLF’s Mumbai Re-Entry: A New Era for Premium Real Estate?
- DLF Ltd (DLFU IN) re-entered Mumbai after a decade with ‘The Westpark’, a luxury project in Andheri West, featuring 416 apartments and INR 800-900 crore investment
- Company launched a Mumbai luxury project targeting INR 2,000-2,300 crore revenue from phase one, with broader market expansion and new launch plans
- This signals a strategic shift for debt-free DLF towards high-margin luxury developments, leveraging Mumbai’s booming market and demand for premium homes
Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold
- The PBV and PE valuations for TMB Thanachart, which are close to those of SCBx, seem stretched; TMB Thanachart’s return trends are well below those of SCBx
- On the weighted metrics applied to our proprietary scorecard, TMB Thanachart is the new bottom marker in the scorecard among its Thai bank peers
- Krung Thai was our core buy-rated Thai bank; we downgrade it to a hold, as its valuation discounts to its own history and its peer SCBx are no longer compelling
ZKsync Prividium – Compliant, Private, Turnkey Blockchain Infra
- ZKsync Prividium delivers a turnkey, production-ready blockchain solution tailored for institutional adoption.
- By fusing private execution, robust access controls, and Ethereum’s security guarantees, Prividium eliminates the complexity of custom chain development.
- Pioneered by Deutsche Bank and Memento, its compliant, permissioned architecture unlocks new design space for tokenization, cross-border payments, and confidential finance.
India Real Estate: Domestic Demand & Infrastructure Boom – LONG DLF
- As the second largest population in the world, India real estate is on a transformational path, driven by economic growth and domestic demand
- In particular, we think the rapid urbanization, rising disposable income, infrastructure demand as well as capital inflow from NRI provided further boost to the sector
- We like DLF, which is one of the largest real estate developers in the country, on the back of its product positioning and strong fundamentals
HIT: Strong Momentum
- As it executes its strategy to continue to expand its reach and distribution, HIT has added many new distribution partnerships, including with large players such as leading pharmacy benefit manager (PBM) MedImpact subsidiary, Verdegard Administrators, and Hilb Group, which ranks among the top 25 U.S. insurance brokers, among others.
- Moreover, HIT is preparing to launch AI-powered solutions for mid-sized and larger businesses later in 2025 and is optimistic about the prospects, based on interest it has generated to-date.
- Concurrently, HIT continues to serve and expand its offerings for the small- to medium enterprise (SME) market.
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