Daily Brief Financials: Insignia Financial, Kaspi.KZ , Chiba Bank, Get Nice Financial Group Ltd, UBS Group , Philippine Stock Exchange, Aedas Homes SA, SES AI Corp, Truist Financial and more

• On the 17th Jan, CC Capital lifted is indicative Offer for Insignia Financial (IFL AU) to A$4.60/share from A$4.30/share, a ~50% premium to undisturbed. Limited, non-exclusive due diligence was subsequently provided.
• As discussed in Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match – Or Exceed – CC Capital’s Term, I expected Bain to match CC Capital’s terms.
• Today Bain did just that, tabling a NBIO at A$4.60/share. Bain was also provided with limited, non-exclusive due diligence.

• Kaspi is a leading financial technology company in Kazakhstan
• Offers seamless ecosystem of payments, e-commerce, and financial services
• CEO and co-founder Mikhail Lamsada transformed Kaspi into a dominant platform

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• Chiba Bank shows good gains in net interest income through 1H25 YoY
• There should be more of this with rising BOJ rates during 2H25.
• Flow through to net profit can be strong, given credit metrics.

• The Get Nice Financial Group Ltd (1469 HK) offer is conditional on the approval of the GNH/GNF shareholders. On 22 January, Get Nice Holdings (64 HK) shareholders approved the offer. 
• The GNF vote requires approval of the scheme by at least 75% of disinterested shareholders (<10% of all disinterested shareholders rejection). The vote remains a low risk.   
• The GNF vote is aided by the higher derating of peers (the median peer’s share price has declined 12.7%) compared to the decline in the implied offer value (10.4%).  

• Scape Australia is investing in student housing by launching a $3.8 billion fund to transform the sector.
• Indian company CtrlS is expanding their data center portfolio by building a fourth facility in Hyderabad.
• Despite a Q4 slump, Singapore’s real estate investment increased by 35% in 2024, according to Savills.

• We are gradually building a high-conviction coverage of ideas for the mid and small-caps in the Philippines.
• We set criteria for high ROCE, reasonable growth (10-15% YoY), strong balance sheets, and reasonable capital allocation (dividend yields), all ingredients for being multi-baggers.
• We preview earnings for our top picks: DigiPlus Interactive (PLUS PM), Ginebra San Miguel (GSMI PM), The Keepers Holdings (KEEPR PM), and the Philippine Stock Exchange (PSE PM) 

• Aedas Homes SA (AEDAS SM) stake sale: Castlelake’s stake is worth at least €897 million, with potential buyers Hines and Starwood likely to launch a mandatory public tender offer (OPA).
• Strategic Appeal: 21,200-home landbank, and market leadership attract international real estate investors, highlighting Spain’s strong housing demand and rising property prices.
• Possible offers, in line with past transactions, range between 10% discount to NAV to parity with it (which could be defended as “equitable price”. Long.

• SES AI’s AI for Science platform should generate revenue with the firm’s EV OEM partners beginning in the 4Q24.
• SES AI announced development contracts totaling up to $10 million (in non-recurring revenue) with two existing automative OEM partners involving the use of firm’s AI for Science materials discovery platform.
• The new contracts cover the development of both Li-Metal and Li-ion electrolyte chemistries, which itself constitutes an expansion of the firm’s opportunity set and potential total address market. 

• Truist Financial Corporation’s fourth-quarter 2024 earnings reflect a company navigating both opportunities and challenges in a dynamic financial landscape.
• The company reported net income available to common shareholders of $1.2 billion, or $0.91 per share, and achieved full-year GAAP net income of $4.5 billion, or $3.36 per share.
• On an adjusted basis, net income was higher, standing at $5 billion or $3.69 per share.