Daily Brief Financials: Iyogin Holdings , Chubb Insurance, IShares Bitcoin Trust ETF, Princess Private Equity Holdin, China Vanke (H), Repco Home Finance, NB Private Equity Partners, Nippon Insure and more

• Our key themes for Japanese banks in 2026 are top line growth due to a hawkish BoJ and the potential for shareholder value creation through cross-holding disposals
• In the big caps, we stick with Resona Holdings as our top pick for its strong gearing to rising interest rates and its relatively high equity cross-holdings to market value
• Our top mid-caps picks are Iyogin Holdings and Hokuhoku, both of which are well positioned to benefit from higher interest rates and also have healthy cross-holdings relative to market value

• Chubb Insurance (1071557D MK) is looking to raise at least US$300m in its upcoming Malaysian IPO. The deal will be run by Maybank.
• It is a general insurer in Malaysia, offering a diversified portfolio of products across property and casualty, accident and health, and motor insurance.
• Originally incorporated in 1970 as Jerneh Insurance Corporation, the company was acquired by the Chubb Group in 2010.

• Bitcoin has been selling off since early October 2025 and reached a -35% loss around November 20, then bounced back, the rally is currently ongoing.
• Our focus is always short-term and in this insight we will try to analyze how far the current BTC-USD spot rally can go before a new sell-off begins.
• The alternate hypothesis is that the current downturn is merely a sharp, tactical correction within a larger secular bull market. Under this interpretation, the pullback could be a buying opportunity.

Partners Group Private Equity Limited (PEY) continues its strong exit activity with €65.4m in distributions in the first nine months of 2025 (9M25) and a further 22% of its end-September 2025 NAV in agreed sales processes. Another 11% of NAV is in listed holdings, which gradually will be sold off. Overall, PEY’s manager expects c €200m in proceeds in both FY25 and FY26, which would bring its exit activity closer to the historical average of 21% of opening NAV per year and which bodes well for its share buybacks. PEY posted a 2.1% NAV total return (TR) in Q325 (supported by a 2.6pp impact from changes in portfolio value), which partly offset the (largely fx-driven) 5.7% NAV TR decline in H125. On a constant currency basis, PEY’s portfolio value was up 10.6% in the 12 months to end-Q325, with two of its three holdings that floated last year (Vishal Mega Mart and Galderma) being important drivers. EBITDA growth and higher multiples contributed 7.0pp and 3.0pp, respectively, to this increase, partly offset by a 4.5pp impact of higher net debt (amid refinancing in late 2024 and early 2025 on improved terms to drive growth).

• The UST curve twisted marginally steeper yesterday, as the market focused on the selection for the next Fed Chairman amid little macro developments.
• The yield on the 2Y UST declined 2 bps to 3.51%, while the yield on the 10Y UST was unchanged at 4.09%.
• Equities recovered from Monday’s sell-off, in tandem with a rise in cryptocurrencies. The S&P 500 and Nasdaq rose 0.2 and 0.6% to 6,829 and 23,414, respectively. 

• Niche Player with Strong Recent Growth: Repco Home Finance has demonstrated robust growth in recent years, evidenced by a 3-year net income CAGR of 33.47%. The company focuses on the underserved self-employed and non-salaried segments in Tier-II and Tier-III cities, particularly in South India, which provides a pricing power advantage.
• Attractive Valuation with Improving Asset Quality: The company trades at a significant discount to fair value, with a Price-to-Book ratio of 0.61 and a Price-to-Earnings ratio of 4.55. Asset quality has shown marked improvement, with Gross Non-Performing Assets (GNPA) declining from a peak of 7% in FY22 to 4.1% in FY24.
• Key Risks Center on Concentration and Competition: The business faces risks from its high geographical concentration in South India (83% of its loan portfolio) and its reliance on the economically sensitive self-employed segment. Intense competition from larger banks and other Housing Finance Companies (HFCs) could pressure margins and growth.

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• NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among larger positions), ii) well positioned for improving exits (mature portfolio with a number of exit-ready companies), iii) balance sheet strength (flexibility to increase investment in attractive new opportunities in addition to returning capital to shareholders, iv) optimal access via co-investments (NB’s differentiated co-investment platform provides efficient access to attractive opportunities alongside high-quality managers), and v) attractive investment pipeline (focus on mid-life co-investments providing exposure to companies already in the value-creation phase).

Key points (machine generated)

• The document transcribes a financial results briefing for Nippon Insure Co., Ltd. held on December 3, 2025.
• Shinya Sakamoto, the President, discusses the company’s performance for the fiscal year ending September 2025.
• The briefing includes important disclaimers and is produced by FISCO Ltd., urging stakeholders to review the disclosures.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.