Daily Brief Financials: Joy City Property, IP Group PLC, Jafco Co Ltd, Coinbase Global , Molten Ventures , Record PLC and more

• On the 31sr July, Chinese property play Joy City (207 HK) announced a Scheme buyback, @ $0.62/share (declared final), a 67.57% premium; but arguably a 158% premium to undisturbed.
• Yes, this was a ~70% discount to NAV. However, Joy City had traded at P/B of 0.14x, on average, the past five years. Earnings have trended south in that timeframe.
• The Scheme Document’s now out, with a Court Meeting on the 17th November and expected payment around the 4th December. The IFA (Somerley) says “fair & reasonable”. It probably is.

• Joy City Property (207 HK)’s IFA opines that the share buyback by way of a scheme at HK$0.62 is fair and reasonable. The vote is on 17 November. 
• While the offer implies a P/B of 0.29x, it is reasonable compared to peer multiples and historical trading ranges. No disinterested shareholder holds a blocking stake.
• Nevertheless, there remains vote risk and caution is warranted. At the current price and for a 4 December payment, the gross/annualised spread is 8.8%/103.6%. 

There have been several announcements on technical and commercial progress across IP Group’s portfolio this year. A recent highlight was Pfizer’s announcement that it will acquire Metsera. IP Group has the potential to generate significant income from the intellectual property (IP) related to anti-obesity programmes that it owns and exclusively licenses to Zihipp, which Metsera acquired in 2023. Metsera’s drug candidates represent a multi-billion dollar revenue opportunity, of which IP Group may receive a low-single-digit percentage amount of royalty income, on top of which it may collect technical and commercial milestone payments, as well as an earn-out related to its previous equity investment in Zihipp. Other notable announcements across IP Group’s life sciences portfolio include Istesso’s encouraging data, published in The Journal of Pharmacology and Experimental Therapeutics, and clinical trial progress of other holdings. We also note that three of IP Group’s portfolio companies (Oxford Nanopore Technologies (ONT), Oxford Quantum Circuits and Oxa) were featured in NVIDIA’s press release on building the UK’s AI infrastructure.

• JAFCO’s revenue and profits declined YoY, with revenue at JPY11.9bn and net income at JPY1.9bn.
• Capital gains were JPY4.4bn, with a 1.84x investment multiple, and one domestic IPO was executed.
• Total investment in 1H FY03/26 was JPY13.7bn, with JPY7.7bn in domestic VC investments across eight companies.

• Coinbase’s second quarter 2025 performance indicates a mixed bag of financial and strategic outcomes.
• The company reported a total revenue of $1.5 billion and an adjusted EBITDA of $512 million, showing robust financial health.
• This result underscores the company’s effective management of its core businesses, despite a 40% decline in total trading volume influenced by macroeconomic conditions, lower volatility, and a strategic emphasis on revenue over trading volume for stablepairs.

Molten Ventures expects to deliver a solid 7.2% NAV per share total return, according to its H126 trading update, supported by a 5.5% constant currency increase in gross portfolio value (driven by value-creation activities and improving market multiples) and a c 1.9% NAV accretion from buybacks. The company continues to deliver strong realisations with £62m in proceeds in H126, representing 4.5% of opening gross portfolio value (broadly in line with its through-the-cycle target of 10% per year). Management highlighted that its portfolio remains ‘robust and resilient’, with respect to both funding requirements and revenue growth, and that its Core portfolio demonstrates strong growth and profitability metrics. Based on the 719p NAV reported in Molten’s trading update, its last closing share price implies a 34% discount to NAV.

Record reported steady progress in its Q226 trading update. Assets under management (AUM) grew by 2% in the quarter to $110.3bn, the highest level reported for Record, primarily driven by positive asset movements of $2.3bn. Crystallised Q2 performance fees of £0.5m were slightly below the run-rate end-FY26 estimate of £3m. Importantly, the first deployment of €100m of capital from the Infrastructure Equity fund will add incremental management fees for the group. We are not changing our estimates at this stage, and await the full set of H1 results on 7 November.