Daily Brief Financials: Joy City Property, Nh Investment & Securities, WeWork India Management Ltd, Just Group PLC, San In Godo Bank, Law Debenture Corp Plc/Fund, Japan Investment Adviser Co, Beneficient, Orient Corp and more

• Joy City Property (207 HK) announced a share buyback by way of a scheme at HK$0.62, a 67.6% premium to the last close of HK$0.37 (17 July). The offer is final.
• The buyback is effectively a privatisation by the controlling shareholder, COFCO, at a significant discount to book value. The offer implies a P/B of 0.30x.
• While there are mitigating factors which lower the vote risk, there are several similarities to the failed Soundwill scheme. Therefore, the vote comes with non-neligible risk.

• NH Investment & Securities Co (005940 KS) announced that it plans to raise 650 billion won through a third party paid-in capital allocation.
• Expected price of the capital raise is 20,150 won. Nonghyup Financial Group is expected to fund this capital raise. 
• We believe there is likely to be some net selling of the Korean securities companies in the next several months due to disappointing new tax policies (especially for dividends). 

• WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
• WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
• In this note, we talk about the positive aspects of the deal.

• Brookfield offers 220p/share in cash for Just Group via scheme, valuing the UK annuity provider at £2.4bn — a 75% premium and 1.1x Tier 1 capital.
• The deal strengthens Brookfield’s UK pension risk platform, leverages its global asset engine, and provides Just with growth capital, operational scale, and improved investment capabilities.
• With high deal certainty and limited regulatory risk, the 3.5% gross spread offers an 8.5% annualised return by January 2026, presenting a compelling event-driven arbitrage opportunity.

• Consolidated ordinary income rose 20.7% YoY to JPY36.3bn, achieving 22.2% of the full-year target.
• Non-consolidated ordinary profit declined 35.6% YoY to JPY4.2bn, impacted by worsening bond-related gains/losses.
• The bank projects FY03/26 consolidated ordinary profit of JPY30.4bn, with plans to cut credit costs significantly.

The Law Debenture Corporation (LWDB) delivered a very strong performance in the six months to 30 June 2025 (H125), building on its already strong long-term track record. The share price total return of 14.2% was 5.1pp ahead of the benchmark, while the professional services business (IPS) grew revenues, earnings and operational fair value. The Q1 DPS was 4.7% ahead of last year. The prospects for continued growth in IPS look good, and the portfolio managers remain positive about the prospects for the mostly (89%) UK investment portfolio.

• Revenue increased 38.7% YoY to JPY20.8bn, achieving 99.4% of the company’s 1H forecast, driven by Operating Lease business.
• Operating profit rose 84.4% YoY to JPY11.4bn, reaching 100.7% of the forecast, despite foreign exchange losses.
• Total value of operating lease deals arranged was JPY217.6bn, up 86.5% YoY, with significant growth in vessel arrangements.

• Key F4Q25 takeaways include: 1) On 6/19/25, Brad Heppner resigned as CEO and Chairman of the company’s Board of Directors.
• Given Mr. Heppner’s history founding the company and prior role as CEO, his departure introduces uncertainty as it relates to Beneficient’s business strategy, growth prospects, and ownership structure.
• 2) Following Mr. Heppner’s resignation, the Board announced the separation of the Chairman and CEO roles, with the appointment of Thomas Hicks as Chairman and James Silk as interim CEO.

• Operating revenue increased by JPY197mn to JPY62.9bn, with growth in Settlement, Guarantee, and real estate sales.
• Operating expenses rose JPY1.7bn due to higher financial expenses, while SG&A expenses fell by JPY729mn.
• Recurring profit decreased by JPY1.5bn to JPY3.2bn, with a 26.3% progress rate toward the earnings forecast.