Daily Brief Financials: Juroku Financial Group, Coinbase Global , Hang Seng Bank, KiteAI, Relo Group and more

• In the days approaching H1 results in 2024, Japanese banks raised H1 guidance. Among the top 50 banks outside the top 10, the increase was significant. 
• This year, out of those 50 banks, 12 have either reported (2) or raised guidance (10) for H1 in the past five weeks by an average of 47% (median 43%). 
• Higher loan income, core business profits, and lower credit costs are the main culprits. Expect lots more guidance revisions in the next 10 days.

• Coinbase is a leading, US-based cryptocurrency exchange that has established a strong brand reputation for security and regulatory compliance in a volatile and often risky industry.
• The company’s financial performance is intrinsically linked to the cyclical and volatile nature of the cryptocurrency market, with revenues heavily dependent on transaction volumes and crypto asset prices.
• Future growth is contingent on diversifying revenue streams beyond transaction fees, with strategic initiatives focused on institutional services, the stablecoin (USDC) ecosystem, derivatives, and international expansion.

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• For Oct 2025, 15 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$33bn.
• The average premium for the new transactions announced (or first discussed) in October was ~54%, with a year-to-date average of ~49%.
• The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

• AI industrial developments are advancing fast, presenting a paradigm shift from human centric systems to human-system interactions.
• Emerging standards are shaping the AI agent economy, including the X402 protocol developed by Coinbase and the A2A and AP2 protocols by Google.
• Kite AI is a PoAI-powered L1 blockchain optimized for the AI agent economy, enabling near-instant, sub-cent stablecoin micropayments via state channels and payment lanes.

Key points (machine generated)

• Relo Group, Inc. aims for an operating profit of ¥50 billion and revenues of ¥200 billion by FY3/29 under its Fourth Olympic Plan.
• The company focuses on non-core business operations, including fringe benefits, outsourcing, property management, and tourism to drive profitability.
• For FY3/26, Relo expects a 5% revenue increase to ¥150 billion and a 3.2% operating profit growth to ¥31.4 billion, despite initial profit declines from investments.

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