In today’s briefing:
- [KE Holdings Inc. (BEKE US, BUY, TP US$24) TP Change]: The Old China Braces for Turbulence & Change
- Long Macquarie (MQG AU) Vs. Short NAB (NAB AU): A Quant-Driven Pair Trade
- OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet
- Lucror Analytics – Morning Views Asia
[KE Holdings Inc. (BEKE US, BUY, TP US$24) TP Change]: The Old China Braces for Turbulence & Change
- Beike (BEKE) reported C2Q25 top line, non-GAA op. profit and GAAP net income (2.5%), (43%) and (3.0%) vs. our est.
- Since a strong start in C1Q25, both new and existing home sales growth have trended down after early March, against a weak 2024.
- We cut TP by US$1 to US$24 and maintain BUY.
Long Macquarie (MQG AU) Vs. Short NAB (NAB AU): A Quant-Driven Pair Trade
- Context: The Macquarie Group (MQG AU) over National Australia Bank (NAB AU) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
- Highlights: The pair is trading just at the border of the 2 standard deviation threshold which triggers the trade open signal. Monitor to find a good entry point.
- Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.
OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet
- OnEMI Technology Solutions (1553346D IN) is looking to raise about US$172m in its upcoming India IPO. The bookrunners for the deal are JM Financial, HSBC, Nuvama, SBI Caps.
- Also known as Kissht, its products include personal loans for salaried and self-employed individuals for consumption and business needs, and loans against property for asset-owning MSMEs and salaried individuals.
- As of March 31, 2025, Kissht had 53.23m registered users, 9.16m customers, and INR 40,866m in AUM.
Lucror Analytics – Morning Views Asia
- The UST curve twisted flatter yesterday, partly unwinding Wednesday’s steepening move.
- The yield on the 2Y UST rose 2 bps to 3.63%, while the yield on the 10Y UST fell 3 bps to 4.21%.
- Equities climbed on the back of upward revisions to the US Q2/25 GDP.
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