In today’s briefing:
- Aequitas: Keppel DC REIT Placement – DPU Accretive; past Deals Have Done Well
- 5paisa Capital: MTF Funding- The Next Phase Of Growth
- Selected European HoldCos and DLC: August 2026 Report
- Jackson Hole Sinks Bitcoin
- Chesnara plc (CSN): Acquisitions show immediate benefits
- Primer: Shovels – 01 Sep 2026
Aequitas: Keppel DC REIT Placement – DPU Accretive; past Deals Have Done Well
- Keppel DC (KDCREIT SP) aims to raise around US$472m to invest in two data centres in Inzai City, Greater Tokyo.
- The firm expects a 2.6% DPU accretion from the acquisition.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
5paisa Capital: MTF Funding- The Next Phase Of Growth
- The revenue mix is structurally shifting toward funding income even as FY26 as a whole showed revenue down 11% and PAT down 35%, and cost-to-income stayed near 83%.
- Q1 FY27 revenue grew 14% YoY to Rs.88.4 crore, driven by 26.5% higher interest income, while MTF book averaged Rs.422 crore and net worth tripled to Rs.1,131 crore.
- The indian discount broking industry is changing and moving towards more stickier business like MTF Funding and digital model is just helping them in making it accessible fast.
Selected European HoldCos and DLC: August 2026 Report
- GBL and Porsche became more attractive in August as discounts widened to 26.4% and 30.2%, respectively, despite higher NAVs; Investor and Industrivärden remain above NAV.
- Vivendi remains the valuation outlier at a 55.5% discount after July’s court ruling removed mandatory-offer optionality, leaving substantial upside but no obvious near-term convergence catalyst.
- Holding-Company valuations remain driven by governance, balance sheets and catalysts rather than historical averages: GBL offers the best balance, while Investor’s premium leaves little margin of safety.
Jackson Hole Sinks Bitcoin
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Bitcoin reversed from $80,258 midweek (Aug 27), closing the week near $77K to $78K, per Coinglass, after Warsh’s hawkish Jackson Hole speech elevated September rate-hike odds.
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Spot BTC ETFs snapped a nine-day $3.04B streak (Aug 17-27) with a $201.81M outflow on Aug 28; ETH inflow streak extended to ten days, bringing in roughly $1.52B.
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SEC sent modernized crypto custody rules to the White House OMB, advancing clarity outside the stalled CLARITY Act.
Chesnara plc (CSN): Acquisitions show immediate benefits
- Chesnara has announced its 1H’26 results.
- The figures were dominated by the acquisition of HSBC Life (UK), now Chesnara Life UK, which contributed for five months and increased group scale.
- OCG rose 79% to £96m, cash remittances were up 31% to £73m and AOP grew 46% to £31m, although acquisition effects and management actions supported much of the OCG growth.
Primer: Shovels – 01 Sep 2026
- Sacra estimates that Shovels hit $3M in annual recurring revenue (ARR) in August 2026, up from $1.5M at the end of 2025.
- Shovels raised a $5M seed round led by Base10 Partners in June 2025, bringing total reported funding to $6.5M.
- Shovels standardizes fragmented local-government records covering building permits, contractors, properties, and local development decisions across the United States.
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