Daily Brief Financials: Korea Stock Exchange KOSPI 200, Lifenet Insurance Company, Assura PLC, China Merchants Bank H, Bullish US, Edelweiss Financial Services, Miami International Holdings, Target Healthcare REIT PLC, Greentown China, J Trust Co Ltd and more

• KCMC 2025 will likely reveal fresh, unpriced stimulus details, potentially sparking a price rally like last year’s 2% KOSPI 200 jump on the value-up ETF rollout.
• The key wildcard at KCMC 2025 is dividends—shifting from Yoon’s Japan-style ROE grind to a Taiwan-style push for bigger shareholder payouts.
• With Sept 29 approaching, dividend policy buzz may drive price moves—smart to prep dividend momentum trades to front-run this catalyst.

• On Thursday 7 August, the TSE/Nikkei announced the changes for the JPX Nikkei 400 28 August rebalance. A few surprises, but given there is a nebulous qualitative overlay, that’s expected.
• 39 were added. 34 deleted. We got 63 of 73 actual changes correct, achieving hit rates of 96%, 83%, and 44% for our High/Medium/Low Conviction Leaderboard predictions, respectively. 
• We see US$7.3bn of flows, two way. There should be another $3bn+ of flows on the 26th and 28th.

• PHP’s offer has gained momentum, with 8.82% acceptances, offering a +2.13% gross spread, but at a discount to EPRA NTA. The share component introduces long-term upside potential.
• KKR’s offer remains the more attractive option for immediate liquidity, offering a +3.79% gross spread with an estimated 46.1% annualized return, but needs to secure more acceptances by August 12.
• The Takeover Panel auction remains a key driver, with higher bids likely in a competitive scenario. The probability-weighted target price (TP) for Assura is 50.81p, reflecting potential upside from an auction or bid revision.

• AH premia down, bouncing back. “Beautiful Skew” continues generally, but curve skew less pronounced. Average AH moves remain volatile – often the sign of significant distribution changes.
• The Quiddity Portfolio is now smaller, less concentrated, and the net H vs A bias is MUCH smaller. Alpha continues, predicated on beautiful skew. But pair vol is very high. 
• The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

• The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.
• Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.
• The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.

• Edelweiss plans a INR 1,500–2,000 crore IPO of EAAA and a 25–30% stake sale in its mutual fund arm to accelerate deleveraging.
• These transactions could meaningfully reduce corporate debt from INR 6,325 crore, strengthen the balance sheet, and unlock shareholder value.
• Successful execution improves capital efficiency, supports high-margin business growth, and enhances upside potential, reinforcing the 56% target price appreciation case.

• Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
• In the first half of 2025 the adjusted revenue was $197m or 56% above the $126m in 1H 2024.
• As of August, they have built out all the technology pieces they need without adding head-count and now are in execution mode.

Target Healthcare REIT’s Q425 update shows indexed rent reviews continuing to drive increased earnings and property values, underpinning growing DPS. Q425 NAV total return was a strong 2.9%, taking the annual total to 9.0%. We will review our estimates when the FY25 results are published in detail in September, but continue to expect rental growth, a full-year contribution from development completions and asset management to drive further growth.

• UST yields rose on Friday, in a continuation of Thursday’s increase following the weak 30Y notes auction.
• In addition, there were no macro catalysts, ahead of Tuesday’s CPI data release (which may alter market expectations for the rate cuts currently priced in).
• The yield on the 2Y UST rose 3 bps to 3.76%, while that on the 10Y UST was up 3 bps at 4.28%. 

• Operating revenue declined by JPY4.6bn YoY to JPY60.7bn, with decreases in South Korea, Mongolia, and Real Estate.
• Operating profit increased by JPY2.6bn YoY to JPY4.6bn, driven by gains in Financial and Investment Businesses.
• Profit attributable to owners of parent fell to JPY1.4bn due to foreign exchange losses from yen appreciation.