Daily Brief Financials: Korea Stock Exchange Kospi Index, GBP, S&P/ASX 200, Iyogin Holdings and more

• M&A valuations won’t rely solely on market prices, carve-outs favor parent shareholders, and mandatory tender offers plus IPO cornerstones lead, with tender offers live H1 next year.
• Commercial Act tweaks have tackled governance, and the tax reform boosts dividends. Today’s markets reform package addresses the last missing piece: giving minority shareholders a fair shake in M&A scenarios.
• Details and timelines remain unclear, but the package sets a roadmap to improve Korea’s equity risk-return profile, supporting DM inclusion upside and maintaining the Korea Premium narrative.

• Euro area core inflation may slip to 2.1% in August and stay there in September, with pressure likely coming later in the fourth quarter from wages and goods inflation.
• Headline inflation in the Euro area is forecasted to fall to 1.8% in the fourth quarter of 2025, with core inflation at 2.1% and further declines expected by the end of 2026.
• UK headline inflation is expected to rise to 4% CPI in September before moderating, with front end UK inflation breakevens declining but offering value at these levels.

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• As reported by Brian Freitas , 2 days ago S&P DJI confirmed that the proposals in the market consultation will be implemented at the September 25 rebalance. Details here.
• The S&P/ASX 200 (AS51 INDEX) is currently OVERBOUGHT according to our models: the index reached an 83% probability of reversal at the intraweek high (9025). Incoming pullback.
• The index could rally one more week (next week), that should be the end of this rally (short-term forecast), but could also pull back this week, checkour modelkey-supports.

• We incorporate our scorecard into this report covering ten Japanese midcap banks and we also introduce trailing twelve month return trends for the midcaps
• Iyogin Holdings remains a buy, which tops pre-provision returns and has large strategic cross-holdings; Hokuhoku Financial and Hachijuni Bank are also buys with these occupying the top three scorecard rankings
• We add Hirogin Holdings to the buy list; it is deep value among the peer group, with its premium earnings and dividend yield and its attractive ROE to PBV ratio