Daily Brief Financials: Lifestyle Communities, Guotai Junan Securities , DBS, Anima Holding, WeWork India Management Ltd, American International Group, Bitcoin, Swire Properties and more

• Reportedly, Ingenia Communities (INA AU) and Lifestyle Communities (LIC AU) –  companies which provide low-cost housing needs for working, semi-retired, and/or retired people – are mulling a merger.
• Part of the rumourmill pivots off of the fact Lifestyle will release its 1H25E results after market on the 24th Feb, shortly ahead of Ingenia’s own release the following morning.
• Lifestyle’s share price remain 25% adrift of levels shortly ahead of a July 2024 ABC report alleging excessive exit fees. 

• Nearing the end of the review period, we expect two changes for the iShares China Large-Cap (FXI) (FXI US) ETF in March.
• Guotai Junan Securities (2611 HK) is a high probability add while China Tourism Group Duty Free (1880 HK) is a high probability delete.
• ZTE Corp H (763 HK) is a potential inclusion currently and could replace China Coal Energy Co H (1898 HK) as long as it stays in inclusion zone.

• Granular data from DBS shows worsening credit metrics in Greater China and in Hong Kong.
• We use DBS and other banks, as a window on credit metrics for China banks and HK local banks.
• The NPL ratio for its HK business moved from 1.1% to 1.7% YoY, while Pillar 3 data shows sharp rise in New NPLs in 2H24

• Banco BPM raises offer for Anima to €7.00 per share, securing over 43% shareholder support. Shareholders will vote on February 28, with deal completion expected in mid-2025, pending regulatory approvals.
• Strategic acquisition boosts Banco BPM’s non-interest income to 50% of total revenues and strengthens its wealth management and insurance business, reinforcing its defense against UniCredit’s €10 billion takeover attempt.
• Market assigns a 92% probability of deal completion. Shareholders are advised to accept, as failure to tender may result in lower liquidity.

• WeWork India Management Ltd (1690124D IN)  (WIML) is looking to raise about US$450m in its upcoming India IPO. The bookrunners for the deal are JMFin, ICICI, Jefferies, Kotak, 360 One.
• WIML was established in 2016 under the name, “Halosaur Bengaluru Private Limited” and is backed by Embassy Group. It is one of the leading premium flexible workspace operators.
• WIML has been the largest operator by total revenue in the past three Fiscals, according to the CBRE Report.

• AIG has completed efforts to reposition itself as a leader in the insurance industry
• The company has a renewed strategy for growth and improved financial performance
• A strong leadership team and clear vision for the future position AIG to deliver value for customers and shareholders

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• 2025 is off to a tough start. Our call on boring or scary price action seems to be holding up.
• Bitcoin remains boring and is range-bound between $106k and $91k.
• Altcoins have been scary, with the average sector down 25%+. Sector Performance for Jan 2025.

• LaSalle appoints Japan, Korea-based APAC Co-Heads as Tang heads to Rava, highlighting leadership changes within the company.
• Dash Living’s expansion in Japan to 19 locations through partnerships with BlackRock and Greystar reflects their growth strategy in the region.
• Swire Properties expecting a $103M loss as Pacific Place rents drop 16% due to markdowns, showcasing the impact of market changes on the company.