Daily Brief Financials: Mediobanca SpA, S&P/ASX 200, Ally Financial, FnGuide Inc, Everbright Securitie Co (A), Regency Centers, SBI Holdings, Lincoln National, Equinix Inc, Blue Owl Capital and more

• BMPS closed the re-open at 86.3% of Mediobanca (62.3% initial + ~24pts re-open); settlement 29 Sep. Super-majority secured enables extraordinary resolutions; MB remains listed below 90%/95% thresholds.
• MB should hug 2.533×BMPS + €0.90 into 29 Sep; basis widened on flows but typically compresses. Sensitivity: each 1% move in BMPS shifts implied MB ~€0.20 (delta ≈2.533).
• Trade: convergence hold long MB/short 2.533× BMPS into settlement; exit unless underwriting merger risk. For BMPS, lower dilution and cash outlay support the equity, tempered by integration and accumulation overhang.

• As previously forecasted, the S&P/ASX 200 (AS51 INDEX) ended its rally at the end of August/early September.
• The index has corrected for the past 3 weeks and is now very oversold according to our models.
• In the last 3 days the index has been showing some momentum, this insight will try to target potential profit targets for the next 2-3 weeks.

• Leading Digital Bank and Auto Financier: Ally Financial holds a strong position as the largest all-digital bank in the U.S. and a dominant player in the automotive finance market. This dual focus provides diversified revenue streams and a solid customer base.
• Financial Performance and Shareholder Returns: The company has demonstrated a commitment to shareholder returns through consistent dividend payments. Recent financial performance shows a significant rebound in Q2 2025, with adjusted EPS beating analyst expectations, driven by an expanded net interest margin and disciplined cost control.
• Navigating a Challenging Environment: Ally faces headwinds from intense competition in the financial services industry, potential economic downturns impacting loan performance, and a dynamic regulatory landscape. The company’s reliance on the auto lending market also exposes it to risks associated with this specific sector.

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• FnGuide holds a dominant position in South Korea’s rapidly expanding sector-themed ETF index market, a key growth driver for the company.
• Despite consistent revenue growth, the company experienced a significant 47.6% drop in net income in FY 2024, raising concerns about profitability and operational efficiency.
• A shareholder dispute in 2024 and subsequent management changes have introduced corporate governance risks and uncertainty regarding the company’s future strategic direction.

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• Everbright Securities is a prominent, state-affiliated financial services firm in China with a comprehensive business model spanning wealth management, investment banking, and asset management.
• The company’s financial performance is inherently tied to the volatility of China’s capital markets, as evidenced by recent declines in revenue and net income following periods of strong growth. Regulatory shifts and intense domestic competition are key factors influencing its operational landscape.
• Strategically, the firm is focused on optimizing its capital structure and expanding into higher-margin businesses like institutional brokerage and wealth management to navigate the highly fragmented and competitive domestic market.

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• Regency Centers stands as a preeminent owner and operator of high-quality, grocery-anchored shopping centers located in affluent and densely populated U.S. markets.
• The company’s strategic focus on necessity-based retail provides a defensive moat against e-commerce and economic downturns, resulting in high occupancy rates and stable cash flows.
• Future growth is expected to be driven by a combination of strong leasing activity, a robust development and redevelopment pipeline, and disciplined capital allocation, though risks from tenant bankruptcies and rising interest rates persist.

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• SBI Holdings is a major Japanese financial services conglomerate with a diversified business portfolio spanning Financial Services, Asset Management, Private Equity Investment, Crypto-assets, and Next Generation Business. The company is aggressively pursuing a growth strategy centered on digital transformation, strategic acquisitions, and expansion into new technological frontiers like Web3, AI, and semiconductors.
• The company has demonstrated strong top-line growth, with revenue surpassing ¥1 trillion for the first time in fiscal year 2023. Profitability is also on an upward trend, driven by its core financial services segment, particularly SBI Shinsei Bank, and a significant turnaround in its private equity investment business.
• SBI’s forward-looking strategy involves significant investments in high-growth areas, both domestically and internationally, with a particular focus on Southeast Asia and the Middle East. The company aims to generate 20-30% of its consolidated profit from overseas businesses in the medium term.

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• Lincoln Financial Group’s second-quarter performance showed a year-over-year improvement in adjusted operating income, marking the fourth consecutive quarter of such growth.
• The company reported robust results with a 32% increase in adjusted operating income, demonstrating momentum in its ongoing strategy to optimize operations and enhance profitability.
• This positive trend reflects efforts to focus on risk-adjusted return on capital and reducing result volatility, although the economic backdrop remains subject to change, potentially influencing future results.

• Equinix is the world’s largest data center and interconnection provider, structured as a REIT, and is a critical component of the global digital economy’s backbone.
• The company is strategically positioned to capitalize on major secular growth trends, including artificial intelligence (AI), hybrid multi-cloud adoption, and enterprise digital transformation, which are driving robust demand for its services.
• While facing risks from high capital intensity, competition, and legal scrutiny, Equinix’s extensive global platform, dense interconnection ecosystem, and strong recurring revenue model provide a durable competitive advantage.

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• Blue Owl is strategically positioned in the fastest-growing segments of alternative asset management, particularly direct lending and GP solutions, capitalizing on the secular shift of capital from public to private markets.
• The company’s business model, anchored by a high concentration of permanent capital, provides a stable and predictable revenue stream through management fees, reducing volatility and supporting consistent growth in assets under management (AUM) and fee-related earnings (FRE).
• Aggressive strategic acquisitions are expanding Blue Owl’s capabilities into high-demand sectors like digital infrastructure and real estate credit, which are expected to drive significant synergies and future growth, although they also introduce integration risks.

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