Daily Brief Financials: Metaplanet, IDBI Bank Ltd, Jilin Jiutai Rural Comm Bank, Klarna Group, Seazen (Formerly Future Land), Tether, Host Hotels & Resorts, INVESCO Asia Trust PLC, Lineage and more

• Metaplanet raises JPY 205bn via discounted share issue, doubling Bitcoin holdings to ~32,000 BTC and reframing investor focus toward Bitcoin-per-share growth.
• Despite 50% dilution, BTC yield per share rises ~50% in Q3, positioning Metaplanet as a structural proxy for digital monetary assets.
• Enhanced balance sheet flexibility should enable a further JPY 125bn raise in Q4, reinforcing the company’s long-term accumulation strategy and premium valuation.

• Only very few senior executives have benefitted from privatisation of IDBI Bank
• Hefty remueration increases given to CEO and two Deputy Managing Directors
• Major improvement in the bank’s performance on account of government led injection of equity and bank’s share price has under-performed peers. 

• On 3 July, Jilin Jiutai Rural Comm Bank (6122 HK) disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70. IFA opines it is fair and reasonable. 
• The IFA analysis is flawed, and the offer is unattractive. Nevertheless, the offer represents the best-case scenario for minorities, as the timeline for resuming trading remains uncertain.
• While the 24 October vote on the delisting proposal should pass, the satisfaction of the minimum acceptance condition (90% of independent H shares) poses a challenge.

• Klarna’s IPO issue price of USD40 implies a market capitalisation of USD15.1bn and, according to financial press reports, the IPO was twenty-five times over-subscribed
• The Klarna IPO valuation metrics, versus its peers, still serves to highlight Affirm’s very stretched valuation and we stand by our Affirm sell rating
• On the positive side, we highlight PayPal as also the best value play of the major BNPL participants; we also like PagSeguro and Nexi

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
• UST yields increased yesterday, led by the front end, as market attention shifted to the release of PPI and CPI data over the next two days. The UST curve bear-flattened, partly unwinding four straight days of yield declines. Yields on USTs rose 7 bps to 3.56% for the 2Y, and 5 bps to 4.09% for the 10Y.
• Equities rallied to reach fresh record highs, as the expectation of Fed rate cuts offset the weakening jobs data. The S&P 500 was 0.3% higher at 6,513, while the Nasdaq increased 0.4% to 21,879.

• Shows cointegration with traditional gold assets but trades 24/7, on-chain
• Plays into the growing interest in on-chain real world assets (RWAs)
• For on-chain portfolios, a small XAUt sleeve can cut volatility and drawdowns.

Key points (machine generated)

• Host Hotels & Resorts, Inc. is the largest publicly traded hotel REIT with 43,000 rooms across 81 properties.
• The company faces challenges from a broken business model, reflected in its discount to net asset value and market expectations.
• There is potential for a 40-80% upside by restructuring assets into coherent portfolios to attract better buyers.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Invesco Asia Dragon Trust (IAD) delivered an 18.1% net asset value (NAV) total return (TR) over the 12 months to end-July 2025, supported by the strong performance of Asian markets, especially China and Hong Kong. The performance was ahead of the 16.4% return delivered by its benchmark index (MSCI AC Asia ex-Japan), reinforcing our confidence in the managers’ strategy. The case for the trust’s investments is often contrarian at the point of purchase and may take time to play out, but over the long term IAD has delivered returns above the benchmark and its peers. The fund does not structurally favour any region, with one of its current strongest convictions being a revival of consumption in China, and there have been signs of positive economic readings in this area. Additionally, the trust’s share price TR in the last year was 21.5%, as the discount to NAV narrowed after the announcement of its merger with Asia Dragon Trust (DGN).

Key points (machine generated)

• LINE’s shares have declined 40% since its IPO in July 2024, creating an attractive investment opportunity at 12x 2025 normalized free cash flow.
• Despite concerns over slowing fundamentals, the company is expected to grow due to reduced supply risks, its LinOS management system, and M&A potential.
• With a 5% dividend yield and management forecasting a turnaround by late 2025, analysts project a price target of $70 to $90 by 2026, indicating limited downside risk.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Klarna priced a full-size IPO of 34.3 million shares at $40.00, coming in $3 above the marketed range. Shares opened on Tuesday at $52.00, a +30.0% gain at first trade.
• The deal reflected exceptional institutional interest, reportedly 25x oversubscribed, with half the order book zeroed. The top 10 accounts received 45% of allocations, and the top 25 took 65%.
• It’s difficult to forecast 30-days out with this IPO given the market moving headlines and events expected. Overall, we believe that the stock could trade flat to slightly higher.