In today’s briefing:
- Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks
- Japanese Neobanks: Time to Short Rakuten Bank (TSE: 5838)
- Certainty Vs. Upside: Navigating the Assura-KKR-PHP Showdown
- Coinbase Global: USDC & Stablecoin Strategy Can Help Enhance Revenue Streams But What Is Its Future?
- Affirm Holdings: Will Its Merchant Offers & Dynamic Optimization Be A Game Changer?
- 25 Most Net Sold Stocks by Retail in May Averaged 9% Total Returns
- CLPMF: Clip Money Q1 Revenues Grow 225% and Losses Narrow. 2025 Revenues Should Almost Triple
- ICG Enterprise Trust plc – Hardman & Co Monthly: June 2025
- Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M
Quiddity JPX-Nikkei 400 Rebal 2025: End-May 2025 Ranks
- JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
- The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
- Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-May 2025.
Japanese Neobanks: Time to Short Rakuten Bank (TSE: 5838)
- We believe that the recently announced offer by NTT Docomo for SBI Sumishin Netbank is attractive for Netbank shareholders; this brings the Japanese neobanks into the valuation spotlight
- There is a modest long arbitrage opportunity in SBI Sumishin Netbank based on its 30th May closing price, but the bigger opportunity, in our view, is shorting Rakuten Bank
- Seven Bank is of potential M&A interest, according to the Japanese financial press; despite the speculative boost to Seven shares and its PBV, Rakuten Bank valuations look relatively very stretched
Certainty Vs. Upside: Navigating the Assura-KKR-PHP Showdown
- Assura draws competing offers: KKR offers 49.4p cash per share, while PHP counters with a 50.53p blend of cash and stock, sparking a rare UK healthcare REIT bidding war.
- With pro forma LTV below 50% and strong interest coverage, PHP can raise its cash component by 2–3p/share without losing investment-grade status; PUSU deadline looms 14 June.
- Arbitrage investors can go long Assura and hedge PHP exposure via CFDs at a 0.3769 ratio, isolating deal spread upside while managing market risk.
Coinbase Global: USDC & Stablecoin Strategy Can Help Enhance Revenue Streams But What Is Its Future?
- Coinbase delivered notable results in the first quarter of 2025, showcasing both strengths and areas for potential growth.
- The company reported a robust financial performance with a top-line revenue of $2 billion and an adjusted EBITDA of $930 million, indicating a strong operational capability even amidst a challenging macroeconomic environment.
- This quarter also saw Coinbase making a strategic acquisition of Deribit, positioning it as the leading global crypto derivative platform by open interest, which is significant as it seeks to expand its footprint in international markets.
Affirm Holdings: Will Its Merchant Offers & Dynamic Optimization Be A Game Changer?
- Affirm Holdings, a leader in the “buy now, pay later” (BNPL) sector, reported its financial performance for the third quarter of fiscal 2025.
- Here are the key highlights and considerations for an investment thesis based on the company’s recent earnings call.
- Affirm demonstrated growth with an optimistic outlook for the current quarter and fiscal year.
25 Most Net Sold Stocks by Retail in May Averaged 9% Total Returns
- The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI’s 2.9%.
- Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.
- Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.
CLPMF: Clip Money Q1 Revenues Grow 225% and Losses Narrow. 2025 Revenues Should Almost Triple
- Clip Money continues its march to profitability, reporting growth of 225% in Q1 2025 to $973,000, ahead of projections.
- Growth was driven by a 153% increase in new deposit users and a 10% increase in average monthly deposit revenues per user.
- New product revenue was 22% of total revenue in Q1 2025 versus 9% in last year’s quarter.
ICG Enterprise Trust plc – Hardman & Co Monthly: June 2025
- Feature article: Addressing the “risk off” investment challenge As we approach mid-2025, life remains challenging for many UK companies and their shareholders, and ‒ as a broad generalisation – consensus suggests little will change in the foreseeable future.
- So, are we now facing a real risk of the UK economy stagnating due to lack of funding?
- If that is the case, who is going to take the initiative and avert such a crisis?
Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M
- Klarna Group, a founder-led BNPL giant and leading fintech company, will try to make another one IPO push in the second half of the year.
- With the most recent F-1/A, the company reported worse-than-expected 1Q25 results, including total revenue of $701M (+9% YoY) and operating loss of $90M, up ~221% YoY.
- Klarna Group 1Q net loss nearly tripled to ~$101M on mid-single-digit GMV growth, weaker-than-expected interest income and high SBC expense (~8% of revenues).
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