Daily Brief Financials: Migalo Holdings, SEK, Neptune Insurance Holdings, Euro, Mirae Asset Life Insurance Co.,, Evergrande, Punjab National Bank, Sony Financial Group, HDFC Limited, Tata Capital Limited and more

• Migalo Holdings (5535 JP) is one of the rare TSE Prime-listed companies which got the boot from TOPIX, stayed in Prime, and is clawing its way back. 
• As of end-March-25, it met all the criteria to stay in Prime and rejoin TOPIX. Now they are launching a primary offering, and this may presage an effort to rejoin. 
• They are adding float and 10% of shares to the pile, in this ¥4.4-5.0bn offering. But instos are net short this stock. 

• The Riksbank will keep policy rates unchanged at 1.75%, with no further cuts expected and a small probability of a hike in 4Q26.
• The Swedish budget announcement of unfunded reforms totaling 120 billion in additional easing caused Swedish rates to rise and yield curves to adjust.
• The Norges Bank surprised by cutting rates despite strong economic data, with markets pricing in further easing despite the bank’s revised higher rate forecast.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Neptune Insurance is seeing strong demand in its pre-IPO roadshow, with channel checks revealing that the deal is multiple-times oversubscribed—north of 10x.
• Financially, Neptune has delivered impressive profitability. In 2024 it generated $119.3 million in revenue, $34.6 million in net income, and $72.1 million in adjusted EBITDA.
• The company is efficient and profitable and they believe they have a SaaS-like scalability which, in our opinion, investors will be able to properly forecast out.

• Market sentiment is data dependent, particularly on US economic data, which has been surprising to the upside
• Despite some uncertainty surrounding Fed independence, the overall macro backdrop is conducive for dollar weakness
• FX models are showing lack of conviction in the current environment, with carry trades in FX, including EM currencies, being a popular choice for market participants

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• The increased purchase of Mirae Asset Life Insurance shares by the Mirae Asset Group companies could be a PRELUDE to a potential voluntary delisting of Mirae Asset Life Insurance. 
• We believe that there is a relatively reasonable probability of the Mirae Asset Group taking Mirae Asset Life Insurance private in the next 1-2 years.
• Mirae Asset Life Insurance is trading at only 0.4x P/B. Treasury shares represent 26.3% of its total outstanding shares.

• Evergrande is a defunct Chinese property developer that was once the second-largest in China by sales. Its collapse in 2021 triggered a major crisis in the country’s real estate sector.
• The company is currently undergoing liquidation after a Hong Kong court order in January 2024, following its failure to present a viable restructuring plan for its massive debt, which exceeded $300 billion.
• The future for Evergrande‘s stakeholders is highly uncertain, with offshore creditors facing a bleak outlook for recovery. The company’s situation highlights significant corporate governance failures and systemic risks within China’s property market.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Punjab National Bank (PNB) is demonstrating a significant financial turnaround, marked by robust growth in net income and revenue over the past three years. This is supported by a strategic focus on improving asset quality and diversifying its lending portfolio.
• As the second-largest public sector bank in India, PNB benefits from extensive government backing and a vast branch network, providing a stable, low-cost deposit base. The bank is leveraging this position to push for digital transformation and expand into high-growth sectors like renewable energy and infrastructure.
• Key challenges remain, including managing historical non-performing assets (NPAs), navigating intense competition from private sector banks and fintech companies, and mitigating cybersecurity risks. Sustained execution of its strategic initiatives will be crucial for long-term value creation.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• This week, I published a deep dive into Sony’s upcoming spin-off of Sony Financial (SFGI/8729).
• I will be watching the spin-off closely and hoping for selling pressure.
• KBR, Inc. (KBR) announced on September 24, 2025 that it plans to spin off its Mission Technology Solutions (MTS) segment into a separate publicly traded company.

• On July 1, 2023, HDFC Limited, India’s largest mortgage lender, merged with HDFC Bank, the country’s largest private sector bank, in a historic $40 billion deal. This primer analyzes the pre-merger entity, HDFC Limited, and its integration into HDFC Bank.
• The merger creates a financial services behemoth with a combined asset base of around ₹18 trillion, positioning it to capitalize on India’s burgeoning housing finance market. The home loan business is a central pillar of the merged entity’s growth strategy.
• Significant cross-selling opportunities exist, as a large portion of HDFC Limited‘s customers did not bank with HDFC Bank, and vice versa. The integration aims to leverage HDFC Bank’s extensive distribution network and lower cost of funds to enhance the mortgage business.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Our earlier insight Tata Capital IPO – Jinxed by Tata Motors Finance describes how post merger with Tata Motor finance,  the finance metrics of the company changed.
• In this insight we discuss about updates from Q1FY26 results and key observations on the same.
• This also discusses about the IPO valuation, peer comparison and our view.