Daily Brief Financials: New World Development, BSE, International Money Express In, Sino Land, East West Bancorp, SBI Funds Management, Intuitive Surgical, Puradelta Lestari, Globe-ing, Bitcoin Pro and more

• A consortium comprising CSI Properties (497 HK), Asia Standard International Group (129 HK), and Cheung Chung-kiu, applied to the Town Planning Board to redevelop “Harbourside HQ”  into two residential towers.
• The Planning Department previously indicated no objection to the application. However, Hong Kong’s Town Planning Board rejected the proposal last Friday.
• Vacancy rates for HK commercial properties remain elevated. 25% for Harbourside HQ. Yet, rezoning sets a precedent that cannot easily be reversed (as and) when economic conditions rebound.

• NIFTY 50 rebalance will be effective on 30 Sep 2026 before market open, with one ADD and one DELETE.
• BSE fell 13.9% and Wipro fell 12.9% over the bridge window to 28 Sep 2026, with one session left before implementation.
• Historically, ADDs and DELETEs with a negative bridge mostly gained in the first implementation week.

• Western Union’s acquisition of International Money Express faces a widened spread, with California’s approval pending, impacting merger arbitrage.
• Priority Technology Holdings’ take-private offer increased to $8.05/share, with a 3% remaining spread, following a definitive agreement.
• OFX Group’s A$1/share offer by Equals sees a 68% spread, with financing doubts and extended exclusivity to October 30.

• Asymmetric Trade Setup: Initiate a tactical long in Sino Land (0083.HK) before the October 29, 2026 ex-dividend date to capture VWAP-anchored price stability driven by the sponsor’s structural scrip election.
• Float Compression Catalyst: Tsim Sha Tsui Properties consistently elects scrip on its 58.11% stake, locking up massive equity, tightening public float liquidity, and engineering a highly predictable price support floor.
• Fortress Balance Sheet: Unlike highly levered peers, Sino Land boasts HKD 59.07 bn in cash, providing an impenetrable macroeconomic shield that virtually eliminates downside credit and refinancing risks.

• Bullish call positioning defined the week of September 21.
• Extreme low put-call ratios hit several names across autos, utilities, and financials.
• Yet bearish hedging surged in equal measure elsewhere – earnings-linked put buying and sector-level stress signals kept the week far from one-directional.

• Captive Distribution Moat with Under-Penetrated Base: SBI Funds Management (SBI FM) captures more than 96% of mutual fund assets mobilized through State Bank of India’s 23,265 branches. However, only 2% of SBI’s 530 million banking clients are converted, representing a massive domestic growth runaway that insulates SBI FM from any immediate ‘open architecture’ threats.
• Structural Revenue Mismatch and Regulatory Pressure: While SBI FM’s overall average AUM has crossed ₹13 trillion, over half of this is low-margin PMS/advisory (including the EPFO mandate) or passive products. The active equity book (₹5.32 trillion) generates 75.3% of total fee income. The transition from the old TER framework to the SEBI Base Expense Ratio (BER) model on April 1, 2026, has squeezed active equity margins by 10 to 15 basis points.
• Distribution Muscle Masking Performance Challenges: Performance is a critical concern, as 33.3% of SBI’s active equity schemes (9 out of 26) sat in the bottom quartile over three years as of March 31, 2026. Growth is disproportionately driven by parent brand trust and the extensive Beyond Top-30 (B-30) footprint rather than consistent, alpha-generating investment performance.

• Short sellers made decisive moves this week ending September 26.
• Energy refining ETF CRAK saw SI hit 36.8% of float – up 38% in seven days.
• Mortgage REIT RWT saw the sharpest build, with SI surging 215% to 22.1% of float as borrow dried up.

• Puradelta Lestari (DMAS IJ) Industrial revenue surged 218% YoY to Rp1,744 Bn in 1H26, driven by data-center transactions that reached Rp1,676.6 Bn, or 93.6% of total sales.
• Sojitz Corp.’s 25% ownership provides strategic context to GIIC’s positioning, while DMAS is becoming an indirect beneficiary of Indonesia’s data-center build-out. 
• We test, through a forensic examination of DMAS’s land, recurring-income and balance-sheet economics, whether the stock can still support more than 25% upside after the market’s data-center repricing.

Key points (machine generated)

• Globe-ing Inc. reported record revenue of ¥11,512 million and profit of ¥3,051 million for FY5/26, marking increases of 39.4% and 72.6% YoY, respectively.
• The company announced its first dividend of ¥16.1 per share, with plans to raise it to ¥35.6 per share for FY5/27, targeting a 30% payout ratio.
• Globe-ing forecasts approximately 40% revenue growth for FY5/27, focusing on JI consulting, AI transformation, and investment/M&A, aiming for ¥120 billion in consolidated revenue by FY5/31.

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• Bitcoin closed near $84,449 (CoinGecko, Sept 27 close), hitting an eight-month high above $86,500 on Monday.

• BTC ETFs turned positive for 2026 after $2.8B in inflows (Sep 18 – Sep 25) erased a $5.8B YTD deficit. Net inflows are now +800M for the year.

• BitMEX permanently shut down on Sept 23 after twelve years. The exchange that invented crypto perpetual futures closed its books.