Daily Brief Financials: Nikkei 225, Peel Hunt Ltd/Guernsey, Iyogin Holdings , ICICI Bank Ltd, Smartkarma, DigiCo Infrastructure REIT, Gemini Space Station, Exzeo Group, Tatton Asset Management and more

• The Nikkei 225 (NKY INDEX) dived to 46544 on Tuesday, after peaking at 48.5k last week. It was ultra-overbought.
• This correction offers an opportunity to re-enter the rally (or enter the rally, if you missed it), but don’t be too eager to enter early.
• The Nikkei could correct easily for 2,3 or even 4 weeks when this pattern is encountered, according to our TIME MODEL. 43.5k may be the right area, details in insight.

• Peel Hunt is a UK-based investment bank specializing in mid-cap and growth companies, offering a diversified suite of services across investment banking, research and distribution, and execution services. This integrated model provides some resilience against market cyclicality.
• The company’s financial performance has been impacted by challenging UK capital market conditions, characterized by a downturn in IPOs and M&A activity. This has led to recent net losses and a declining revenue trend over the past three years.
• Management is focused on strategic initiatives to drive future growth, including expanding its client base, particularly within the FTSE 350, diversifying revenue streams with a greater emphasis on M&A advisory, and investing in technology to enhance efficiency and client offerings.

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• Along with political turbulence, expectations of a near term BoJ rate hike may be diminishing; nonetheless, we believe that these rate hikes will, at worst, be delayed and not derailed
• We take profits on Mizuho in big caps and on Hirogin Holdings in mid-caps, downgrading these names from buy to neutral whilst generally retaining banks with higher levels of cross-holdings
• We maintain the following Japanese banks on buy ratings; in the big-caps, we keep Resona and Shizuoka and in the mid-caps we stick with Iyogin Holdings, Hokuhoku and Hachijuni

• ICICI Bank (ICICIBC IN / IBN US) is scheduled to report its Q2 results on Saturday, 18 October 2025.
• Highlight: In recent years, the bank has consistently beat analysts’ expectations and often posted a positive performance post-earnings.
• Portfolio Impact: As a Nifty 50 and BSE Sensex heavyweight, earnings-day moves ripple across the benchmark, making results market-relevant beyond the single stock.

• Smartkarma is a global investment research network that connects independent insight providers with institutional investors, operating on a subscription-based model that aligns with the trend of unbundling research costs from execution services, driven by regulations like MiFID II.
• The company’s key value proposition is providing access to differentiated and often under-covered research, with a focus on Asian and emerging markets, event-driven situations, and small/mid-cap equities.
• Founded by experienced finance and technology professionals, Smartkarma is a private, Series B company backed by notable venture capital firms and strategic investors, indicating confidence in its disruptive business model and growth potential.

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• Shares in DigiCo Infrastructure REIT have been re-invigorated following new contract wins and updated FY26 guidance by management.
• New contract wins for DigiCo Infrastructure REIT Inaugural FY26 guidance boosts market confidence Shares still trading at relative discounts to valuation and industry peers Debt levels high by infrastructure standards, highlights Ord Minnett

• Gemini Space Station (GEMI US) went public on 12 September on Nasdaq and has since fallen by ~20%, resulting in a company valuation of ~$2.5bn.
• Gemini Space Station (GEMI US) is expected to be excluded from a specific Global and US index due to insufficient public voting rights.
• Gemini Space Station (GEMI US) is expected to be added to US TMI in December 2025 and to Global SmallCap in February 2026.

• HCI has announced plans to spin off Exzeo as a standalone entity which is their insurance technology solutions company
• Through the Exzeo Platform, they currently provide services in 13 states in which their customers have operations.
• They had revenue of $45.6 million, $88.3 million, and $133.9 million and income (loss)  after taxes of ($42.0 million), $12.9 million, and $26.1 million in 2022, 2023, and 2024, respectively.

• Tatton AM’s momentum shows no sign of abating.
• Assets Under Management/Influence (AUI) jumped 18% in H1 to a record £25.8bn; ahead of our forecast growth and well on track to meet Tatton’s medium-term target of £30bn by end-FY29 (page 3).
• Net flows were again very strong, adding £1.7bn to AUM (£281m/ month), with the net inflow rate far higher than peers (page 2) and above Tatton’s guidance for FY26 (£200-£250m/ month).