In today’s briefing:
- NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker
- Dah Sing Financial (2356 HK): Discounts On Discounts
- A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial?
- Global Markets WEEKLY Tactical Outlook: July 7 to July 11
- Nexi SpA: Initiation of Coverage- Operational Synergies & DBS Strategy Realign Growth Trajectory!
- Accelerant Holdings (ARX): Peeking at the Prospectus of the Next Specialty Insurance Related IPO
- Opportunism in Botswana’s Listed Property Sector – PrimeTime Property Ltd Update
NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker
- NTT DC REIT (NTTDCR SP) could raise up to US$824m in its IPO if the overallotment option is exercised and the stock is expected to start trading on 14 July.
- Cornerstone investors will own 16.8% of shares out following the IPO but there is no lock-up on these shares. The sponsor will own 20%/25% depending on whether overallotment is exercised.
- NTT DC REIT (NTTDCR SP) should be added to the smallcap segment of global indices in November and December while inclusion in local indices will take a lot longer.
Dah Sing Financial (2356 HK): Discounts On Discounts
- In the setup/unwind tables highlighted in StubWorld: Haw Par Looking Stretched, I see Dah Sing Financial (440 HK) at trading “cheap” to 74.4%-held Dah Sing Banking (2356 HK).
- I see DSF at a 51% discount to NAV, around its one-year average. However the simple ratio (DSF/DSB) and implied stub are at multi-year lows.
- Separately, DSB is trading at a ~62% discount to NAV – applying its 13.2%-holding in Bank of Chongqing (1963 HK) – around a one-year high. This is, however, a weak stub.
A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial?
- It has been reported that Woori Financial Group is considering on acquiring all of the remaining shares (21.2%) of Tongyang Life Insurance and delist it, making it a 100% subsidiary.
- We believe that there is a high probability (70-80%+) that Woori Financial Group decides to acquire the remaining 21.2% stake in Tongyang Life Insurance held by minority shareholders.
- Between cash and stock, we think that Woori Financial is likely to use cash to complete this deal, although the exact amount of market premium remains uncertain.
Global Markets WEEKLY Tactical Outlook: July 7 to July 11
- A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 7 – July 11.
- Since our Global Markets WEEKLY Tactical Outlook published last week, US markets became even more overbought by the end of the week, while some Asian stocks started to pull back.
- Stocks are falling on Monday, the Trump administration is threatening imposing 25% tariffs on a number of nations (including Japan and South Korea), global markets may close the week down.
Nexi SpA: Initiation of Coverage- Operational Synergies & DBS Strategy Realign Growth Trajectory!
- Nexi S.p.A. reported its first quarter 2025 financial results, demonstrating a continued trajectory of profitable growth.
- Revenues increased by 3.7% compared to the previous year, despite the adverse impact of a leap year and the shifting of the Easter holiday.
- The growth was largely driven by the Merchant Solutions segment, which saw a 4.5% increase, underscoring the company’s robust market position in the merchant acquiring landscape.
Accelerant Holdings (ARX): Peeking at the Prospectus of the Next Specialty Insurance Related IPO
- They have grown their revenues by 57% to $344 million in 2023 and by 75% to $603 million for the year ended December 31, 2024.
- The company that describes itself as operating a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners.
- The insurance sector in which this company operates in is one that is traditionally well-received by IPO investors and has been so far in 2025.
Opportunism in Botswana’s Listed Property Sector – PrimeTime Property Ltd Update
- PrimeTime Property remains significantly undervalued, we update or Fair Value to P2.15
- RDC Properties has launched an unsolicited, all-share offer to acquire PrimeTime. The offer is thin on detail and fails to establish any convincing case for strategic or financial merit.
- PrimeTime continues to deliver on operational performance and portfolio quality, anchored by its dominant Botswana exposure.
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