In today’s briefing:
- NTT DC REIT IPO – Decent Yield, Strong Local Backing, a Few Issues
- Long ICICI (ICICIBC IN) Vs. Short HDFC (HDFCB IN): Spread Trade in High-Profile Indian Bank Pair
- HSI INDEX Tactical Outlook
- BBVA/Sabadell Update: TSB Sale Shifts Dynamics, Adds Dividend Optionality
- Ntt Dc Reit Ipo – Thoughts on Valuation
- The Beat Ideas: Centrum Capital -Unlocking the Hidden Value from Unity Small Finance Bank
- Samara Asset Group PLC – Samara’s Bet on Plasma Pays Off
- Kobo Resources Inc – Q2/25 Recap: All Our Research in One Place!
- Hybridan Small Cap Feast: 25/06/2025
NTT DC REIT IPO – Decent Yield, Strong Local Backing, a Few Issues
- Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
- The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.
- In this note, we look at the company’s portfolio and its performance.
Long ICICI (ICICIBC IN) Vs. Short HDFC (HDFCB IN): Spread Trade in High-Profile Indian Bank Pair
- Context: The ICICI Bank (ICICIBC IN) vs. HDFC Bank (HDFCB IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
- Highlights: Going long ICICI Bank (ICICIBC IN) and short HDFC Bank (HDFCB IN) targets a 2% return to the statistical mean reversion level. The pair has closely aligned fundamentals.
- Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.
HSI INDEX Tactical Outlook
- The Hang Seng Index has been rallying since our last BUY recommendation. However the rally may be temporarily stalling.
- The index is not overbought according to our model, around 50% probability of WEEKLY reversal – it could go higher.
- If the index closes this week down, it could be a buy opportunity, depending on the price reached (if the pullback is mild is probably better to hold/wait).
BBVA/Sabadell Update: TSB Sale Shifts Dynamics, Adds Dividend Optionality
- Sabadell’s TSB sale unlocks €3.4B in value and supports a €0.50/share special dividend, reducing appeal of BBVA’s current hostile bid.
- BBVA maintains its offer despite regulatory constraints and limited synergy visibility for 3–5 years.
- Options activity and share price suggest market expects either a bid bump or re-rating, with dividend yield softening downside.
Ntt Dc Reit Ipo – Thoughts on Valuation
- NTT DC REIT (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
- The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
- We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.
The Beat Ideas: Centrum Capital -Unlocking the Hidden Value from Unity Small Finance Bank
- Centrum Capital’s expansion into Unity Small Finance Bank and Modulus Alternatives marks a significant shift from a niche advisory firm to a diversified platform. This transformation opens new growth avenues.
- The move to digital banking with Unity SFB and the Modulus AIF enhances Centrum’s ability to capture broader market segments, offering greater revenue diversification and reducing reliance on volatile markets.
- The shift to digital-first banking and AIF repositions Centrum for long-term growth, making it a more resilient, multi-vertical financial player, though risks related to asset quality and capital needs remain.
Samara Asset Group PLC – Samara’s Bet on Plasma Pays Off
- Samara Asset Group’s early-stage investment in Plasma has rapidly become one of the most significant developments in the company’s recent history.
- Plasma, a Bitcoin sidechain purpose-built for high-throughput, low-cost stablecoin transactions, recently completed a major milestone with the announcement of its public token sale, slated for launch alongside mainnet and TGE later this summer.
- The platform has already attracted strategic capital.
Kobo Resources Inc – Q2/25 Recap: All Our Research in One Place!
- Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.
- Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.
- This builds on the 13% gain from our coverage in Q1/25.
Hybridan Small Cap Feast: 25/06/2025
- Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed.
- A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company’s Registration Document, requires additional time to enable finalisation ahead of the IPO.
- The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable.
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