Daily Brief Financials: Perpetual Ltd, Bank Rakyat Indonesia, Bitcoin, Globe Fintech Innovations , Partnerre Ltd, FP Partner, Solidarity Bahrain and more

• Perpetual Ltd (PPT AU) has received a revised non-binding indicative proposal from EQT at A$22.07 per share, a 2.0% premium to the previously rejected offer of A$21.64 per share. 
• While the revised offer remains below the Board’s rumoured floor price of A$25.00, it is reasonable compared to historical ranges and is a 42.4% premium to the undisturbed price. 
• Given the low premium to the earlier rejected offer, the Board is highly likely to reject the revised offer. Nevertheless, the Board will be under pressure to engage.  

• MSCI Inc (MSCI US) downgrade momentum on Indonesia has hit a pause, and it is unlikely to happen. 
• In the meantime, the earnings growth rate for mid- and large-cap stocks remains intact; hence, that makes some of the Indonesian stocks even cheaper from a PEG perspective. 
• Bank Rakyat Indonesia (BBRI IJ) pays 11% yield, Telkom Indonesia (TLKM IJ)has an asset spin off awaiting, while Astra International (ASII IJ) is trading at 6x PER with 8% dividend.

• Bitcoin and Ethereum ETFs snapped their longest losing streak on record, pulling in a combined $281.8 million for the week after eight straight weeks (week ending July 12) that drained $8.26 billion.

• Renewed US-Iran hostilities rattled markets midweek, with Bitcoin sliding to roughly $61,492 on July 8 after Trump declared the ceasefire over, before recovering to $64,400 (intraday high of $64,658.97 on July 10) by Friday on a short squeeze.

• Strategy sold a record 3,588 BTC for $216 million, its largest disposal ever, to fund preferred stock dividends, a marked shift from years of never selling.

• GCash (formerly Globe Fintech Innovations (1490676D PM)) is looking to raise around US$1.3bn in its upcoming Philippines IPO.
• GCash is a finance super app, providing a comprehensive suite of payment solutions and digital financial services. serving a wide array of Filipinos.
• In this note, we look at the company’s past performance.

• Prenetics is a health care company that has undergone a dramatic transformation that has resulted in exponential growth in revenues and a worldwide reach for a premium supplement.
• IM8 is the company’s brand name premium supplement and through great science, and the company just announced a unique financing arrangement that preserves shareholder value and finances growth.

• Revenue for FY11/26 is JPY31.8bn, a 12.3% decrease from the previous forecast of JPY36.3bn.
• The company plans a full-year dividend of JPY94 per share, maintaining its initial dividend forecast.
• Newly acquired policies in 1H FY11/26 totaled 102,026, reflecting an 11.6% YoY decline.

• Bahrain’s #2 insurer and largest takaful operator at 29.3% sector share post the 2024-25 consolidation (FY 25e methodology, see below).
• FY25A recognized contributions BHD 94.1m, operating within a top-two duopoly alongside BKIC (GIG Bahrain) at approximately 38% share across Medical, Motor, Non-Motor P&C and Protection & Savings.
• NP-after-T1 more than doubles by FY30e on phased underwriting margin recovery. We forecast NP-after-T1 of BHD 3.8m FY26e expanding to BHD 9.5m FY30e at 25.7% CAGR; combined ratio improves 584bps to 77.3% on Motor 94→92%, Medical 65→62%, Group Life 112→96%, NonMotor 28→26%, Family Takaful flat at approximately 65%. EPS rises from 22 to 56 fils; RoE recovers from a 6.9% FY26e trough to peak 15.2% by FY30e. 

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