In today’s briefing:
- Making a Call on when Samsung’s Financial Arms Will Drop Their Value-Up Announcements
- CPPTL Real Estate Trust Liquidation: Potential 28-45% Upside Amid Portfolio Sale
- Lucror Analytics – Morning Views Asia
- Hudco’s Tough Time: Lower Capex, PMAY
Making a Call on when Samsung’s Financial Arms Will Drop Their Value-Up Announcements
- Samsung Life’s value-up disclosure: we should expect it with Q4 earnings on the 20th—every local desk and media outlet is eyeing that date.
- Unlike Samsung Life, Samsung Securities is tight-lipped. Earnings are set for Feb 14, but expect the value-up announcement after Feb 20, likely before early March and AGM season.
- Tomorrow’s unlikely for Samsung Card’s value-up disclosure. It’s holding off until the card fee recalculation is finalized—likely after February or before mid-March, ahead of AGM season.
CPPTL Real Estate Trust Liquidation: Potential 28-45% Upside Amid Portfolio Sale
- CPPTL, a real estate trust, is liquidating 121 JC Penney-leased properties, potentially offering 28%-45% upside by 2025.
- Major shareholders, primarily former JC Penney creditors, own 70% of CPPTL shares, indicating potential eagerness to exit.
- CPPTL properties are marketed with Newmark; initial offers expected by February 26, targeting 7%-8% cap rates.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Sino-Ocean
- In the US, the ISM services index declined to 52.8 (54.0 e / 54.0 revised p) in January. This was driven by decreases in the new orders and prices paid components, albeit the employment component edged up to 52.3 (51.3 revised p). Separately, the January (final) S&P services PMI fell to 52.9 (56.8 p), with the composite PMI dropping to 52.7 (55.4 p).
- Meanwhile, the trade deficit expanded to USD 98.4 bn (USD 96.8 bn e / USD 78.9 bn revised p), the second largest deficit on record. Exports decreased 2.6% m-o-m to USD 267 bn, while imports jumped 3.5% to a record high of USD 365 bn due to import front-loading ahead of expected new tariffs.
Hudco’s Tough Time: Lower Capex, PMAY
- Government capex is revised to Rs. 10.2 lakh crore—8.3% below target—with significant PMAY allocation cuts amid revised funding for affordable housing projects.
- Lower capex and reduced PMAY funds signal execution challenges in housing, potentially straining Housing and Urban Development Corporation Limited (HUDCO IN)’s growth targets despite its strong loan expansion plans.
- Short-Term funding cuts create uncertainty, but HUDCO’s strategic focus on low-risk lending and ambitious loan targets suggests a promising long-term outlook.
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