Daily Brief Financials: SBI Shinsei Bank, China Merchants Bank H, Wharf Real Estate Investment C and more

In today’s briefing:

Weekly Deals Digest (23 Nov) – SBI Shinsei, Toyoda Gosei, Jinke, Digital Hldgs, Webjet, RPM
A/H Premium Tracker (Week to 21 Nov 2025): Hs Sharply Underperform As. Year-End Unwinding?
Short Wharf REIC: Structural De-Rating and Weakened Luxury Consumption

Weekly Deals Digest (23 Nov) – SBI Shinsei, Toyoda Gosei, Jinke, Digital Hldgs, Webjet, RPM

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: SBI Shinsei Bank (8303 JP) is looking to relist by raising about US$2 billion, and Toyoda Gosei (7282 JP)‘s US$0.8 billion secondary offering.
Event-Driven developments: Digital Holdings Inc (2389 JP), Jinke Smart Services (9666 HK), RPMGlobal Holdings Limited (RUL AU), Webjet Group (WJL AU).

Hs underperformed As on average by 1.88% within the liquid AH pair universe. Defensive Hs outperform As. Others not.
Nine new recos last week. The one labelled saw H underperform A by 2%. Ouch. 15+ new trades this week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

We think Wharf REIC, which owns luxury malls in Hong Kong, is undergoing a structural de-rating, on the back of macro headwinds, currency impact and company fundamentals
Southbound consumption into Hong Kong has weakened deeply, catalyzed by a punitive USD-pegged Hong Kong Dollar (HKD) and a collapsing Japanese Yen (JPY)
In latest interim results, Wharf REIC reported HK$5.1 billion revaluation deficit and a HK$2.4 billion net loss, representing negative rental reversions crystallizing into lower asset values.

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