In today’s briefing:
- SBI Shinsei Bank (8303) IPO Today, BoJ This Week
- Nikkei 225 (NKY INDEX) Outlook Ahead of Friday’s BOJ Rate Decision
- CICC (3908 HK): Merger Details Are Out
- Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill
- 2026 High Conviction: Americold Realty Trust (COLD US) – Resilient Ops and Upside from Rate Cuts
- Sport.Fun: Reimagining the Fantasy Sports Frontier
- Axis Bank: A Temporary Shock or A Structural Shift?
- ICICI Pru AMC IPO Trading – Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes
- Philippines Exchange (PSE PM) Q3FY25: Multiple Growth Levers And Preparation For Big Push In Q4
SBI Shinsei Bank (8303) IPO Today, BoJ This Week
- The SBI Shinsei Bank (8303) IPO is positioned to benefit from rising Japanese interest rates and its mandate to lead regional bank consolidation under the “Fourth Megabank” strategy.
- Despite risks such as 2023 buyout litigation related to SBI’s majority control, market interest suggests the 1450 listing price seems to be undervalued.
- The anticipated BoJ rate hike of 25bp to 0.75% is expected to act as a catalyst, boosting margins across the Japanese banking sector and potentially providing post-IPO momentum
Nikkei 225 (NKY INDEX) Outlook Ahead of Friday’s BOJ Rate Decision
- The Nikkei 225 (NKY INDEX) had a great run this year, since Trump’s Liberation Day in April 2025, but seems to be stalling as of lately.
- The index started correcting this week, after a 3-week rally, the interest rate decision by the BOJ this Friday (most likely a hike) could increase volatility.
- This insight will try to define the best entry zones in case the index falls further in the next few days, weeks.
CICC (3908 HK): Merger Details Are Out
- CICC (3908 HK) announced details of its merger, and as Dongxing Securities (601198 CH) is valued higher, FY26F EPS dilution will be 8.5% on a weighted average basis.
- Its post-merger FY26 and FY27 PERs are higher than the sector average, but given its rise to the 3rd largest H-share securities company, the premium can be justified.
- Larger H-share securities companies have edged up since 19-Nov, which bodes well for CICC. We envisage a muted share price reaction, but long-term investors can build a position.
Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill
- Humm Group (HUM AU) disclosed that on 19 November, it received an indicative proposal from Credit Corp (CCP AU) consisting of a scheme (A$0.77) and an off-market takeover offer (A$0.72).
- The scheme has a low chance of success, and the takeover offer’s 50.1% minimum acceptance condition will prove problematic. The lack of due diligence signals the Board’s reluctance to engage.
- The tardy disclosure is primarily intended to distract from Jeremy Raper’s attempt to mount a Board spill. This is essentially a long-dated backend play on Raper successfully spilling the Board.
2026 High Conviction: Americold Realty Trust (COLD US) – Resilient Ops and Upside from Rate Cuts
- Rising unemployment and weak consumer sentiment pressure warehouses, but anticipated Fed rate cuts could revive demand, normalize inventories, and boost occupancy and throughput.
- Fixed-Commitment contracts (~60% of revenue) provide pricing power, reliable income, and strategic growth upside, especially through automated distribution centers and long-term development projects.
- Strong cost discipline, workforce optimization, and tech-driven efficiency initiatives enhance margins, while high market cap rates (~11.5%) create an appealing investment opportunity with ~7% dividend yield.
Sport.Fun: Reimagining the Fantasy Sports Frontier
- Sport.Fun is a skill-based fantasy sports platform that combines elements of prediction markets and blockchain economics.
- Players buy and trade shares of real athletes, build squads, and earn rewards by accurately predicting performance over short or long timeframes.
- Unlike traditional fantasy or betting platforms, assets persist across seasons and are priced by market demand.
Axis Bank: A Temporary Shock or A Structural Shift?
- Axis Bank Ltd (AXSB IN)stock corrected over 5% recently after citi’s research analyst note highlighted that the expected recovery in Net Interest Margins would be significantly delayed.
- A repo rate cut triggered faster asset repricing, while the bank’s ability to cushion margins through lower deposit costs is effectively exhausted.
- Investors must expect flat margins for longer, as the recovery timeline has now shifted to the fourth quarter of FY26.
ICICI Pru AMC IPO Trading – Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes
- ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO.
- IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
- We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.
Philippines Exchange (PSE PM) Q3FY25: Multiple Growth Levers And Preparation For Big Push In Q4
- Despite Maynilad Water Services Inc.’s largest IPO in the Philippines, completed in November 2025 and raising ₱34 billion, PSE’s IPO pipeline might fall short of our ₱190 billion expectation.
- We expect a significant push in listing revenues for Q4FY25, as the pipeline completed for 11MFY25 was around ₱142 billion (vs. ₱70 billion by August 2025).
- Trading at 15x FY25 PE, with 18% of the market cap in cash, a 6% dividend yield, and multiple growth levers in the future, this is a stock to explore.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
