Daily Brief Financials: SBI Sumishin Net Bank , Sasseur REIT, HDFC Bank, Alpha Bank AE, Industrial Bank Of Korea, USD, Indusind Bank and more

• Late Nov-2024, SBI Sumishin Net Bank (7163 JP) was trading ¥2,900, weekly mag Bunshun scooped a possible NTT Docomo deal. The stock popped, I was skeptical. It popped more.
• At Q3 earnings, NTT seemed to downplay the possibility saying they wouldn’t overpay. SBI Sumshin fell. Then fell some more. 
• Today we get a deal whereby NTT buys out SBI Holdings (8473 JP)‘s 34% stake, and minorities, and partners with Sumitomo Mitsui Trust. Then a side deal with SBI. 

For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, Head of Asset Management, Mr. Cheng Hsing Yuen, and Head of Investor Relations & Capital Markets, Ms. Helen Qiu.

In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, Garreth Elston. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.

About Sasseur REIT

Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors
the unique opportunity to invest in the fast-growing retail outlet mall sector in China through
its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing
Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of
310,241 square metres.

Sasseur REIT is established with the investment strategy to invest principally, directly or
indirectly, in a diversified portfolio of income-producing real estate which is used primarily for
retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing,
with an initial focus on Asia.

You can view their latest factsheet here.

For more information on Sasseur REIT, please visit http://www.sasseurreit.com/

• SBI Sumishin Net Bank (7163 JP) has recommended a tender offer from NTT (Nippon Telegraph & Telephone) (9432 JP) at JPY4,900 per share, a 23.0% premium to the last close.
• Irrevocables from the two largest shareholders, representing a 68.38% ownership ratio, ensure a done deal as it exceeds the required 66.67% ownership ratio to pass the EGM share consolidation vote.
• The offer is attractive compared to historical trading ranges and peer multiples. The tender offer runs from 30 May to 10 July (30 business days).

• To reduce index concentration and the risk of market volatility and market manipulation, SEBI has recommended changes to the eligibility criteria for derivatives on non-benchmark indices.
• The recommended changes will result in two inclusions to the NSE Nifty Bank Index (NSEBANK INDEX) along with large capping changes.
• The inclusions and capping changes will result in an estimated one-way turnover of 17.05% and in a round-trip trade of INR 76.2bn (US$893m) in September.

• Strategic Investment with High Returns: UniCredit’s acquisition of a 9.7% stake in Alpha Bank at a forward P/E of 7.5x, compared to UniCredit’s 8.8x, offers a non-dilutive, high-return investment opportunity.
• Optionality for Control: UniCredit has signaled it will seek regulatory approval to raise its Alpha stake to 29.9%, enhancing strategic influence and potentially paving the way for future M&A integration.
• Options strategy: Investors can consider a long call spread strategy on Alpha Bank’s stock, leveraging potential upside from UniCredit’s increased stake while limiting downside risk through defined strike prices.

• The Industrial Bank Of Korea (024110 KS)/ Woori Financial Group (316140 KS) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• The relative value opportunity can be implemented through stocks, derivatives, or as relative over-/underweights in a long only context.
• This Insight discusses trade setup, statistical properties, factor exposure, and risk management strategies.

• HDFC Bank (HDFCB IN) is navigating a mix of positive growth indicators and emerging regulatory challenges but average 12-month target is ₹2,194, with estimates ranging from ₹1,627 to ₹2,793.
• Consensus rating: predominantly “Buy” from major brokerages, including ICICI Securities and Motilal Oswal, citing strong loan growth and stable asset quality.
• The stock’s strong fundamentals and growth outlook remain intact, but momentum has stalled in recent weeks following the sharp rally we correctly anticipated from January 14, 2025.

• In Q4FY25, deposits grew strong at 15.8% YoY. QoQ, average deposits grew by 3.1%. Time deposits led the growth while growth in CASA deposits was relatively muted.
• In line with its stated strategy, HDFCB’s loan book has been growing slower than that of deposits to bring down the credit-deposit ratio. Average AUM grew 7.3% YoY in Q4FY25.
• Credit-Deposit ratio is now at 96% vs 110% at merger. Going forward, the adjustment in credit-deposit ratio won’t be as steep, thus FY26 is expected to be a normalization year.

• There is a supply demand mismatch globally, particularly at the long end of the curve
• Rising term premiums are a concern, especially in the US due to fiscal uncertainty
• While the speed of the recent moves is notable, there are no major financial stability concerns in the US, but Japan may need to take action to address volatility in the super long sector

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• SEBI’s order against IndusInd Bank’s ex-CEO and others reveals a 15-month deliberate delay in disclosing critical accounting discrepancies.
• This exposes severe corporate governance failures, eroding investor trust due to alleged insider trading.
• SEBI fined the company with the INR 20Crs. to IndusInd officials as well as also barred the senior officials from dealing in security market.