Daily Brief Financials: Seoul Guarantee Insurance, FleetPartners Group , Northern Arc Capital, New World Development, Neptune Insurance Holdings, Integral , Bank Negara Indonesia Persero, IP Group PLC and more

• PLUS High Dividend ETF (161510 KS) reshuffle is now a key flow catalyst: June saw GS E&C and HD Hyundai out, Hyundai Motor in, with sharp one-day moves.
• December review shaping up as 2-in/2-out: Seoul Guarantee (031210) and LG Corp (003550) in, Shinhan (055550) and KB (105560) out.
• Passive flows: Shinhan/KB ~0.3–0.4x DTV, LG ~3x, Seoul Guarantee 5–6x. With AUM up 30% since June, upcoming adds face outsized passive impact.

• Mitsubishi Motors (7211 JP) has aggressively built a 19.93% position in FleetPartners (FPR AU), an Aussie provider of fleet leasing services, paying up to $3.10/share for a ~15% stake.
• Earlier this year, Sydney PE outfit Pacific Equity Partners privatised Sg Fleet (SGF AU), one of FleetPartners key competitors.
• MMC said it has no current intention to acquire control or a make a takeover offer. Mmm. I wouldn’t be so sure. 

• Northern Arc is fast shifting toward direct retail Lending (D2C), while leveraging originator partnerships and technology; recent rate cuts and regulatory relief are improving cost of funds & capital efficiency.
• Northern Arc’s mix of structured finance, co-lending, and fund management creates steady fee income, making it more resilient than traditional NBFCs relying mainly on heavy lending assets.
• Northern Arc is a differentiated NBFC benefits from inclusion & fintech growth, but valuation relies on retail execution, risk control, and asset quality pressures.

• The Fed announced a 25bps rate cut, which is largely anticipated by the market.  The SEP median estimate indicates 2 more cuts in 2025
• Regarding HK policy address, there are no meaningful positive surprise related to the property market.  It highlights the importance of Northern Metropolis development, and improving home ownership, and talent admission
• Investors should see-through these and focus on big picture: macro developments, monetary policy, and sector fundamentals.  Pick company with attractive valuation and catalysts: NWD, Link REIT, CICT, COLI, VNET, GDS

• They offer a range of residential and commercial insurance products — including primary flood insurance, excess flood insurance, and parametric earthquake insurance — distributed through a nationwide network of agencies.
• They had revenue of $84.9 million and $119.3 million and net income of $17.9 million and $34.6 million in 2023 and 2024, respectively.
• Neptune Insurance Holdings is set to become the sixth insurance-related IPO of 2025.

Key points (machine generated)

• Integral is a leading Japanese private equity firm with JPY400 billion in assets, focusing on mid-cap investments of $100-$150 million.
• The firm has a strong track record with 27% gross IRR and 2.8x gross MOIC since 2010, and its latest Fund IV was oversubscribed at JPY250 billion.
• Following a public offering in September 2023, Integral’s shares are trading at JPY2700, appearing undervalued with a P/E of 5.5x and expected solid performance in 2025.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• We downgrade Bank Negara , our former top pick in Indonesian banks, to a neutral from a buy due to the more concerning credit quality outlook, despite its undemanding valuations
• The sacking of the technocratic finance minister increased investor concerns, and the economy’s lacklustre GDP growth – reflected in the surprise rate cut – adds to the banks’ NPL headwinds
• Negara’s headline NPL ratio and NPL coverage seem to be reasonable, but these metrics mask more concerning broader credit quality ratios, coupled with the challenge of its low interest margins

IP Group continues to deliver a meaningful level of realisations with £30.3m in proceeds generated in H125, more than two-thirds of which came from four life sciences companies (Intelligent Ultrasound, Centessa, Abliva and Hinge Health). Importantly, management reiterated its target of delivering over £250m in realisation proceeds between FY25 and FY27, which excludes any potential exit proceeds from Oxford Nanopore (ONT) and represents roughly 50% of IP Group’s current market capitalisation. IP Group’s NAV was supported by the rising share price of ONT, and the successful IPO and subsequent performance of Hinge Health (for which IP Group’s lock-up expires in November 2025). This was offset by a net decline in the carrying values of private holdings, most notably Oxa Autonomy and Artios Pharma due to funding delays, and £14.2m of fx headwinds. This led to a slight 1.5% fall in NAV in H125 to 96.2p, which was more than reversed post reporting date by the continued strength of listed holdings, bringing IP Group’s NAV to c 100p as of 12 September 2025.