Daily Brief Financials: Shawbrook, ICICI Bank Ltd, Keybridge Capital, Moon River Capital , Tejon Ranch , Toast , TPG Inc and more

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
• Our latest estimates suggest there could be one regular change for F100 and four regular changes for the F250 index during the December 2025 rebal.
• The index changes for the December 2025 rebal will be based on the close of 2nd December 2025 and announced after the close of 3rd December 2025.

• Context: The Axis Bank (AXSB IN) vs. ICICI Bank (ICICIBC IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long ICICI Bank (ICICIBC IN) and short Axis Bank (AXSB IN) targets a 5% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Keybridge Capital is a small, opportunistic investment company with a highly volatile financial track record, characterized by significant swings in revenue and profitability.
• The company’s strategy involves a diversified portfolio of equity and debt investments, with a recent history of engaging in specialized situations like stablecoin arbitrage and activist investing, exemplified by a profitable exit from Magellan Global Fund Options.
• Extreme financial volatility, negative cash flows, a no-dividend policy to date, and a highly concentrated management structure present significant risks for investors, despite a recent profitable year and very low valuation multiples.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Moon River published a PEA on the potential restart of the 25% owned Endako Molybdenum Mine.
• Endako is a large brownfield project that was once one of the largest molybdenum producers in North America.
• The PEA depicted a highly profitable operation utilizing the substantial existing infrastructure; After-tax NPV8% was $790M & IRR was 40%.

• TRC’s chief growth strategy revolves around 3 planned MPCs using non-dilutive JV funding.
• Given that construction would be 2-3 years away, we believe the timeline does not meet shareholder objectives.
• Investors are looking for earlier catalysts.

• Toast, a leading provider of point-of-sale and management platforms for restaurants, reported strong performance in its third-quarter results for 2025.
• The company achieved notable milestones with annual recurring revenue (ARR) surpassing $2 billion, demonstrating robust 34% top-line growth, and maintaining a consistent adjusted EBITDA margin at 35%.
• These achievements underscore Toast’s strengthened market presence and operational efficiency.

• TPG, a global asset management firm, highlighted several key trends and outcomes for the third quarter of 2025, which can be used to construct an investment thesis.
• TPG reported a GAAP net income of $67 million and after-tax distributable earnings of $214 million, translating to $0.53 per share of Class A common stock.
• The company declared a dividend of $0.45 per share, consistent with its history of shareholder remuneration.