Daily Brief Financials: Shiga Bank, NOBA Bank Group, LIC Housing Finance, Bajaj Finance Ltd, Korea Stock Exchange KOSPI 200, Ping An Bank Co Ltd A, Robinhood Markets , Sincap, DBS, Centurion Accomodation REIT and more

• Shiga Bank is well-leveraged to Japan’s rate hike cycle and regional revitalization strategy, with higher market-rate loan exposure than peers, enabling stronger earnings sensitivity to rising rates.
• Core profitability is improving, driven by double-digit NII growth and rising NIMs. A CET1 ratio of 14.0% supports capital returns, selective M&A, and ¥700bn in planned loan growth through 2029.
• Despite a +63% YTD rally, shares remain undervalued at 0.7x P/B. Our target of ¥7,850/share implies ~+20% upside, supported by improving RoE, operational efficiencies, and capital deployment.

• I view the fixed IPO price of SEK70/share (SEK35bn) as a very attractive entry point.
• Based on 2026e numbers the IPO price of SEK70 (SEK35bn) represents 2x P/TBV, 8.2x P/E. I see the stock trading to SEK47.2bn near term and climbing above with further upside.
• I This represents 35% upside vs. peer benchmark fair value on a P/TBV basis. On a P/E basis there’s potential for further upside to SEK56.8bn, or 62%.  

• LIC Housing Finance (LICHF) holds a strong position as one of India’s largest housing finance companies, benefiting significantly from the brand equity and extensive network of its parent, Life Insurance Corporation of India (LIC).
• The company has demonstrated robust growth in net income and operating cash flow over the past three years, driven by strong demand in the Indian housing market and a strategic focus on the salaried customer segment.
• While facing intense competition from banks and other housing finance companies, which puts pressure on margins, LICHF is strategically diversifying into higher-yielding segments like project finance and Loan Against Property (LAP) to support future profitability.

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• Bajaj Finance Ltd (“BAF”)  reported a strong Q1FY26 in terms of growth; however, its credit costs remain elevated due to challenging environment.
• AUM grew INR 24750cr+ in Q1FY26 to reach INR 441450cr. BAF added 13.49mm new loans and acquired 4.69mm new customers during Q1FY26 taking the customer franchise count to 106.51mm.
• BAF envisions FY26 to be a defining year for AI led transformation (FINAI). BAF has been incorporating FINAI capabilities gradually throughout the company. 

• Current gains echo past moves that required lengthy consolidation, suggesting risk management is prudent.
• Volatility trends remain middling, but skew steepness points to cost-effective downside structures.
• Rally momentum slows as Kospi reaches levels where past reversals have occurred versus SPX.

• The macro-economic backdrop in China is challenging for banks, with soft economic growth driving worsening credit quality and dovish monetary policy pushing interest margins lower
• Nonetheless, China banks balance sheets appear to be relatively robust, and we screen ten large cap banks for contrarian buy opportunities
• We focus on two banks; Ping An Bank and CCB are our buy recommendations for their relatively strong returns and sound credit quality metrics

• Robinhood has successfully disrupted the traditional brokerage industry with its commission-free, mobile-first platform, attracting a large and loyal base of younger investors. The company has recently achieved consistent profitability, driven by a rebound in trading volumes, higher net interest revenues, and growth in its subscription services.
• The company’s growth trajectory is supported by product innovation, including the expansion of its cryptocurrency offerings, introduction of retirement accounts, and a push into AI-driven trading tools. Potential inclusion in the S&P 500 could further enhance its market visibility and credibility.
• Significant risks remain, primarily centered on regulatory scrutiny of its key revenue source, Payment for Order Flow (PFOF), and its high dependence on volatile retail trading activity, particularly in speculative assets. Intense competition from both fintech startups and incumbent brokers who have adopted similar commission-free models also poses a threat to long-term market share.

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• Skylink APAC’s loan book expanded from $24 million to approximately $66 million within two years, enhancing its financial growth.
• Skylink’s revenue increased to $26 million in FY2025 from $15 million in FY2024, with gross profit rising to $6.8 million.
• The Catalist listing provides Skylink access to new capital pools, enabling faster scaling of its financing arm and acquisitions.

• Digital Transformation Leader: DBS has established itself as a pioneer in digital banking, leveraging artificial intelligence and blockchain technology to enhance customer experience and operational efficiency. This focus on innovation provides a significant competitive advantage in the evolving financial landscape.
• Strong Financial Performance and Regional Presence: The bank has consistently delivered robust financial results, characterized by strong profitability and a solid capital position. Its strategic presence in key Asian growth markets—Greater China, Southeast Asia, and South Asia—positions it well to capitalize on the region’s economic expansion.
• Commitment to Shareholder Returns: DBS has a track record of delivering value to shareholders through consistent dividend payments and has outlined a clear capital return strategy. This commitment, coupled with a positive outlook for earnings growth, provides an attractive proposition for income-focused investors.

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• Centurion Accomodation REIT (CAREIT SP) (CAREIT) raised around US$600m in its Singapore IPO.
• CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
• We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.