Daily Brief Financials: Shinyoung Securities, Gemini Space Station, Dollar Index, Hang Seng Index, Mediobanca SpA, Q & M Dental Group (Singapore), HDFC Bank, China Vanke and more

• Major governance shake-up: >KRW 2T companies face mandatory cumulative voting, giving minorities real board influence, while audit committee split votes expand from 1 to 2+, boosting independence.
• Trade sweet spot is holdcos and brokers with high treasury stock and retail float. Bloated buybacks may drive cancellations, sparking quick momentum trades in messy-governance names.
• Today, holdcos and brokers with 10%+ treasury stock and >₩500bn market cap are leading pops, driving action and attracting fast-money flows.

• The company that describes its mission is to unlock the next era of financial, creative, and personal freedom filed for an IPO on August 15th.
• As of June 30, 2025, they serve approximately 523,000 MTUs and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on their platform.
• Their total revenue was $98.1 million and $142.2 million and their net loss was $319.7 million and $158.5 million in 2023 and 2024, respectively.

• Dollar undervaluation has closed in the past three months, but institutional Fed credibility news has not had a durable effect on the price.
• Concerns about exceptionalism in US equity market strength potentially pushing the dollar higher are countered by better growth not being US exclusive and the impact of inflation on currency.
• Despite large inflows into US equities in June, the dollar fell substantially, raising questions about the relationship between flows and dollar strength.

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• A quick synoptic look at the tactical setups for the indices, stocks, commodities and bonds we cover, for the week August 25 – August 29. .XLSX MODEL DATA FILE ATTACHED.
• OVERBOUGHT at the WEEKLY Close: Alphabet, S&P 500 INDEX , Tesla , China Mobile (941 HK) , Toyota Motor (7203 JP) , ASX 200 INDEX , CSI 300 Index , HSI INDEX.
• OVERSOLD at the WEEKLY Close: Meta (META US) , Softbank Group (9984 JP).

• Mediobanca trades as a cheap option on a BMPS bump: limited downside, positive skew, and convergence momentum after Generali defence failed. Positioning risk/reward is asymmetric into the September deadline.
• With BMPS paper implying little premium, spread tightness reflects embedded expectations of a bump. Investors effectively hold optionality: upside on improved terms, downside cushioned by franchise value and sector consolidation.
• Regulatory overhang looks contained: ECB signed off, Rome aligned. Focus shifts to September 8 acceptance deadline, where pressure builds on BMPS to sweeten terms and avoid a messy partial outcome.

• Institutions were net sellers of Singapore stocks with a net outflow of S$53 million from August 15-21.
• ISOTeam secured S$22.5 million in new contracts, boosting its order book to S$181.1 million for 24 months.
• Q & M Dental Group raised S$130 million from a Multicurrency Debt Issuance Programme for organic expansion and M&A.

• ChatGPT said: HDFC Bank is now held by 71% of active EM funds — an all-time high, with steady inflows and just one exit in six months.
• Aggressive Growth funds show strongest conviction, with multiple holders above a 7% weight.
• Post-Merger, HDFC has widened its lead over ICICI and regional peers, cementing its role as EM managers’ core financials exposure.

• China Vanke’s H1/25 results remained weak, mainly due to operating losses at its property development segment.
• The property development gross margin continued to contract, as the company continued to deliver projects with high land costs.
• Earnings were also impacted by impairment charges amid persistent industry weakness, as well as fair value losses from asset disposals.