In today’s briefing:
- Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair
- Bank Central Asia (BBCA IJ) – Thriving Through Transactions
- The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge
- Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon
- NSE NIFTY50/ Vol Update / Option Markets Remain in High Vol-Regime
- Financial Products Group Co (7148 JP): 1H FY09/25 flash update
Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair
- Back on 27th March, the family trust of the Widjaja Family made a voluntary unconditional general Offer for the 29.7% in Sinarmas Land (SML SP) not held.
- Pricing was uninspiring: the S$0.31 cash Offer (not final) for the (mainly) Indo property play was a 12.9% premium to undisturbed; and a 73.9% discount to the 1H24 S$1.19/share NAV.
- The IFA agreed and said “Not Fair but Reasonable”, with an estimated fair value range of S$0.350 to S$0.361/share. This (still) needs a bump. But that is looking less likely.
Bank Central Asia (BBCA IJ) – Thriving Through Transactions
- Bank Central Asia booked a strong set of numbers in 1Q2025, driven by strong loan growth and healthy growth in CASA and despite an increase in provisions.
- The bank booked loan growth across its key segments, with corporate, SME, and consumer lending driving growth, with its transactional banking continuing to grow as it expands its customer base.
- Bank Central Asia‘s digital offerings continue to be a core driver for both business and consumer banking, as well as for onboarding new customers. Valuations are attractive versus history.
The Beat Ideas: CARE Ratings- India’s Only Homegrown CRA Reclaims Its Edge
- CARE Ratings has emerged stronger post-IL&FS through board reconstitution, governance reforms, and renewed focus on ESG-linked services.
- With India’s credit market entering a capex-led upcycle and ESG regulations tightening, CRAs like CARE are structurally well-placed to benefit.
- Despite lagging CRISIL and ICRA in tech-enabled analytics, CARE’s high share of rating revenue (~90%) and clean balance sheet provide room for re-rating, supported by industry tailwinds.
Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon
- Aspen Insurance Holdings filed for its IPO in December 2023 and saw its filing refreshed in December 2024 and once again on March 20th, 2025.
- This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019.
- For the twelve months ended December 31, 2024, they wrote $4,609 million in gross written premiums marking a 16.2% increase from the same period in 2023.
NSE NIFTY50/ Vol Update / Option Markets Remain in High Vol-Regime
- IVs rise as markets return from holiday-truncated week, moving from 14.2% to 15.8%. Monthly contracts benefit most as they capture multiple tier-1 event risks.
- “High & Up” vol-state persists. Though there is a high probability of switching to “High & Down” with slight IV stabilization.
- TACTICAL IMPLICATIONS: Avoid negative Gamma/ Smile/ Vega exposure. Wait for vol-regime shift before initiating new risk-premia harvesting structures
Financial Products Group Co (7148 JP): 1H FY09/25 flash update
- In 1H FY09/25, revenues increased by 25.2% YoY, while operating profit decreased by 3.6% YoY.
- The Leasing Fund Business saw a 7.1% YoY revenue decline, with a segment profit margin decrease of 5.3pp YoY.
- The International Real Estate Fund Business achieved a 134.6% YoY revenue increase, with a gross profit margin rise of 6.5pp YoY.
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