Daily Brief Financials: Sinarmas Land, Generation Development Group L, Grupo Catalana Occidente Sa, Blackstone , LSL Property Services PLC, Punjab National Bank, Pakuwon Jati and more

• Sinarmas Land (SML SP) has disclosed a voluntary unconditional offer from the Widjaja family at S$0.31 per share, a 12.7% premium to the undisturbed price of S$0.275 (24 March).
• The offer is unattractive compared to historical trading ranges and implies a 74.0% discount to the last reported NAV per share of S$1.191 (30 June 2024).
• The offer has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required minority acceptances. 

• In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.
• We expect one change for ASX 50, one change for ASX 100, and two changes for ASX 200. 
• The official index changes will be announced after the close on Friday 6th June 2025.

• Inocsa offers €50 per share for GCO, representing an 18.3% premium, aiming to consolidate control and delist the company from the Spanish stock exchange if thresholds are met.
• GCO reported €623 million in FY 2024 net income, with strong solvency (242%) and leading positions in traditional and credit insurance across Spain and over 50 international markets.
• With a fair value near €50.68/share and solid fundamentals, minority shareholders receive a full but not generous offer, lacking a typical control premium often seen in similar takeovers.

• Rava has enlisted Blackstone MDs to spearhead growth in Japan, highlighting their intent to expand operations in the region.
• GreenFort and Gaw have partnered to explore land lease opportunities in Australia, with a focus on showcasing their collaboration on MTD TV.
• SC Capital, based in Singapore, has successfully closed their sixth APAC fund at $900M, demonstrating their commitment to making opportunistic investments in the region.

LSL Property Services (LSL) has published its preliminary results for the year ended December 2024. On a like-for-like basis these show strong growth in revenue and earnings, reflecting the success of the strategic transformation of the group over the past two years. This has created a simpler group structure, with structurally higher margins, better able to deliver more consistent performance across market cycles. The company expects to deliver further earnings growth in the current year.

• We recommend three smaller cap Indian banks, namely Baroda, Bandhan adding Punjab National Bank (PNB); we remove Union Bank of India from the buy list, PNB is more compelling
• Bandhan and Baroda are attractive for their value attributes relative to their returns, with newly added PNB delivering better returns and it continues to improve credit quality
• Richly valued Kotak Mahindra has the group’s highest returns post credit costs, but returns continue to trend downwards; we upgrade premium-valued ICICI to neutral as it delivers further improved returns

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati, Bharti Airtel, China Jinmao
• US President Donald Trump has signed an executive order to impose 25% tariffs on imports of automobiles and auto parts from April 2 nd, saying that “what we’re going to be doing is a 25% tariff for all cars that are not made in the United States”.
• European Commission President Ursula von der Leyen said she deeply regrets the US tariff decision, and will continue to seek negotiated solutions while safeguarding the bloc’s economic interests.