Daily Brief Financials: SK D&D Co Ltd, Hokkoku Financial Holdings, Strike, Financial Products Group Co, Foxtons, Gentera SAB De CV and more

• SK D&D announced the results of the delisting tender offer by Hahn & Co. SK &D mentioned that the subscription reached only 40% of the planned tender offer amount.
• Post failed tender offer for SK D&D by Hahn & Co, we expect this to have a positive impact on SK D&D’s share price.
• The major reason for this is that there are still many investors that believe that SK D&D’s shares are significantly undervalued at P/B of only 0.4x.

• Consolidated ordinary income increased by 19.6% YoY to JPY53.7bn, driven by higher interest and dividend income.
• Hokkoku Bank’s core gross profit grew 23.9% YoY to JPY24.5bn, with a 50.0% rise in core operating profit.
• Non-performing loans at Hokkoku Bank totaled JPY78.3bn, with a 0.25pp YoY decline in percentage of total credit.

• FY09/25 revenue was JPY20.3bn (+12.0% YoY), with operating profit at JPY6.3bn (-6.5% YoY) and net income JPY4.7bn (-4.7% YoY).
• Strike forecasts FY09/26 revenue of JPY24.3bn (+19.8% YoY) and operating profit of JPY8.4bn (+32.2% YoY).
• The company plans an annual dividend of JPY180.0 per share, maintaining a payout ratio of 60.2%.

• FY09/25 revenues reached JPY129.7bn (+20.4% YoY), with operating profit at JPY25.4bn (-11.2% YoY), and net income JPY18.1bn (-11.2% YoY).
• Leasing Fund Business saw JPY233.2bn equity placement (+26.5% YoY), while Domestic Real Estate Fund revenue was JPY95.9bn (+27.8% YoY).
• FY09/26 forecasts include JPY130.5bn revenue (+0.6% YoY), JPY30.4bn operating profit (+19.6% YoY), and JPY21.0bn net income (+15.7% YoY).

• Chapel Down Group 40p £60m (CDGP.L) The wine company announced the completion of its 2025 harvest from it’s 1,018 acres of vineyards of which 777 are fully productive, an increase of +30% productive vineyards since 2022.
• This year’s yield is expected to be 2,882 tonnes (2024: 1,852 tonnes), at an average yield of 3.7 tonnes per acre (2024: 2.5 tonnes per acre), which is +15% higher than the historic 5-year average yield per tonne.
• The warm and consistent summer of 2025 created optimal conditions for fruit development, resulting in grapes with a good balance of ripe fruit flavours for complexity and texture with the natural acidity that will add a fresh, crisp backbone to the company’s wines. 

• Market Leader in a Structurally Growing Niche: Gentera is a dominant player in the Mexican and Peruvian microfinance sectors, targeting a large, underserved market of micro-entrepreneurs and lower-income individuals. This focus on financial inclusion provides a long runway for growth, driven by both economic development and the formalization of the economy.
• Robust Financial Performance and Growth Trajectory: The company has demonstrated a strong track record of revenue and net income growth, with 3-year CAGRs of 22.5% and 36.8%, respectively. This performance is underpinned by a highly profitable business model with ample net interest margins and a post-pandemic recovery in loan origination and credit quality.
• Strategic Focus on Digital Transformation: Management is committed to a digital transformation strategy aimed at serving more customers more efficiently. This focus on digitalization is expected to enhance operational leverage, improve customer experience, and solidify its competitive position against traditional banks and emerging fintech players.

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