Daily Brief Financials: Sony Financial Group, WeWork India Management Ltd, Sammaan Capital, New World Development, Agent IG Holdings and more

• Sony Financial Group (8729 JP) listed on Monday with a “Reference Price of ¥150. It opened at ¥205, quickly running to ¥210, then fell to ¥198 by lunch. Close? ¥173.8.
• That got a big ToSTNeT-3 buyback at ¥173.8. It traded lower on Day 2, closing at ¥164. Then lower still on Weds with another TN-3 buyback now ¥159.4. 
• Neither buyback was full. SFGI has bought back 124mm shares. But the stock has fallen hard. ADRs/ADSs start trading Tuesday. That could see more selling. 

• WeWork India Management Ltd (1690124D IN) IPO is an OFS under SEBI Regulation 6(2), reflecting weak financial eligibility, ongoing losses, and dependence on deferred tax credits for reported profitability.
• Promoter and governance risks loom large, with pending ED, CBI, and EOW proceedings against Jitendra and Karan Virwani, plus complaints of incomplete or misleading disclosures in filings.
• The IPO mainly serves as a deleveraging tool for the promoter, with pledged shares, heavy audit qualifications, weak controls, and depleting cash exposing material investor risks.

• Sammaan Capital’s Board approved a preferential issue to Avenir Investment RSC Ltd., a wholly-owned subsidiary of Abu Dhabi’s IHC, aggregating INR 8,850 crore (USD 1.06 billion) in equity and warrants.  
• The strategic inflow from the well-capitalized, sovereign-linked IHC provides a massive de-risking event, validates Sammaan’s new-book strategy, and signals a powerful new stream of capital flows into Indian HFC/NBFC space.  
• The scale, strategic nature, and pricing of the deal position Sammaan for a significant re-rating, shifting the investment thesis from asset quality clean-up to funded growth.

• New World announced FY25 results, market reaction was initially negative, due to losses to shareholders.  Stock was down 10% post open but rebounded quickly to recover all the losses
• However, we think the market has neglected the other positives: strong contract sales, resilient IP earnings, improved total debt, stabilized gearing and lower borrow cost
• Market is forward-looking, we think NWD, as a leveraged play, will benefit the most in rate cut cycle.  At current valuation (0.12x PB) – we continue to stay bullish

• WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
• WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
• In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.

• WeWork India is the Indian arm of global flex space major (WEWKQ US); however, it is promoted by Indian real estate major Embassy group (~48% stake post IPO)
• WeWork has differentiated itself from the crowded flex space market with a focus on premium Grade-A property and cornering market share in major markets like Bengaluru and Mumbai (MMA)
• IPO valuation at 22x FY25 EBITDA prices in this premium relative to peers (12-14x). Can the company sustain these valuations?

Key points (machine generated)

• Agent IG Holdings is facing an operating loss for the interim period ending December 2025 but expects to meet full-year financial targets due to business expansion.
• The company provides a wide range of property and life insurance services and is pursuing mergers and acquisitions to adapt to industry changes.
• Since January 2016, Agent IG has integrated 636 insurance agencies and acquired Financial Japan Co., Ltd. in April 2024 to strengthen its life insurance focus.

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