Daily Brief Financials: Steadfast, Halyk Savings Bank of Kazakhstan, Greentown China, Grupo Catalana Occidente Sa, S&P/ASX 200 and more

• First, EQT, then CVC joined, in a A$45/share NBIO for AUB (AUB AU), an insurance “matchmaker”: CVC Joins EQT In Pursuit Of AUB Group (AUB AU). Talks ceased this week. 
• Reportedly, AUB’s larger insurance rival, Steadfast (SDF AU), is now attracting PE interest, such as Blackstone.
• Steadfast is down ~25% from its recent high following a workplace complaint towards CEO/MD/founder Robert Kelly – now concluded on “a confidential basis”, with Kelly resuming his roles. 

Halyk Bank reported a 13.8% y-o-y increase in net interest income in Q325 with a sustained high net interest margin (NIM) of 7.1% versus 7.3% in Q324 and robust loan book growth of 19.7% y-o-y (8.2% ytd). Combined with good cost discipline (the cost-to-income ratio (CIR) was 16.3% in Q325 vs 16.1% in Q324), this allowed the company to maintain an ROE above 30% (34.3% in Q325 on an annualised basis). Halyk preserved a strong capital base with a CET-1, Tier-1 and total capital ratio of 17.4% at end-September 2025 (with an indicative FY26e target of 17–19%) and local capital ratios of 18.3% versus the regulatory requirement for total capital (k2) of 12.0%. We believe this provides the bank with a solid balance sheet to continue delivering attractive dividends (its payout from FY24 earnings of KZT50.64 per share represents a c 16% yield based on the current share price). We note that Halyk’s majority shareholder (ALMEX Holding Group) recently sold a 7.6% stake at a price per common share and global depository receipt (GDR) of KZT298.66 and $23.0, respectively, to improve the liquidity of Halyk’s shares and broaden the shareholder register. It retained a majority stake and declared full commitment to the bank’s long-term success.

Halyk Bank reported a 13.8% y-o-y increase in net interest income in Q325 with a sustained high net interest margin (NIM) of 7.1% versus 7.3% in Q324 and robust loan book growth of 19.7% y-o-y (8.2% ytd). Combined with good cost discipline (the cost-to-income ratio (CIR) was 16.3% in Q325 vs 16.1% in Q324), this allowed the company to maintain an ROE above 30% (34.3% in Q325 on an annualised basis). Halyk preserved a strong capital base with a CET-1, Tier-1 and total capital ratio of 17.4% at end-September 2025 (with an indicative FY26e target of 17–19%) and local capital ratios of 18.3% versus the regulatory requirement for total capital (k2) of 12.0%. We believe this provides the bank with a solid balance sheet to continue delivering attractive dividends (its payout from FY24 earnings of KZT50.64 per share represents a c 16% yield based on the current share price). We note that Halyk’s majority shareholder (ALMEX Holding Group) recently sold a 7.6% stake at a price per common share and global depository receipt (GDR) of KZT298.66 and $23.0, respectively, to improve the liquidity of Halyk’s shares and broaden the shareholder register. It retained a majority stake and declared full commitment to the bank’s long-term success.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Greentown China
• UST yields rose 2-4 bps yesterday, led by the front end, following the strong jobless claims data. The yield on the 2Y UST jumped 4 bps to 3.52%, while the yield on the 10Y UST climbed 3 bps to 4.10%. Fed-dated OIS were steady, and continued to price in a 92% probability of a rate cut next Wednesday.
• Equities edged up slightly towards record high levels. The S&P 500 and Nasdaq rose 0.1% and 0.2% to 6,857 and 23,505, respectively.

• Inocsa secures ~98% of Grupo Catalana Occidente Sa (GCO SM) after 94.27% acceptance, completing the take-private process and removing any remaining deal risk.
• With Spain’s 90/90 thresholds exceeded, a squeeze-out at €49.75 is now available, leaving minimal optionality for remaining minorities.
• GCO trades just below terms as liquidity evaporates; the spread has closed and the trade moves to passive cash settlement mid-December.

• Very quiet trading this week with a weekly closing range near the lows for the year.
• Breadth deteriorated from last week’s elevated readings as the market tries to push higher. 
• Quiet earnings calendar with only six companies issuing earnings reports in the coming week.