In today’s briefing:
- Swire Pac (19 HK): Thai Beverage Spin-Off
- Star Holdings Liquidation Strategy: Asset Sales, Cash Burn, and Management Incentives Amidst Hedge Fund Interests
- Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock
- Japanese Big Cap Banks – Focusing on Strategic Equity Holdings as BoJ Likely to Defer Rate Hikes
- SBI RHEOS HIFUMI (165A JP): Full-year FY03/25 flash update
- Asia Real Estate Tracker (08-May-2025): Creating a Win-Win for Investors and Occupiers
- ZKsync & Elastic Network’s Q1 Wrapped: Ecosystem & Development Highlights
Swire Pac (19 HK): Thai Beverage Spin-Off
- Swire Pacific (A) (19 HK) is proposing the spin-off and separate listing on the SET of non-wholly-owned ThaiNamthip Corporation Limited, a Coca-Cola franchise operator in Thailand, Cambodia and Laos.
- On the 30th September, Swire completed the 55.7% acquisition for THB42,615.7mn (HK$9,470.1mn). ThaiNamthip concurrently sought to acquire a 30% stake in Swire Coca-Cola’s operations in Vietnam and Cambodia for HK$2,114.6mn.
- At the time of the acquisition, ThaiNamthip had an extrapolative price tag of ~HK$17bn. Should the proposed spin-off complete, ThaiNamthip will remain a non-wholly owned subsidiary of Swire.
Star Holdings Liquidation Strategy: Asset Sales, Cash Burn, and Management Incentives Amidst Hedge Fund Interests
- Star Holdings (STHO) is structured as a liquidation vehicle, aiming to sell real estate and wind up operations by Q1 2027.
- STHO’s assets include $216m in SAFE shares and a monetizing portfolio with loans, land, and other properties.
- Management extended debt maturity to March 2028, and adjusted management fees, with liquidation incentives tied to asset sales.
Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock
- Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
- Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
- In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.
Japanese Big Cap Banks – Focusing on Strategic Equity Holdings as BoJ Likely to Defer Rate Hikes
- BoJ’s lower GDP growth forecasts add weight to the rate hike deferral; we focus on big-cap banks that have more in the tank than high gearing to rising benchmark rates
- An increasingly important factor, in our view, is the share of strategic equity holdings relative to market capitalization; Kyoto is top on this metric, followed by Shizuoka, Resona and Mizuho
- With the lack of the rate hike catalyst in the near term, we remove SMFG from the buy list and would look to lighten holdings selectively in other Japanese banks
SBI RHEOS HIFUMI (165A JP): Full-year FY03/25 flash update
- AUM decreased to JPY1.3tn (-6.8% YoY, -6.5% QoQ), while operating revenue rose to JPY11.4bn (+10.8% YoY).
- Operating expenses and G&A expenses increased to JPY9.4bn (+9.7% YoY), resulting in an operating profit of JPY2.1bn (+16.2% YoY).
- The company plans an annual dividend of JPY6.8 per share post an 8-for-1 stock split.
Asia Real Estate Tracker (08-May-2025): Creating a Win-Win for Investors and Occupiers
- Strategic planning and collaboration can create a win-win situation for both investors and occupants in real estate ventures.
- Scape has secured a significant commitment of $3.8 billion from CBRE IM for their student housing fund.
- Companies like Greystar, Warburg, Local, and Kio are sharing Australian living insights at a forum in Singapore.
ZKsync & Elastic Network’s Q1 Wrapped: Ecosystem & Development Highlights
- Institutional adoption accelerates with Deutsche Bank, UBS PoC, WonderFi, and Tradable building compliant solutions on ZKsyn9
- ZKsync is the second-largest blockchain for tokenized RWAs, capturing over 27% market share, trailing only Ethereum
- ZKsync Era dominates ZK rollups, leading in TVS, proof volume, and user activity
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