Daily Brief Financials: Taishin Financial Holding, SBI Shinsei Bank, Trust Bank, Superbank, HashKey, Waterdrop Inc, Nanhua Futures Co Ltd, Ajax Resources and more

• There are 8 adds and 8 deletes for the TIP Customized Taiwan Select High Dividend Index in December. The TIP Taiwan Select High Dividend ETF has an AUM of US$13bn.
• The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.
• There are a few surprises and those stocks could outperform peers over the rest of the trading period.

• SBI Shinsei Bank (8303 JP) is a Japanese financial institution. At the IPO price, it will raise JPY322 billion (US$2.1 billion). The shares will be listed on 17 December.
• I previously discussed the IPO in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive.
• The peers have re-rated since the prospectus was released. My analysis suggests that SBI Shinsei is attractively valued at the IPO price.

• Operational Scale & Market Status: Trust Bank has rapidly matured into Singapore’s fourth-largest retail bank, securing over 1 million customers (approx. 20% market penetration) in just over two years.
• Financial Performance Snapshot: The bank has reached a critical financial inflection point in FY2024, reporting a 148% surge in revenue (to S$96.9 million) while keeping operating expenses nearly flat (+3.8%).
• Product & Ecosystem Integration: Currently, the bank drives high engagement through its “phygital” integration with FairPrice, resulting in active users averaging 21 transactions per month.

• Superbank (SUPA IJ) has raised US$168m in its Indonesia IPO.
• Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
• In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.

• HashKey (3887 HK) confirmed its IPO price at HK$6.68, 3.9% below the top end. Despite favourable subscription and placement levels, this suggests some concerns. 
• Digital asset-related names, BTC and ETH, have retreated by an average of 11.6% last week, implying a challenging environment for the debut. 
• It is priced at 14.5x FY26 P/S, vs. 10.5x (peer average) and only a 23% discount to Robinhood Markets (HOOD US). It is only attractive at the low-end price.

• Waterdrop Inc. is a leading technology platform in China’s online insurance and healthcare sector, leveraging a unique business model that combines a medical crowdfunding platform with an online insurance marketplace.
• The company has demonstrated a strong growth trajectory and a consistent record of profitability, having maintained GAAP profitability for 15 consecutive quarters. Recent quarters show significant year-over-year growth in revenue and net profit, driven by its core insurtech business and advancements in AI.
• Key risks for investors include the stringent and evolving regulatory landscape in China, intense market competition, and geopolitical risks associated with its U.S. stock listing.

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• HashKey (3887 HK) raised around US$200m in its Hong Kong IPO.
• It operates the largest licensed crypto exchange in Hong Kong.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Nanhua Futures Co Ltd (603093 CH) aims to raise up to US$220m in its Hong Kong IPO.
• It operates as a leading futures company in the PRC, dedicated to providing global financial services to clients.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Although until recently a SPAC listed on the Main Market of the LSE, Ajax has wasted no time in becoming a natural resources company listed on Aquis and executing its strategy to acquire orphaned assets at fire sale prices and bringing them to account rapidly. Its flagship asset, Eureka in north-western Argentina, has never been the subject of modern drilling. However, it has been estimated by major mining firms Codelco and Peñoles to contain up to 616,000t of contained copper (albeit neither NI 43-101 nor JORC-compliant). Having approximately doubled its land package from 7,000ha to 14,000ha by acquiring ground contiguous to Eureka, Ajax now plans to drill the project and to declare a JORC-compliant resource in H1 CY26 to crystallise the value of the asset. At the same time it is in the process of buying three other assets in the region (Pereira Velho in Brazil, Leon in Argentina and Paguanta in Chile).