Daily Brief Financials: Tata Capital Limited, SK D&D Co Ltd, EXOR NV, Logan Property Holdings, mF International, Catalyst Bancorp Inc, Clip Money and more

• Tata Capital Limited (TATACAP IN) IPO highlights strong branch growth and granular loan book, though new-to-credit exposure remains limited and underwriting largely product-driven.
• Weak sourcing disclosures beyond Home Loans raise concerns on DSA reliance, portfolio quality, and resilience during downturns, especially in competitive lending segments.
• Collections are highly digitized and analytics-driven, yet regulatory inspections reveal persistent compliance, governance, and risk management lapses across Tata Capital, TMFL, and TCHFL.

• On 1 October, it was reported in the local media that Hahn & Co (is acquiring the management rights of SK D&D Co Ltd (210980 KS). 
• This tender offer is not likely to be successful. Less than 1/3 of the 6.96 million shares that are up for tender offer could be sold by the existing shareholders.
• We believe that the majority of the remaining investors in SK D&D want higher tender offer price.

• Giovanni Agnelli founded the auto company Fiat in 1923 and XOR acquired the Juventus football Club
• Exor, a Dutch holding company controlled by the Agnelli family, has evolved from its Fiat roots to become an investment holding company with assets including Ferrari
• John Elkann, the great-great grandson of Fiat’s founder, is now leading Exor and shaping its future, with a focus on alternative asset management at Sangato

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Logan Group
• The UST curve flattened marginally yesterday, as long-end yields declined marginally while the short end was stable.
• Trading volumes were reported to be below average, as macro releases were stalled in the second day of the US government shutdown.

• Key 1H25 takeaways include: 1) As previously disclosed, MFI’s co-founders recently sold the company to Fire Lucky Investment Co., controlled by Mr. Dawei Yuan.
• Looking ahead, we would not be surprised to see Mr. Yuan increasingly leverage his considerable background/expertise, particularly as it relates to digital assets, to shift MFI’s strategic vision/business model, thereby enhancing the company’s growth prospects, revenue profile, and earnings power over time.
• 2) In September, MFI filed a prospectus as part of a previously-filed “shelf” registration statement to potentially raise up to $700 million via the sale of equity, debt, and/or warrants.

Key points (machine generated)

• Catalyst Bancorp, a Louisiana bank with $272 million in assets, has potential for 60-70% value appreciation if sold, currently trading at 653% of tangible book value.
• The bank, established in 1922 and transitioned to a stock institution in 2021, has expanded its branch network under CEO Joe Zanco and a young management team.
• Despite low return on equity, Catalyst Bancorp shows respectable return on assets, improving efficiency ratios, and a high Tier 1 capital ratio of 46.95% after repositioning its balance sheet.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Clip Money is a rapidly growing NCR-backed start-up based in Ottawa, Canada, and operating in Canada and the US.
• It is helping physical stores and businesses quickly, safely, and less expensively deposit cash into their bank accounts, as well as replenishing notes and coins for store operations.
• The company uses its proprietary software platform to facilitate cash management, and its network is made up of a network of DropBoxes, NCR ATMs located in retail outlets and Green Dot locations starting with Walmart in the US.