Daily Brief Financials: The Shanghai Commerical & Sa, Minmetals Land, First Pacific Co, Federal Bank, Industrivarden , Coocon Corp, Remitly Global, Indus Realty Trust Inc, Assurant Inc and more

• The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
• In this insight, we take a look at the potential ADDs and DELs for the December 2025 index rebal event.
• We currently see three changes for T50 and three other changes for T100 in December 2025.

• Minmetals Land (230 HK) has disclosed a Bermuda scheme offer from China Minmetals at HK$1.00 per share, a 104.1% premium to the last close price of HK$0.49.
• Key conditions include approval by at least 75% independent shareholders (<10% of independent shareholders’ rejection) and the headcount test. The offer is final. 
• No disinterested shareholder holds a blocking stake. This is a done deal in large part due to the significant takeover premium.

• After suspending shares on the 30th September, SOE-Backed, Chinese property play Minmetals Land (230 HK), has now announced an Offer, by way of a Scheme buyback, from parent China Minmetals. 
• The Offer Price of HK$1/share, declared final, is a punchy 185.71% premium to last close. And also a 179% premium over the 30th June 2025 NAV. Optically, looks solid also.
• Disinterested shareholders hold 38.12%. They should be happy with terms. This should wrap up (perhaps) late February 2026. 

• In First Pacific (142 HK): Maynilad’s IPO Price Firmed, I discussed Maynilad’s upcoming IPO, a company controlled by MPIC, which in turn, is controlled by First Pacific Co (142 HK).
• Since that note, I have tracked down Maynilad’s elusive prospectus.
• This insight is largely a rehash of yesterday’s note, together with updated numbers applying prospectus figures. I thought this warranted a fresh insight as opposed to a boomerang.

• Federal Bank delivered record net interest income (NII) and fee income in Q2 FY26, while net profit fell ~9½ % YoY. 
• Core earnings momentum is intact—CASA growth, margin uptick, asset quality improving—but elevated provisions and subdued credit growth raise questions on earnings durability.
• He bank is executing on key levers, but investors need clarity on the earnings runway and capital/deposit growth ahead—read on for the deeper dive.

• NAV rose 8% YTD to SEK 179 bn; Industrivärden C trades at a tight 4.5% discount.
• Concentrated, high-quality portfolio: Sandvik + Volvo ≈ 60% NAV; ultra-low 0.07% costs. Solid balance sheet (A+/Stable, 3% leverage) but limited near-term upside after discount compression. 
• Tactically, short-bias positioning (short holdco / long asset basket) is attractive near a 3–6% discount, while a renewed 8–10% gap would again justify a reversal into the classic long-holdco trade.

• Coocon Corp is a key player in South Korea’s rapidly expanding fintech sector, providing essential data and payment API infrastructure to a wide range of clients including financial institutions and tech companies.
• The company is demonstrating robust financial performance, characterized by significant revenue and net income growth, driven by the acceleration of financial service digitalization and supportive government policies like Open Banking and MyData.
• While the outlook is positive due to secular growth trends, Coocon faces notable risks from an increasingly competitive landscape and potential changes in financial regulations that could impact future growth and profitability.

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• The podcast discusses remitly, a digital remittance provider, and its potential for growth and investment opportunities.
• Mario Savelli from Marathon Partners shares insights on remitly’s business model and growth prospects compared to other companies like Wise.

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• Indutrade AB reported its third-quarter results for 2025, highlighting several key aspects of its recent performance.
• The company’s order intake saw improvement compared to the previous year, with notable growth in four of its five business areas and strong continued demand from the medical technology and pharmaceuticals sectors.
• However, net sales experienced a decline of 2% overall, with a 1% drop in organic sales, which was primarily attributed to weaker sales in the Life Science business area due to tough comparatives with significant sales to Novo Nordisk in the same period last year.

• Assurant, Inc. is doubling down on its technology edge.
• In October 2025, the specialty insurer announced the acquisition of OptoFidelity’s mobile device testing solutions portfolio — a strategic move that could significantly enhance its Connected Living business.
• OptoFidelity, a Finland-based leader in optical metrology and automation systems, has deployed over 9,000 test systems globally for carriers and manufacturers since 2005.