In today’s briefing:
- Aequitas: TMBThanachart Bank Placement – Healthy Fundamentals, But Supply Overhang Remains
- EQT Holdings (EQT AU): TPG’s NBIO Is Light
- Aequitas: Horizon India Ltd IPO – RHP Updates, Peer Comp and Thoughts on Valuation
- Tender Offer of a 30% Stake in Refine Co by Stonebridge Capital and LS Securities
- HoldCo Weekly (14 Aug): Where’s the Discount?
- EQT Holdings (EQT AU) Ponders TPG’s A$24.55/Share Indicative (& Opportunistic) Terms
- The Philippine Stock Exchange, Inc. (PSE PM) Q2 FY26 Concall: PDS Carrying The Incremental Growth
- Soft Inflation, Hard ETF Outflows
- Refine Co Ltd (377450 KS): Synthetic Expert Call Transcript (18 Aug 2026)
- STKE: 3QFY26 Earnings Show Potential for Houdini
Aequitas: TMBThanachart Bank Placement – Healthy Fundamentals, But Supply Overhang Remains
- ING Groep NV (INGA NA) is looking to sell a stake of around 5.6% in TMBThanachart Bank (TTB TB) to raise up to US$500m via a secondary selldown.
- TMBThanachart Bank (TTB) is one of Thailand’s largest commercial banks, formed through the 2019 merger of TMB Bank and Thanachart Bank, with a focus on retail, SME and corporate banking.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
EQT Holdings (EQT AU): TPG’s NBIO Is Light
- EQT Holdings (EQT AU) disclosed a non-binding proposal from TPG at A$24.55, a 41.8% premium to the undisturbed price of A$17.31.
- The timing is opportunistic, as the shares are down 39% over the last twelve months due to ASIC litigation. The offer is below sell-side price targets and the 52-week high.
- TPG has requested a period of exclusivity to conduct due diligence. The Board should offer limited due diligence to facilitate a higher offer.
Aequitas: Horizon India Ltd IPO – RHP Updates, Peer Comp and Thoughts on Valuation
- Horizon Industrial Parks Limited (1327105D IN) (HIPL) is looking to raise up to US$272m in its upcoming India IPO.
- HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
- We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.
Tender Offer of a 30% Stake in Refine Co by Stonebridge Capital and LS Securities
- Private equity firm Stonebridge Capital and LS SECURITIES Co Ltd (078020 KS) are launching a tender offer for a 30% stake in Refine Co Ltd (377450 KS).
- Tender offer price of 17,600 won is 29.6% higher than the closing price on 14 August and reflects a 50.1% premium over the weighted average stock price of past month.
- I have a positive view on this tender offer. Clearly, the company is not doing enough to improve shareholder returns (net cash is 67% of market cap)
HoldCo Weekly (14 Aug): Where’s the Discount?
- This insight details about the weekly changes in the holding company discount in India.
- We track the reasons for change in the holdco discount if any and upcoming triggers for these companies.
- While this note captures 5 holding companies, we intend to add more names in coming weeks.
EQT Holdings (EQT AU) Ponders TPG’s A$24.55/Share Indicative (& Opportunistic) Terms
- EQT Holdings (EQT AU), a corporate trustee and fiduciary-services outfit, announced yesterday morning a NBIO from TPG of A$24.55/share, by way of a Scheme.
- TPG has requested four weeks of exclusive due diligence to further its proposal.
- EQT is evaluating the proposal. Given the ASIC litigation and super-exit restructuring costs, I’d tilt opportunistic, and EQT rejects. But that’s not to suggest TPG will reload higher.
The Philippine Stock Exchange, Inc. (PSE PM) Q2 FY26 Concall: PDS Carrying The Incremental Growth
- Q2 revenue of P672mn was flat year on year, and operating profit fell 7.3%; the headline first half growth rests almost entirely on Q1.
- PDS accounted for 56% of group net profit in Q2, up from 47%, so the integration story, not equity trading, is driving earnings.
- FY26e EPS of P17.73 on 11.7x P/E, 7.2x EV/EBITDA, 26.5% ROE and P3.0bn net cash. Massive capex over the next two years.
Soft Inflation, Hard ETF Outflows
- Bitcoin closed near $62.8K on Sunday, down roughly 3% w/w, its worst week in six.
- Spot Bitcoin ETFs bled $389.7M between Aug 10 and 14, the largest weekly outflow in six weeks.
- July CPI printed 0.1% MoM and 3.4% YoY, in line with consensus.
Refine Co Ltd (377450 KS): Synthetic Expert Call Transcript (18 Aug 2026)
- Sponsor-Driven Consolidation and Delisting Risk: Realty Fine (the SPC backed by Stonebridge Capital and LS Securities) launched a cash tender offer on August 18, 2026, for a 30.00% stake in Refine at ₩17,600 per share, aiming to lift its stake to 77.96%. Despite formal filings claiming they intend to maintain the listing status, the structural reality—coupled with a tiny post-transaction free float and intense friction with activist second-largest shareholder Must Asset Management—points toward a high probability of eventual voluntary delisting.
- Inefficient Cash Fortress as a Governance Weapon: Refine maintains an exceptional net cash position, with ₩179 billion sitting in idle short-term financial instruments as of Q1 2026, representing approximately 67% of its market capitalization. This cash pile has been a point of extreme corporate governance conflict, characterized by the board’s issuance of a controversial 6.00% Exchangeable Bond (EB) directly to the sponsor, which was rapidly converted to equity to block activist maneuvers and is currently the subject of an ongoing lawsuit.
- Fragile Monopolistic Moat Tied to Jeonse: Refine commands an over 90% market share in the Korean rental-deposit (jeonse) title research market. However, this monopoly is highly exposed to macro housing policy and regulatory changes. Structural shifts in the rental market, such as the transition from jeonse to monthly rent (wolse) triggered by systemic fraud events, and HUG’s reduction in deposit guarantee coverage directly limit Refine’s transactional volume and pricing power.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
STKE: 3QFY26 Earnings Show Potential for Houdini
- Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CSE: HODL) announced its 3QFY26 earnings with the first quarter of results on a segmented basis showing HoudiniSwap broke out.
- This structural shift reflects the recent acquisition of privacy platform HoudiniSwap LLC, which closed on June 1, 2026.
- CEO Michael Hubbard highlighted, “This was a milestone quarter for SOL Strategies.
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