In today’s briefing:
- TOC (8841) Buyback Makes One Wonder When The Takeout Comes
- Samsung Life Insurance Is Considering on Incorporating Samsung F&M Insurance as a Subsidiary
- The Religare Controversy: A Corporate Battle
- Asia Real Estate Tracker (04-Feb-2025): Gaw Capital raises $260M for HK’s CSI Properties.
- Hana Financial: Share Buyback and Cancellation of 400 Billion Won + 50% Total Shareholder Return
- Marsh McLennan: Can Insurance Pricing Cycles Sustain Growth in the Long Run? – Major Drivers
- CPKF: Fourth Diluted Quarter EPS beats Our Estimate by a Dime
TOC (8841) Buyback Makes One Wonder When The Takeout Comes
- 7 years ago I wrote a big piece titled TOC’s BIGLY Buyback Makes It a Takeout Target. I thought the shareholder structure and buyback plans looked like a creeping takeover.
- In December 2017, Effissimo had sold a very large stake back to the company. I wrote in March 2018. 10mos later they did another and I wrote again.
- Since then they’ve bought back a bit more. Today they are buying back another 5%. It still looks like a potential takeover.
Samsung Life Insurance Is Considering on Incorporating Samsung F&M Insurance as a Subsidiary
- After the market close on 4 February, several local news outlets reported that Samsung Life Insurance is considering on incorporating Samsung Fire & Marine Insurance as a subsidiary.
- Share cancellation by Samsung F&M Insurance would lead to an increase in ownership stake of Samsung F&M Insurance by Samsung Life Insurance which would violate the current Insurance Business Act.
- It is unlikely for Samsung Life Insurance to sell some of its stake in Samsung F&M Insurance, but Samsung Life Insurance could increase its stake in Samsung F&M Insurance.
The Religare Controversy: A Corporate Battle
- Religare Enterprises (RELG IN)’s saga intensifies as CEO Rashmi Saluja sues her own company amid takeover bids by the Burman family, amid insider trading allegations.
- The battle, initially a takeover bid, has evolved into an ED probe, halting shareholder meetings and raising serious governance concerns.
- Everything lies in the hands of Religare’s shareholder since to gain the helm again Rashmi needs more than 50% votes in the upcoming meeting on 7-Feb.
Asia Real Estate Tracker (04-Feb-2025): Gaw Capital raises $260M for HK’s CSI Properties.
- Gaw Capital secures $260M investment for Hong Kong CSI Properties, demonstrating confidence in the real estate market.
- CapitaLand Ascott Trust makes significant acquisition with purchase of 2 Japanese hotels worth $140M, expanding their portfolio.
- Hines JV embarks on condo complex development on Delhi’s Birla Mills site, reflecting growing investment interest in India’s real estate sector.
Hana Financial: Share Buyback and Cancellation of 400 Billion Won + 50% Total Shareholder Return
- On 4 February, Hana Financial (086790 KS) announced a share buyback and cancellation of 400 billion won worth of treasury shares, representing 2.3% of its market cap.
- Hana Financial plans to achieve a total shareholder return ratio of 50% by 2027. Its total shareholder return ratio increased to 37.8% in 2024, up 4.8% YoY.
- Hana Financial’s total cash dividend per common share is 3,600 won in 2024 (up 5.9% YoY). Hana Financial’s total shareholder return ratio increased to 37.8% in 2024, up 4.8% YoY.
Marsh McLennan: Can Insurance Pricing Cycles Sustain Growth in the Long Run? – Major Drivers
- Marsh & McLennan Companies, a global leader in professional services, closed 2024 with substantial financial growth, registering an 8% revenue increase to $24.5 billion and a 7% underlying revenue growth.
- The company reported an 11% expansion in adjusted operating income, reaching $6.2 billion against a backdrop of a complex global market.
- The year’s achievements were attributed not just to core business growth but also to an aggressive acquisition strategy, including a record $9.4 billion in acquisitions with a pivotal $7.75 billion deal to acquire McGriff.
CPKF: Fourth Diluted Quarter EPS beats Our Estimate by a Dime
- CPKF’s 2024 fourth quarter net earnings increased $2.1 million, or 236%, to $3.0 million year over year, while diluted EPS rose $0.45, or 235%, to $0.64.
- This was better than our estimate, which had called for a $1.6 million increase in net earnings to $2.5 and a $0.35 increase in diluted EPS to $0.54.The major reasons for the fourth quarter’s $2.1 million increase in net earnings versus the prior-year quarter were a $1.2 million, or 11%, increase in net interest income and a $1.0 million, or 22%, rise in total noninterest income.
- For the year, CPKF posted net income of $11.4 million, or $2.42 per diluted share, up $1.3 million, or 13%, from the $10.1 million, or $2.15 per diluted share, posted in 2023.
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