Daily Brief Financials: USD, Toast , ICG Enterprise Trust plc, State Bank Of India, The Diverse Income Trust PLC, Duke Capital , Longfor Properties and more

• The longer the US government shutdown continues, the more headwinds accumulate against the dollar and investor conviction remains low.
• Despite near term uncertainty, a dollar bearish outlook is maintained, with a focus on outside the US pro-cyclical growth metrics.
• Developments in US regional banks and escalating US-China trade tensions are key factors affecting global markets, with potential impacts on FX, risk events, and Eurodollar performance.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Key points (machine generated)

• Toast faces concerns over overestimated unit economics as it expands into new verticals, particularly with Enterprise customers like Applebee’s.
• Projections for fiscal year 2026 appear unrealistic given Toast’s high valuation of approximately 45x forward EBITDA, risking market re-evaluation.
• Despite challenges with some software modules, Toast has significantly increased its market share among U.S. restaurants from under 5% to over 15%.

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.

• The key message from ICGT’s 1HFY’26 results (to July 2025) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth.
• Margins have widened by ca.5% (average revenue growth 10%), which should help allay some concerns over the impact of the challenging environment.
• New investment is forecast to accelerate, and realisation proceeds already exceed FY’25 with an average 14% uplift to carrying values on exit.

• Dominant Market Leader with Unmatched Reach: State Bank of India (SBI) is the largest public sector bank in India, commanding a significant market share of approximately 22.55% in deposits and 19.06% in advances as of March 2024. Its extensive network of over 22,000 branches and more than 65,000 ATMs provides an unparalleled physical presence, particularly in rural and semi-urban areas, forming a key competitive advantage.
• Strong Financial Performance and Growth Trajectory: The bank has demonstrated robust financial performance, with a significant increase in net profit and consistent revenue growth over the past three years. This is driven by healthy credit expansion, particularly in the retail and corporate segments, and improving asset quality with declining non-performing assets (NPAs).
• Digital Transformation Driving Future Growth: SBI is heavily invested in digital transformation, with its YONO (You Only Need One) platform being a cornerstone of its strategy. YONO has over 87 million registered users and is a significant contributor to savings account openings and retail loan origination, positioning the bank to cater to a growing tech-savvy customer base and enhance operational efficiency.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

The Diverse Income Trust’s (DIVI’s) managers, Gervais Williams and Martin Turner at Premier Miton Investors, are currently remarkably upbeat. Usually, when market leadership becomes too concentrated, like now in US large-cap technology stocks, investor preferences shift towards another group of companies. The managers believe that equity income stocks are set to become the new market favourites as, in a nationalistic world when asset prices are volatile, a steady stream of cash paid directly into investors’ bank accounts becomes a major advantage. They expect this trend to particularly favour the UK stock market as it has a large cohort of equity income stocks and has been devalued by persistent outflows since Brexit. Williams and Turner consider that many UK small-cap equity income stocks have fallen to ‘absurdly low valuations’; hence, they are the most bullish that they have been for 30 years. The managers anticipate a UK market super cycle, especially within small-cap stocks, which would likely become a very favourable long-term tailwind to DIVI’s performance, in addition to the value generated by the trust’s income strategy.

• Duke Capital offers a unique, high-yield investment proposition through its specialized royalty financing model, providing long-term, non-dilutive capital to established SMEs.
• Recent financial performance shows resilient growth in recurring cash revenues, demonstrating the stability of its core business model despite a challenging macroeconomic environment. However, overall net income has declined significantly due to non-cash fair value adjustments and a lack of profitable exits.
• The company’s strategy is focused on supporting existing portfolio companies’ ‘buy-and-build’ strategies and transitioning towards a third-party capital model to reduce shareholder dilution and scale its operations.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Bukit Makmur Mandiri, Longfor Group
• UST yields declined yesterday, led by the long end. The yield on the 2Y UST was stable at 3.46%, while that on the 10Y UST fell 3 bps to 3.98%.
• Equities climbed for a second day, on the back of generally strong Q3/25 earnings releases from US corporates. The S&P 500 rose 1.1% to 6,735, and the Nasdaq was up 1.4% at 22,991.