Daily Brief Financials: VCredit Holdings Ltd, NIFTY Index, Pebblebrook Hotel Trust, SAMSUNG KODEX KOREA Value-Up ETF, USD, Information Services and more

• When VCredit Holdings (2003 HK), a provider of consumer financial services in China, was suspended pursuant to the Takeovers Code, I expected an Offer from Ma Ting Hung, VCredit’s chairman.
• Well, we do have an Offer. Ma acquired 4.19% via two SPAs, lifting his stake to 44.04%. Stephen Liu (an ED) also acquired 1.43% via an SPA.
• As Ma, Liu, and other parties, are presumed to be acting in concert, an unconditional MGO is triggered. But at HK$1.80/share, a 9.09% discount to undisturbed.

• Options Market caught flat-footed on hawkish Fed rhetoric. IVs corrected sharply higher, with Monthly IVs trading up to 15.5%.     
• Vol Regime has switched to “High & Up” state. IVs now in top percentile of historical ranges. Look for a quick switch back to “High & Down” state.      
• Smile dynamics unchanged. Skew has undergone compression. Vol term structure trading in inverted-V shape – should normalize once market-holiday drops off the calendar.

• Insiders are selling more than buying, especially in the technology sector
• Spin-offs like Western Digital and Lionsgate Studios are of interest to insiders
• Public Brook is a hotel company where insiders are buying stock and preferred shares, signaling potential value unlocking opportunities. Insiders are expected to start returning capital to shareholders, but the question remains if they will follow through.

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

• They ditched the rulebook, used a market cap filter to pick the top 5, and watered down PBR and ROE, making them irrelevant. Market cap was the real deciding factor.
• KRX hasn’t confirmed it, but local sources say the special rebalancing was based on the top 50 KOSPI market caps as of the December 13th close.
• The shift was driven by local pension funds, especially NPS, which pushed for more big-cap exposure to trigger Value-Up investments, signaling a potential ramp-up in their involvement.

• Federal Reserve and Bank of England both make decisions that are more dovish than expected
• Market pricing reflects uncertainty and potential easing in the future
• Central banks take steps to ensure smooth funding and liquidity in the markets, including adjustments to repo facilities and addressing debt ceiling issues.

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

• Information Services Corporation (TSX:ISV) is a technology services provider in Canada, founded in 2000 to manage registries in Saskatchewan
• Strong Q2 results reported, market capitalization of CAD 530 million
• Ambitious plan for expansion, operates in a high-quality “monopoly” business with Registry Operations accounting for 70% of EBITDA

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.