Equity Analyst

Ravi Kumar

Equity Bottom-Up

BlackRock, Inc. provides investment management services. The Company offers investment, advisory, and risk management services. BlackRock serves individuals, families, educational, governments, insurance companies, and non profit organizations worldwide.

<ul>
<li>Market leader in ETFs through iShares, positioned to benefit from the structural expansion of the global ETF industry and continued migration toward passive investing.</li>
<li>Increasing exposure to higher-fee private markets through the GIP and HPS acquisitions supports fee rate uplift, Fee-Related Earnings (FRE) margin expansion, and long-term earnings growth.</li>
<li>Aladdin's integrated investment technology ecosystem creates highly recurring, SaaS-like revenues with strong client retention and supports durable operating leverage.</li>
</ul>


Market leader in ETFs through iShares, positioned to benefit from the structural expansion of the global ETF industry and continued migration toward passive investing.
Increasing exposure to higher-fee private markets through the GIP and HPS acquisitions supports fee rate uplift, Fee-Related Earnings (FRE) margin expansion, and long-term earnings growth.
Aladdin's integrated investment technology ecosystem creates highly recurring, SaaS-like revenues with strong client retention and supports durable operating leverage.


BlackRock, Inc. (NYSE: BLK): Transforming Beyond a Traditional Asset Manager

Thematic (Sector/Industry)

<ul>
<li>The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.</li>
<li>Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.</li>
<li>Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.</li>
</ul>


The SGX Next 50 Index systematically captures Singapore's second-order financial beneficiaries, wealth platforms, brokerages, and non-bank capital allocators, excluded from the STI's Big 3 bank-dominated universe by construction.
Structural tailwinds are compelling: Singapore's NBFI sector assets grew 9.7% year-on-year, securities turnover surged 66% and asset management AuM expanded at 8.8% CAGR, far outpacing banking loan growth of 2.1%.
Three constituents - iFAST, UOB-Kay Hian, and Yangzijiang Financial, offer fee-driven, asset-light exposure with ~0.7 STI correlation, delivering meaningful diversification alongside Singapore's core banking index.


Beyond the Big 3: Second-Order Beneficiaries of Singapore's Financial Ecosystem

THE SHIGA BANK, LTD. is a regional bank mainly operating in Shiga.  The Bank also provides financial services including credit card and leasing as well as data management services.

<ul>
<li>
Strong earnings on margin tailwinds: 9M26 net interest income rose +17.1% YoY, driving core revenue +12.8% YoY, supported by a steepening JGB yield curve and reflationary policy backdrop.</li>
<li>
Solid profitability and asset quality: Net income +7.1% YoY with RoE at 4%, underpinned by near-zero LLPs and a low NPL ratio of 1.59%.</li>
<li>
Attractive valuation: Having achieved our prior +20% return target, the share still offers ~10% upside to a target price of ¥9,600, supported by continued NII growth and cost optimization potential.</li>
</ul>



Strong earnings on margin tailwinds: 9M26 net interest income rose +17.1% YoY, driving core revenue +12.8% YoY, supported by a steepening JGB yield curve and reflationary policy backdrop.

Solid profitability and asset quality: Net income +7.1% YoY with RoE at 4%, underpinned by near-zero LLPs and a low NPL ratio of 1.59%.

Attractive valuation: Having achieved our prior +20% return target, the share still offers ~10% upside to a target price of ¥9,600, supported by continued NII growth and cost optimization potential.


Shiga Bank (8366 JP) 9M26 Earnings Review: Navigating Rising Yields Amid Policy Tailwinds

<ul>
<li>
Target achieved: Shiga Bank reached our ¥7,850 target, delivering ~20% returns as the BoJ rate-hike cycle and regional revitalization tailwinds drove earnings momentum. </li>
<li>
Earnings &amp; balance sheet strength: Double-digit NII growth, rising NIMs, and a 14.0% CET1 ratio supported valuation re-rating despite a strong share price run-up. </li>
<li>
Next catalyst: Potential for a further ~20% upside will be reassessed post upcoming results, focusing on NIM sustainability, capital returns, and RoE trajectory.</li>
</ul>



Target achieved: Shiga Bank reached our ¥7,850 target, delivering ~20% returns as the BoJ rate-hike cycle and regional revitalization tailwinds drove earnings momentum. 

Earnings &amp; balance sheet strength: Double-digit NII growth, rising NIMs, and a 14.0% CET1 ratio supported valuation re-rating despite a strong share price run-up. 

Next catalyst: Potential for a further ~20% upside will be reassessed post upcoming results, focusing on NIM sustainability, capital returns, and RoE trajectory.


Shiga Bank (8366 JP): +20% Return Target Achieved, Initiated on 24 September 2025

Americold Realty Trust / Equity Bottom-Up

Americold Realty Trust provides temperature-controlled food distribution services. The Company offers warehousing, consolidation programs, shipment management, multi-vendor consoldiation, and logistics solutions. Americold Realty Trust serves food producers, processors, distributors, wholesalers, retailers, and restaurants worldwide.

<ul>
<li>Rising unemployment and weak consumer sentiment pressure warehouses, but anticipated Fed rate cuts could revive demand, normalize inventories, and boost occupancy and throughput.</li>
<li>Fixed-Commitment contracts (~60% of revenue) provide pricing power, reliable income, and strategic growth upside, especially through automated distribution centers and long-term development projects.</li>
<li>Strong cost discipline, workforce optimization, and tech-driven efficiency initiatives enhance margins, while high market cap rates (~11.5%) create an appealing investment opportunity with ~7% dividend yield.</li>
</ul>


Rising unemployment and weak consumer sentiment pressure warehouses, but anticipated Fed rate cuts could revive demand, normalize inventories, and boost occupancy and throughput.
Fixed-Commitment contracts (~60% of revenue) provide pricing power, reliable income, and strategic growth upside, especially through automated distribution centers and long-term development projects.
Strong cost discipline, workforce optimization, and tech-driven efficiency initiatives enhance margins, while high market cap rates (~11.5%) create an appealing investment opportunity with ~7% dividend yield.


2026 High Conviction: Americold Realty Trust (COLD US) - Resilient Ops and Upside from Rate Cuts

Experienced equity research analyst with a global focus, dedicated to producing high-conviction, value-adding investment calls that elevate client performance.