Smartkarma Daily Briefs

• In mid-January 2024, the TSE announced a “name-and-shame” list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】. But they did not actually shame.
• The TSE list shows which companies have disclosed a policy/consideration. But no data/links. We are weeks ahead of the TSE and we have all the links (and the shame list).
• We created a tool to name everyone, show their reports, provide links to every document, and now a new tool. Put in a name, see the difference between the Old/New Reports.

• Indiabulls Housing Finance (IHFL IN) Raised INR 3,693 crores through rights issue, issued $350 million bond.
• Strong balance sheet, low NPAs, poised for growth in the retail housing via its asset light model.
• Rebranding to Samman Capital signals new phase of the company with multi-year growth guidance.

• Expectation of a 25 basis point cut from the ECB with a focus on delivering on that commitment
• Market pricing in an incomplete cutting cycle, with potential for further easing depending on inflation dynamics
• Long duration valuations attractive in both short and intermediate sectors of the curve, with limited risk of a significant sell-off.

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• Alipay will come out of its placement linked lockup for its remaining stake in Kakaopay (377300 KS) today.
• Alipay (i.e. Alibaba Group (9988 HK)) had earlier sold some of its stake in Jun 2022 and Mar 2024. It still has over US$1bn worth of shares left to sell.
• In this note, we talk about the deal dynamics and run the deal through our ECM framework.