![](https://wp-static.smartkarma.com/../assets/uploaded/2023/08/Smartkarma-Insight-Card-Square.png)
In today’s briefing:
- Significant Developments Emerged Today for Korea’s Value-Up
- EQD / NSE Volatility Update / 15-Apr-24 to 19-Apr-24
- Bell Financial Group Ltd – Strong start to FY24 with Q1 PBT +60%
![](http://www.smartkarma.com/assets/plugins/a3-lazy-load/assets/images/lazy_placeholder.gif)
Significant Developments Emerged Today for Korea’s Value-Up
- Deputy PM Choi Sang-mok commits to aggressively pursue separate taxation of dividend income, marking a shift towards concrete action for value-up policies.
- Ever since the introduction of the Value-up policy earlier this year, the primary incentive championed by the local capital market has been the separate taxation of dividend income.
- Hence, the government’s official commitment to this marks a crucial step in reshaping the Value-up momentum.
EQD / NSE Volatility Update / 15-Apr-24 to 19-Apr-24
- Unprecedented levels of FII option-buying & increasing geo-political risk causing IVs to re-price higher.
- Skew/ Smile characteristics of the Vol Surface reflect increased risk aversion but not it panic mode – yet.
- BankNifty IVs exhibiting unusual “kink-in-the-curve”. Enter barbell structures to position for reversion in curve shape.
Bell Financial Group Ltd – Strong start to FY24 with Q1 PBT +60%
- Bell Financial Group Ltd (ASX:BFG) is a diversified provider of financial products and software solutions within, and increasingly outside, its traditional full-service stockbroking business.
- A Q1 FY24 trading update provided at the group’s AGM on 19 April points to revenue growth of 17% and PBT growth of 60% to $9.3m, with all divisions said to be profitable.
- This compares to a RaaS H1 FY24 PBT growth estimate of 69%, placing the group on track to achieve our H1 estimates.