Daily Brief Financials: Bajaj Housing Finance, Challenger Ltd, GoFintech Innovation, General Insurance Corp Of India, NU Holdings, Far East Orchard, Migalo Holdings, Tremblant Global ETF and more

• Bajaj Housing Finance (BHF IN) is looking to raise around US$800m in its India IPO.
• BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
• In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.

• AP Liberty (Apollo) is looking to raise US$318m from trimming its stake in Challenger Ltd (CGF AU).
• Apollo’s stake in the firm dates back to Jul 2021, when the investor first acquired a 18% stake in the firm for A$720m. 
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Sanergy (2459 HK), a graphite electrode manufacturer, was added to the MSCI Small-Cap Index on 30th August; and was due to enter the Hang Seng Composite Index on 9th September.
• However, the SFC announced a concentration warning on the 2nd September. Shares promptly cratered ~98% yesterday (the 3rd September). Expect the HSCI inclusion to now be yanked.
• This Sanergy debacle should refocus investors on other heavily concentrated stocks, such as Jinhai Medical (2225 HK), in which GoFintech (290 HK) (another heavily concentrated stock) has inexplicably been buying. 

• The GoI is looking to raise up to US$600m from selling its stake in General Insurance Corp Of India (GICRE IN).
• Earlier in Apr 2024, there were media reports indicating that the GoI planned to offload a 10% stake in the insurer over multiple tranches.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Nubank is the leader in digital banking in Latin America with high potential for earnings growth and market penetration
• Lower expenses and higher customer satisfaction due to digital-first approach compared to traditional banks
• Cost to serve is 85% lower than competitors due to lack of physical branches, leading to high customer preference and strong growth prospects

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.

• kopi-C with Far East Orchard’s Group CEO: ‘We’re building an enduring Singapore real estate enterprise’ Nearly a decade after entering the student housing market in the United Kingdom in 2015, Singaporean real estate company Far East Orchard continues to see massive potential for growth.
• Established since 1967, Far East Orchard has a track record in real estate development, investment and management across residential, commercial, hospitality and Purpose-Built Student Accommodation (“PBSA”) properties in Australia, Japan, Malaysia, Singapore, and the United Kingdom (“UK”).

• On August 7, 2024, Migalo Holdings Inc. (hereafter, the Company) announced its 1Q FY2025/3 earnings results.
• Sales declined 10.6% YoY to ¥13,671 mn, and operating profit fell 56.9% YoY to ¥792 mn.
• The declines in both sales and profit were anticipated, primarily due to the concentration of new property deliveries in the DX Real Estate business during the same period last year. 

• TOGA is an ETF managed by Tremblant Capital that provides low-cost and tax-efficient exposure to the consumer/tech/media/industrial sectors
• Founded by Brett Barakett, TOGA is ideal for asset allocators and small fund managers seeking sector exposure without the need for dedicated research resources
• While liquidity may be limited at present, it is expected to improve as awareness of the product grows, making it worth exploring for VIC members at funds interested in tax efficiency.

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.