Daily Brief Financials: BFI Finance Indonesia, Kwg Property Holding, Binance Coin, Coinshares International and more

• BFI Finance Indonesia management recently confirmed its expectations for receivables growth of +20% YoY this year, which looks conservative after a strong start to the year, with +53.9% new-financing growth. 
• The company booked a strong set of 1Q2023 numbers with strong new bookings growth,  improving net interest spreads, low NPLs, and an ROE of over 22%
• BFI Finance Indonesia has the lowest cost of funds of the multi-finance companies in Indonesia, with a long track record of strong risk management, and remains a top pick.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• China Vanke
• KWG Living Group

• Last week, Binance announced that it would restrict trading of privacy tokens for users in France, Italy, Poland, and Spain starting June 26.
• This follows similar de-listings by Huobi, OkCoin, Bithumb, and Upbit.
• As the name suggests, privacy tokens are designed to allow users to transact anonymously, rather than pseudonymously.

CoinShares International (CS) har gått vidare från oron på marknaderna för digitala tillgångar under 2022 och har levererat Q123 EBITDA på 8,4 miljoner GBP, med ett meningsfullt positivt intäkts- och inkomstbidrag från både dess passiva kapitalförvaltningstjänster (9,4 miljoner GBP) och dess egenutvecklade handelsaktiviteter (6,7 miljoner GBP). Det upprätthåller en försiktig kostnadshanteringsmetod, med administrativa kostnader (inkl. D&A och direkta kostnader) på 7,6 miljoner GBP under Q123, en minskning med cirka 22 % jämfört med föregående år och i stort sett jämförbara med 7,9 miljoner GBP under Q422 (exklusive en goodwillnedskrivning). Det handlas nu till 0,8 gånger sitt bokförda värde i slutet av mars 2023.