Daily Brief Financials: Broad General Holding, BFI Finance Indonesia, Sino-Ocean Group, American Express Co and more

• Broad General Holding (BG HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are Deutsche Bank and Everbright Securities.
• Broad General Holding is a private investment fund manager with a focus on serving high network individuals (HNWIs).
• As per F&S, the firm was the second largest private investment fund manager in China focused on serving HNWIs in terms of total AUM as of Dec 22.

• BFI Finance Indonesia (BFIN IJ) booked a solid set of 1H2023 results that were marred by an operational blip, with 2Q2023 impacted but this is likely to abate in 2H2023.
• The company continues to stand out for its leading position in collateralized lending backed by 4W, 2W, heavy equipment, shophouses and property, with an accomplished 15-year track record
• BFI Finance Indonesia remains the top pick to play the increasing growth from multi-finance in Indonesia. It trades on 2x FY2023E PBV, forecast to book an ROE over 20%.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. 21Vianet Group
2. SK Hynix
3. Yuexiu Property
4. Nameson Holdings
5. China Jinmao Holdings

and more…

• American Express delivered a mixed result in the most recent quarter, with revenues below market anticipation, but it surpassed the analyst consensus regarding earnings.
• Their fee-based premium products and solid customer base contribute to fast-growing subscription-like revenues.
• We give American Express Company a ‘Hold’ rating with a revised target price.