In today’s briefing:
- Asia Real Estate Tracker (21-Apr-2025): Mapletree sells Scotland student housing.
- Nikkei Index Options Weekly (Apr 14 – 18): Vol Unwinds, Nikkei Rebounds and USD Cracks
- NSE NIFTY50/ Vol Update / Improved Risk Sentiment & Truncated Week Cause Risk-Premia Compression
- Profile Systems and Software S.A. -Friday April 4th, 2025
Asia Real Estate Tracker (21-Apr-2025): Mapletree sells Scotland student housing.
- Mapletree, a real estate firm, has sold Scottish student housing to a Dutch fund manager, expanding its international portfolio.
- Shanghai office rents have decreased for the 12th consecutive quarter, reflecting a downward trend in the local real estate market.
- Central Tokyo office rents have increased due to rising construction costs, impacting rates for new supply and attracting investor interest.
Nikkei Index Options Weekly (Apr 14 – 18): Vol Unwinds, Nikkei Rebounds and USD Cracks
- Nikkei rebounded and volatility eased meaningfully – implied vol giving back much of last week’s spike.
- USD/JPY softened alongside a broader break in DXY, raising questions about the depth of demand for USD assets.
- Option volumes dropped, and Put activity held steady with no clear directional tilt in flow.
NSE NIFTY50/ Vol Update / Improved Risk Sentiment & Truncated Week Cause Risk-Premia Compression
- Improved risk sentiment & holiday truncated week cause compression of risk premia. Monthly IVs fell over -5.0 vol-points over the 3-day session to close at 14.2%.
- Vol-Regime continues to stay in “High & Up” vol-state. Stabilization in IVs & RVs required for switch to “High & Down”. Extreme Backwardation of the Vol-curve has now subsided
- Tactical Implications: (1) Negative Gamma strategies have been battered. Avoid allocation to these while “High & Up” vol-state prevails.
Profile Systems and Software S.A. -Friday April 4th, 2025
- Profile Group achieved record breaking revenue growth in 2024 with €40.1m, marking a 33% increase driven by an expansion of new deals and company upgrades.
- EBITDA increased by 41% in 2024 reaching €10.3m compared to €7.3m in 2023 due to operational efficiencies and technological improvements.
- Earnings before tax grew 41% to €7.3m, up from €5.1m, while earnings after tax increased by 45% to €5.6m compared to €3.8m in the previous year.
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