Daily Brief Financials: Cromwell Property, Hua Nan Financial Holdings Co Ltd., Bitcoin, RHB Bank Bhd, Korea Stock Exchange KOSPI 200 and more

• Back in August 2021, ESR Group (1821 HK) acquired unlisted ARA Asset Management for US$5.2bn. This was discussed in ESR Cayman (1821 HK) Takes Out ARA Asset Management. 
• Included in the transaction (completed early-2022) was ARA’s ~30.7% stake in office play Cromwell Property (CMW AU). 
• ESR has in the past said Cromwell was a non-core holding. With ESR now expected to be privatized by Warburg/Starwood, does this accelerate the narrative?

• The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th December 2024.
• There will be one ADD/DEL for T50, five ADDs/DELs for T100, and 8 ADDs/7 DELs for TDIV. All of these are perfectly in line with our final expectations. 
• In this insight, we take a look at Quiddity’s final flow expectations for the December 2024 index rebal event and potential trade ideas based on the flow dynamics.

• Michael discusses the journey from being a non-believer in bitcoin to a strong advocate and investor in the asset class
• He compares his investment strategy in bitcoin to Warren Buffet’s investment in Apple, emphasizing the importance of owning and holding onto assets
• Michael explains his belief that there are three ways to make money: making something, trading something, or owning something, and highlights his focus on owning and holding assets as a key to success.

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• RHB Bank is our Malaysian bank top pick, with its real turnaround potential for returns; CIMB remains a buy but is less compelling than RHB given its marked re-rating year-to-date
• Our new buy RHB Bank is stand-out value versus its Malaysian peers and it is improving returns from low levels; its main delinquency challenges are concentrated in small overseas portfolios
• We reiterate our buy on CIMB; management continues to drive credit quality with cost of risk improvements, and we see potential for operating efficiency gains, combined with its attractive valuations

• Our previously posted view on an upcoming KOSPI 200‘s rally has not been changed by the attempted political coup. The market pulled back a bit, no big deal.
• The index is in the process of bottoming, as we will see from the analysis of our QUANTCHARTS / models.
• Even if the index suddenly crashes, we have identified an area for support in that event (keep reading).