Daily Brief Financials: First Pacific Co, Ethereum, Kaanapali Land, Tosei Corp, NB Private Equity Partners, Freshworks and more

• Back in October 2023, a consortium including First Pacific (142 HK) took Metro Pacific Investments Co (MPI PM) private. First Pac’s 46.2% share at delisting was worth ~US$1.25bn.
• Following Mitsui (8031 JP)–backed Mit-Pacific’s possible stake in a tollway operator held by MPIC, First Pac’s 43.2% holding in MPIC, including the 47.5% stake in Meralco, is potentially worth ~US$3.21bn.
• The question is whether this recent development from Mitsui has any bearing. First Pac’s discount to NAV is elevated versus its historical trading range. 

• The crypto market showed some positive momentum over the weekend.
• We will not repeat ourselves on why we are highly bullish going into this fourth quarter, so we will spare you that for now.
• What is notable is the steady stream of major financial institutions announcing new digital asset services on a weekly basis.

• Kaanapali Land is a company that owns 4,000 acres of land on Maui in Hawaii, near the Kaanapali resort community
• The company operates in the agricultural sector, focusing on coffee cultivation, and has a market capitalization of $59 million
• Controlled by JMB Realty, Kaanapali Land is facing challenges with regulatory issues and delays in land development, exacerbated by the Maui wildfires in August 2023.

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.

• Revenue increased by 4.1% YoY to JPY69.4bn, achieving 84.7% of the full-year forecast, driven by Development business growth.
• Operating profit rose 18.0% YoY to JPY17.1bn, reaching 93.8% of the full-year forecast, with notable profit margin improvements.
• Tosei revised its full-year forecast, lowering revenue by 11.1% but raising profit forecasts due to strategic adjustments.

• In our initiation, we highlighted that NBPE is uniquely focused in the co-investment sector of PE.
• Our report underlined why this sector has especially appealing return, cashflow, asset selection, risk management, and GP access characteristics.
• In this note, we review how the manager, NB, adds value in this attractive market.

• Freshworks demonstrated a robust performance in the second quarter of 2024, continuing its trajectory of growth and investment in strategic areas to enhance its offerings, particularly in IT and employee experience solutions.
• The company reported a revenue of $174.1 million for the quarter, marking a year-over-year increase and reflecting a healthy business operation.
• Notably, the business maintained substantial operational discipline, resulting in a free cash flow of $32.8 million, and showed an impressive free cash flow margin of 19%.