Daily Brief Financials: Hailan Holdings , Samsung Securities, Moody’s Corp, Square Inc, Times China and more

• Hailan Holdings (2278 HK) disclosed a voluntary conditional offer from its controlling shareholder at HK$3.36 per share, a 5.0% premium to the undisturbed price.
• The offer is conditional on a 90% minimum acceptance condition which requires a minority acceptance rate of 60.0%. The offeror/concert parties own 75.0% of shares.
• The offeror aims to exercise compulsory acquisition rights (requires 90% minority acceptance rate) which suggests a bump is possible. The offer price has not been declared final. 

• The new head of Woori Financial Group (316140 KS) Chairman Lim Jong-Ryong recently revealed his willingness to acquire a major/mid-scale securities company.
• Among these potential acquisition candidates, Samsung Securities is considered to be the most likely securities companies that could be purchased by Woori Financial Group.
• In the long term (next 2-3 years), there is a good probability that Woori Financial Group could acquire Samsung Securities, which is not a core business of the Samsung Group.

• Moody’s Corporation saw some quite strong upticks in usage in the quarter and delivered an all-around beat.
• MA delivered ARR growth of 10% as Moody’s continues enhancing and extending its mission-critical workflow solutions and data analytics.
• Despite overall revenues down in the quarter, Moody’s adjusted operating margin was up.

• Block’s management is blaming the state of the economy for the company’s struggles, but the reality is very different.
• Shareholder dilution continues while cash flow remains suppressed and the macroeconomic conditions are still supportive, according to Block’s management.
• The macroeconomic condition is still supportive and the Macroeconomic conditions remain supportive.

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.

• Anton Oilfield
• China Vanke
• Sunac China Holdings
• Times China
• UPL Ltd