Daily Brief Financials: HDFC Bank, Woori Financial Group , Nasdaq Inc, JPY, Matsui Securities, Ethereum, Bitcoin Pro, Moon River Capital , Arbuthnot Banking and more

• Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-December and/or end-March.
• The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
• Depending on the date that the shareholding was published, there could be 12 stocks with passive inflows from global trackers while 5 could see passive outflows in August.

• On 30 July, it was reported that IMM Private Equity (PE) sold a 2.3% stake (16.78 million shares) of Woori Financial Group (WFG), which was worth 264 billion won. 
• Block deal sale price was 15,737 won (0.4% higher than current price). Today’s block deal sale represents a second block deal sale of Woori Financial by IMM PE in 2024. 
• Under the mid-to-long term Value Up program, Woori Financial Group aims to achieve a sustainable ROE of 10% and total shareholder returns of 50%.

• The size of the offering is expected to trigger intra-quarter implementations for both main global indices to be announced on 30 July and become effective 1 August.
• Free float increase is estimated to take place due to Thoma Bravo – Nasdaq’s major strategic shareholder – offering almost half of its stake equivalent to ~$2.7bn. 
• Total forecasted passive fund demand is ~5.3m shares, ~$368m and ~1.8 ADV. It is expected to materialize at close of 1 August 2024. 

• Historical analysis suggests that previous lows in yen or highs in dollar yen may be difficult to recapture after significant technical damage.
• The yen strength is influenced by wide US minus Japan real policy rate differentials, skewing historical results in a more yen bearish direction.
• Expectations for the upcoming BOJ meeting include a 15 basis point rate hike and a halving of bond purchases, leading to dispersion of views among investors on the timing of rate hikes.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Net operating revenue: JPY9.4bn (+14.8% YoY; -5.0% QoQ), Operating profit: JPY4.2bn (+17.8% YoY; -2.8% QoQ).
• Total commissions: JPY5.2bn (+7.6% YoY; -16.7% QoQ), Brokerage commissions: JPY4.9bn (+7.2% YoY; -17.4% QoQ).
• SG&A expenses: JPY5.2bn (+12.4% YoY; -6.7% QoQ), Personnel expenses: JPY976mn (+12.2% YoY; +4.8% QoQ).

• In recent weeks, Bitcoin has shown signs of life, almost reaching $70,000 this morning.
• In our view, it is only a matter of time before we break through this psychological level.
• Enough about Bitcoin. As promised in last week’s Crypto Moves #36, this Crypto Crisp will focus on Ethereum ETFs.

• BTC’s July surge highlights market volatility and potential Q3 consolidation.
• Spot ETF launches drive significant crypto inflows, influencing market dynamics.
• Upcoming token unlocks could impact market liquidity and trading conditions.

• Moon River recently announced a highly economic PEA on its Davidson Project in B.C., the highest-grade molybdenum project outside of China.
• The acquisition of a 25% stake in the Endako Project reduces single asset risk, providing MOO with $2M in working capital, $40M for maintenance and reclamation costs, as well as providing interest income to cover corporate G&A, offering substantial upside for the Company.
• Moon River looks to take advantage of a booming molybdenum market.

• ABG’s 1H’24 results showed the group’s continued evolution to optimise its franchise value.
• 2023 saw the peak benefits from ABG’s relationship deposit franchise in the recent rising rate environment.
• Margins could be widened while still giving customers competitive products.