Daily Brief Financials: Huafa Property Services Group, Home Consortium Ltd, Solana, Bajaj Housing Finance, Nikkei 225, Greentown China, Tejon Ranch and more

• Ahead of Huafa Property Services Group (982 HK)‘s Scheme Meeting tomorrow, the 28th August, 42.57% of shares outstanding moved out of CCASS on the 8th July.
• One argument for Huafa trading wide-ish to terms is due to “suspicious” CCASS moves between the Offer announcement and the vote. 
• Some investors even cite the Golden Throat Holdings (6896 HK) debacle. This is not a Golden Throat situation. Not even close. It is decidedly less interesting and benign.

• The review period for the September rebalance ends on 30 August. We do not see any constituent changes for the index but there will be capping changes.
• Home Consortium Ltd (HMC AU) is just outside inclusion zone at the moment and outperformance over the rest of the week could result in inclusion.
• Home Consortium Ltd (HMC AU)‘s inclusion and capping changes will result in a one-way turnover of 5% and in a round-trip trade of A$62m. 

• Over the weekend, both Bitcoin and Ethereum reached their highest levels since the crash three weeks ago.
• As we have emphasized repeatedly in recent weeks, we continue to anticipate a gradual yet steady recovery of the crypto market, with prices to return to their pre-crash levels over the next month.
• Now, let us dive into this week’s top news.

• Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
• BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
• We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note we talk about valuations.

• The Nikkei 225 INDEX has rebounded strongly in the past 2 weeks, there is a chance that it starts to pull back this week.
• This insight will try to evaluate what support levels could be good to buy, assuming the index resumes its uptrend after the pullback.
• The index could fall for 1 or 2 weeks, the current pullback pattern is bullish (i.e. buy-the-dip).

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.

• AAC Technologies Holdings
• China Jinmao Holdings
• Greentown China
• JSW Infrastructure
• Citicore Renewable Energy

• We continue to believe TRC has an opportunity to strengthen its management team and improve its interaction with public shareholders with the upcoming retirement of the CEO and search for his replacement.
• The new CEO should steer the company on a path that creates sustainable value for shareholders.
• We believe the 2023 appointment of Brett Brown as TRC’s new CFO added strength to the C-suite and see another opportunity for the company to improve the senior management team.