Daily Brief Financials: ICICI Securities Ltd, Tokio Marine Holdings, Bitcoin, EML Payments Limited and more

• ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate
• Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.
• There could be potential upside of 20% if delisting fails.

• The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.
• Tokio Marine Holdings (8766 JP) had a stake over US$100m in at least 33 listed Japanese stocks, amounting to a total of US$16.5bn.
• In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.

• Recently, we have voiced our concerns about the excessive use of leverage in the crypto market.
• Just last week, traders were facing annual rates of up to 150% to maintain long positions in Bitcoin on the perpetual market.
• By the end of the week, it became evident that this approach was unsustainable, leading to a significant market correction and extensive liquidations in the futures market.

EML Payments has agreed to sell Sentenial to GoCardless for an enterprise value of €32.75m/A$54.1m. As Sentenial is currently loss-making, the disposal will be earnings and cashflow accretive to EML in year one. Proceeds from the sale will be used to reduce debt and strengthen EML’s balance sheet. This disposal combined with the liquidation of PFS Card Services Ireland (PCSIL) leaves EML as a more focused group specialising in prepaid cards, with all remaining businesses profitable and cash generating.