Daily Brief Financials: Industrivarden AB, Longfor Properties, Marsh & Mclennan Cos, Martin Currie Portfolio Invest and more

• The discount to NAV of C shares is 7.4%, well below the “usual” 15% conglomerate discount, and also below the 5-year average of 10%.
• C shares are trading at a 0.3% discount to A shares. The reduction in the discount could be driven by acquisitions by the Lundbergs of C shares.
• My target NAV is SEK 158,144 million, a 18% increase. My target TP for the C shares of Industrivärden, assuming a 10% discount to NAV, is SEK 329.5 (15% higher).

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
• Central China Securities

• Marsh & McLennan managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
• The company had significant growth in most of its businesses, market sectors, and geographical areas, with Marsh, Guy Carpenter, and Mercer all experiencing faster underlying growth than in the previous quarter.
• Guy Carpenter’s revenue was $1.1 billion, driven by solid growth in all areas and worldwide specializations, reflecting tighter reinsurance market conditions.

Martin Currie Global Portfolio Trust’s (MNP’s) relative performance is back on track following a tough 2022, when investors favoured value and cyclical companies rather than growth businesses. Manager Zehrid Osmani has remained disciplined, seeking high-quality, long-term growth companies, and has retained his five- to 10-year investment horizon. Over the last decade, the trust has generated robust double-digit absolute annual NAV and share price total returns of 10.3% and 10.6% respectively. Within the AIC Global sector, MNP’s NAV total returns are above average over the last one and five years.