Daily Brief Financials: Kalyani Investment, Lotte Non Life Insurance Co, Japan Hotel Reit Investment, Avanse Financial Services, Midea Real Estate Holding , Bitcoin Pro, Lincoln National, Bitcoin and more

• SEBI introduced the SPECIAL CALL AUCTION framework for Listed Holding Companies to unlock the value.
• The first special call auction is set to take place in October.
• Some companies are trading at a discount of more than 50% or even 80%, post this framework, shares will be traded at fair value.

• There is a high likelihood of information leaking through the lead securities firm when the tender offer prospectus is provided to branches about three days before the disclosure.
• With the FSS’s stricter stance, tender offer candidates may act swiftly before new regulations, prompting attention to potential surges in tender offers.
• Our approach is clear: identify short-term tender offer candidates, monitor trading volumes for spikes, and use the three-day pre-disclosure surge to time our positions effectively.

• Japan Hotel Reit Investment (8985 JP) aims to raise around US$214m to partly fund the acquisition of four hotel assets.
• The company has undertaken a number of deals in the past, most of which have managed to perform well.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Avanse Financial Services (1288481D IN) is looking to raise up to US$419m in its upcoming India IPO. The bookrunners will be JPM, Nomura, Kotak, Avendus, Nuvama Wealth and SBI Capital.
• Avanse Financial Services (AFS) is an education focused non-banking financial company (NBFC) operating in India. 
• It offers full stack education products ranging from education loans for students to growth capital for education institutions through education infrastructure loans. 

• Midea Real Estate Holding (3990 HK) announced last night a proposal for distribution in specie of the property development business to shareholders.
• The proposal allows shareholders to select between receiving pro rata shares in the PrivateCo, or the cash alternative at HKD5.90 per share, a 57% premium to last close at HKD3.75. 
• I believe this is a good deal for minority shareholders.  The company (ex. property development business) will continue to be listed on the HKSE after the distribution. 

• BTC faces headwinds as global liquidity contracts, impacting recent price action.
• Spot BTC ETFs initially fueled highs, but inflows and volumes are now declining.
• Crypto markets need a major catalyst to counteract waning liquidity support.

• LNC is poised for growth in the U.S. life insurance market due to improving fundamentals, positive earnings per share revisions, and an attractive valuation
• Despite past challenges with capital and credibility, management has successfully addressed issues and reshaped the business, leading to a clear roadmap for future growth
• With potential catalysts on the horizon, LNC has significant upside potential and the possibility of a shift in investor sentiment in the near future.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• It was only a matter of time. Today, Mt. Gox confirmed that it will begin distributing its Bitcoin and Bitcoin Cash holdings to creditors, primarily former clients, starting in July.
• The announcement did not specify the exact date or the timeline for the repayments.
• The crypto market reacted poorly to this news, with Bitcoin dropping nearly 4% since the announcement this morning.