Daily Brief Financials: KB Financial, Ethereum, SBI Cards & Payment Services, The Diverse Income Trust PLC and more

• The Carlyle Group / (CG US) via Kingsman Investment, is looking to raise US$244m from selling its entire stake in KB Financial (105560 KS).
• Carlyle has been invested in the firm since mid-2020, where it then expressed that it would hold on to its stake for at least three and a half years. 
• The deal would be a small one to digest at just 3.8 days of KB Financial’s three month ADV, representing 1.2% of its current mcap.

• After the market close on 14 February, KB Financial announced that The Carlyle Group is trying to sell a 1.2% stake in the company through a block deal sale. 
• The expected block deal price range is 64,608 won to 65,954 won per share, representing a 2 to 4% discount to the closing price of 67,300 won on 14 February. 
• We would pass on this block deal sale. Despite excellent gains so far YTD, there is looming risk of many investors that may bail out of KB Financial post ex-dividend.

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• We screen our coverage universe for earnings disappointments, EPS downgrades, and management narratives to identify fundamental shorts.
• Stocks in focus include SBI Cards & Payment Services (SBICARD IN) , Pvr Inox (PVRINOX IN), and Escorts Kubota Limited (ESCORTS IN). 
• Credit Cost for SBI is expected to remain elevated, PVR management seems to be misreading consumer preferences, and Macro uncertainties cloud ESCORTS.

The Diverse Income Trust’s (DIVI’s) managers Gervais Williams and Martin Turner focus on generating a dividend income stream that is more resilient and has the potential to grow faster than those of the trust’s peers. They believe that over time this strategy should lead to superior capital appreciation as well as income growth. Since launch in 2011, DIVI’s dividend has compounded at an average annual rate of around 6%. UK stocks have been out of favour with global investors, who now make up around two-thirds of the UK shareholder base compared with 17% in 1994. As a result, the UK market looks very attractively valued in both absolute and relative terms, so there may be considerable upside potential from an improvement in sentiment towards UK stocks.