In today’s briefing:
- ELS Losses for HSCEI Index Could Result in Lowering Dividend Expectations for Korean Banks in 2024
- Fedbank Financial IPO Trading – Subscription Rates Hint at a Snoozy Debut
- Bakkt Holdings, Inc. – Adding New Accounts as SoFi Migrates to Partner Blockchain.com
- 2024 High Conviction: Underwriting Prudential’s Investment Case into 2024
ELS Losses for HSCEI Index Could Result in Lowering Dividend Expectations for Korean Banks in 2024
- The equity linked securities (ELS) losses related to Hang Seng China Enterprises Index (HSCEI INDEX) could lower dividend expectations for Korean banks in 2024.
- On average, if H-Index declines below 5,699, then the majority of the investors on these H-Index could start to incur major losses starting 1Q 2024.
- Amid challenges of lower interest rates expectations and higher losses from ELS products, major Korean banks could be more hesitant on share buybacks and increasing their dividends in 1H 2024.
Fedbank Financial IPO Trading – Subscription Rates Hint at a Snoozy Debut
- Fedbank Financial Services (0702066D IN) raised around US$130m in its India IPO.
- Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.
- In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.
Bakkt Holdings, Inc. – Adding New Accounts as SoFi Migrates to Partner Blockchain.com
- On November 29, 2023, Blockchain.com announced it is partnering with SoFi so users can migrate their crypto accounts to the Blockchain.com platform.
- Bakkt provides the platform for Blockchain.com in seven states: HI, LA, NJ, NV, TN, TX, and VA.
- The additional SoFi accounts in these states will come onto the Bakkt platform for crypto trading.
2024 High Conviction: Underwriting Prudential’s Investment Case into 2024
- Pru is currently trading below its embedded value, with the valuation assigning a negative value for the group’s new business profits.
- Given its quality franchise across all key markets in Asia and continued strong new business recovery (to pre-Covid levels), this doesn’t seem to make sense at all.
- We would continue underwriting the investment case of Pru in the coming year, with the stock offering significant upside potential.
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