Daily Brief Financials: KB Financial, Hana Financial, Bitcoin, Moody’s Corp, Agile Property Holdings, AGBA Group Holding , Aruhi Corp, Dream Incubator and more

• One of the key takeaways of the Corporate Value Up disclosures on the KIND system is that it could potentially lead to alpha generating investing opportunities. 
• Since the last week of May, there have been 7 companies that provided specific Corporate Value up programs; (4 major financials) have outperformed KOSPI.
• Companies such as KB Financial and Shinhan Financial that provide more meaningful Corporate Value Up action plans are likely to have greater impact on their share prices. 

• Delinquency ratios continued to worsen into 2Q24, with a couple of the South Korean banks seeing accelerating growth in NPL ratios; despite this, there are buy opportunities
• Our bigger cap pick is Hana Financial for its very attractive valuations, PEG and equity risk premia, as well as its solid core capital ratio and strong credit quality credentials
• Among the smaller caps, Woori stands out in terms of valuation, PEG ratio, credit quality and it has registered improving post-provision returns

• August 1st marks the beginning of the final five months of 2024, a year that has already been extraordinary for the crypto industry.
• This year has been unforgettable, with the crypto sector making a significant entrance on Wall Street with the launch of the first U.S. Bitcoin and Ethereum spot ETFs. The U.S. regulatory stance has also become more favorable towards crypto, recognizing it as a pivotal factor in the 2024 U.S. Presidential Election.
• Over and above that, banks and other financial institutions are eagerly lining up to offer crypto services.

• Successful launch of bitcoin ETF’s led to the filing and approval of Ethereum ETF’s
• Ethereum is the second largest cryptocurrency after bitcoin, with distinct differences in technology and operation
• The purpose of an ether ETF is to provide investors with exposure to the growing cryptocurrency market and decentralized technology.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Moody’s Corporation reported strong financial results for the latest quarter, showcasing significant growth across key metrics while also acknowledging areas of uncertainty that could impact future performance.
• The company achieved 22% revenue growth and an adjusted operating margin of nearly 50%, reflecting the firm’s ability to leverage its strong market position and disciplined cost management to generate substantial operating leverage.
• Additionally, Moody’s adjusted diluted EPS grew by 43%, further demonstrating its profitability and financial health.

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We view Agile Group’s ESG as “Adequate”, in line with its Environmental and Social scores. That said, Governance is “Weak”. Controversies are “Immaterial” and Disclosure is “Adequate”.

Edison Investment Research is terminating coverage on AGBA (AGBA) and Norcros (NXR). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

• Operating revenue: JPY5.5bn (+19.0% YoY), driven by full consolidation of SBI Estate Finance group, origination-related revenue decreased.
• Operating expenses: JPY4.7bn (+11.6% YoY), driven by finance costs increase, personnel expenses decrease, and commission expenses increase.
• Pre-tax profit: JPY795mn (+77.1% YoY), with a pre-tax profit margin of 14.5%, reflecting a one-off factor in personnel expenses.

• In Q1 FY03/25, consolidated sales were JPY1.6bn (+38.5% YoY), with an operating profit of JPY48mn (JPY182mn loss in Q1 FY03/24).
• Business Production segment reported sales of JPY1.1bn (+15.0% YoY) and an operating loss of JPY70mn (JPY107mn profit in Q1 FY03/24).
• Venture Capital segment reported sales of JPY520mn (+145.3% YoY) and an operating profit of JPY378mn (JPY17mn loss in Q1 FY03/24).