Daily Brief Financials: Klarna, Prologis Inc, Niva Bupa Health Insurance, S&P 500 INDEX, Go Digit General Insurance, Apollo Global Management , USD, Custodian REIT, Mercuria Holdings, Nippon Commercial Developmen and more

• On 12 November, Klarna announced that it confidentially filed public offering paperwork. The company is getting ready for an IPO in 1H 2025.
• Klarna’s valuation reached as high as $45 billion in 2021 which declined to as low as $6.5 billion. Its valuation has recently risen to about $14.6 billion. 
• Klarna generated 13.27 billion SEK in revenue (US$1.2 billion) in 1H 2024 (up 27% YoY). Operating margin improved significantly from -18% in 1H 2023 to -2% in 1H 2024.

• US market continues to see historical high; in the real estate space, we look at Prologis, the world’s largest logistics company
• We like the sector on the back of strong structural demand drivers and depleting supply.  Logistics is the future and we think Prologis is the name to own
• Broader real estate index is up 8.3% YTD, while PLD is down -15% YTD.  Valuation is attractive, we think PLD has room to catch up

• Niva Bupa Health Insurance (1226871D IN) raised around US$260m in its India IPO.
• Niva Bupa Health Insurance (Niva Bupa) is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
• We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.

• Our outlook remains bullish following the S&P 500’s multi-month base breakout above 5670, alongside constructive market dynamics which have significantly improved over the past week.
• Last week’s 11/5/24 report titled “Buy the Pullback” discussed how we were buyers, expecting a strong end-of-year rally to start that day or the following day (day after the election)
• The strong rally officially started on election day, and all that is left to do is ride the trend higher into year-end and the early part of 2025

• Go Digit General Insurance raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.
• Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
• In this note, we will talk about the lockup dynamics and possible placement.

• Mark Rowan shares his journey from founding Apollo Global Management to growing the firm to over $700 billion in AUM, emphasizing the importance of being aligned with tailwinds in the market.
• Apollo’s success is attributed to their investment philosophy of focusing on purchase price, excess return per unit of risk, and alignment with their clients.
• Rowan discusses the challenges and risks in the current market environment, stressing the significance of judgment, integration, and communication in leadership and decision-making.

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• Discussion on US elections and Fed policy implications
• Impact of policy uncertainty on calendar spreads and wild card options
• Investor positioning and its influence on various bond contracts

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

Custodian Property Income REIT’s (CREI’s) Q225 trading update points to strong H1 performance when results are released in December. With income growth supported by leasing progress and rental growth, DPS (+9% y-o-y) is fully covered. Reflecting improved investment market sentiment and asset management, portfolio valuations show early signs of recovery. CREI expects this to continue.

• Operating revenue decreased by JPY1.3bn (-25.5% YoY) to JPY3.7bn, while gross profit increased by JPY518mn (+18.6% YoY).
• Recurring profit declined by JPY263mn YoY to JPY788mn, impacted by increased SG&A expenses and decreased foreign exchange gains.
• The company invested in a green ammonia development company and formed a new fund for logistics startups.

• Revenue increased by 90.0% YoY to JPY47.9bn, with operating profit up 19.4% YoY to JPY7.2bn.
• JINUSHI Business saw strong demand, with 137 tenants and 417 properties developed, totaling JPY517.7bn.
• Total assets rose to JPY113.2bn, with net assets increasing to JPY43.5bn, maintaining an equity ratio of 38.2%.