Daily Brief Financials: Korea Stock Exchange KOSPI 200, Chailease Holding, China International Capital Corporation, Ryan Specialty Holdings , China Vanke , Bitcoin, Ethereum and more

• Lee urgently appeard on TV today and said, “In June, we will explain whether and when short selling will be resumed, and what criteria we might use for the resumption.”
• He noted considering flexible partial short selling resumption even if only some conditions are met, contrasting the Presidential Office’s stance from two days ago.
• Presidential Office led short selling ban, now likely under FSC/FSS jurisdiction for resumption.

• Chailease is facing pressure in all of its markets, Taiwan, China and Asean, with no signs of easing.
• High frequency data (HFD) from Chailease gives us April monthly numbers, with double digit  net profit decline and a greater EPS decline
• Credit costs are now elevated at peak levels since early FY19 for the past two quarters, and we wonder if FY24 will see far higher figures, given economic weaknesses?

• China International Capital Corporation (3908 HK) is a laggard among the Chinese securities companies. With the rebound in HSI and Shanghai Composite, such divergence should narrow.
• The investment banking business should recover following the rebound in the secondary market and equity valuations. HK’s IPO funds raised are forecast to double in 2024.
• At 0.4x 12-month P/B, the market has deeply discounted CICC’s earnings outlook. However, as earnings recovery will be fast, its share price will react rapidly.

• Ryan Specialty Holdings (RYAN) is a leading wholesale insurance broker founded in 2010 by former AON CEO Pat Ryan
• RYAN generates 65% of revenue from wholesale insurance brokerage and 35% from underwriting and binding authority programs
• The company has achieved consistent double-digit organic growth through over 45 acquisitions, majority owned by Pat Ryan and employees, focusing on long-term value creation

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.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• China Vanke
• Lippo Malls Indonesia Retail Trust

• The launch of bitcoin ETFs, specifically ibit, ibiz, and Blackrock software, has seen unprecedented success and rapid growth
• Ibid ETF reached $10 billion in assets in just 49 days, breaking records previously held by other ETFs
• Robbie Michnick, head of digital assets at Blackrock, discusses the journey of bringing bitcoin and Blackrock together and the potential transformative impact on the industry

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

• Indeed, this has been a remarkable week.
• In last week’s Crypto Moves #28, we noted that the tight race between President Biden and Trump in the 2024 Presidential Election, along with Trump’s unexpected pro-crypto stance, might push Biden to publicly support the crypto industry.
• This move would aim to attract the growing number of pro-crypto voters.