Daily Brief Financials: Korea Stock Exchange KOSPI 200, Go Digit General Insurance, Indusind Bank, Philippine Stock Exchange, Regional REIT Ltd, Triple Point Social Housing REIT and more

• According to market information confirmed so far, the resumption is set for July 1st, and short selling will be restricted to the constituents of KOSPI 200 and KOSDAQ 150.
• The surge in trading volume likely stemmed from the return of long-short positions post-short-selling ban, leading to an overall market volume increase.
• Another critical factor is the buying pressure on value-up stocks resuming in early July. We should aim at the price impacts of intersecting long-short flows and value-up stock purchases.

• Go Digit General Insurance raised around US$315m in its India IPO.
• 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.
• We have looked at the company’s performance in our past note. In this note, we talk about the trading dynamics.

• We add value plays Bandhan and UBI to the buy list alongside HDFC Bank and Baroda, turning neutral from negative on SBI. Bandhan is our core Indian bank pick, UBI benefits from improving return trends

• Philippine Stock Exchange (PSE PM) reported a slow Q1 2024, with revenue growth of -8% YoY but profit growth of 20% YoY, led by gains on investment income
• Cash and Investments at 4 bn pesos account for 24% of mkt cap. It is cheap on EV-EBITDA at 15.7x FY24e. The dividend yield at the current price is 5%. 
• Multiple catalysts, such as the acquisition of PDS and the implementation of lower clearing fees, the addition of depositary receipts, and derivatives, will also be implemented over time. 

For Q124, Regional REIT (RGL) has maintained the rate of quarterly DPS at 1.2p. We expect DPS for the year will partly depend on RGL’s chosen re-financing route. Meanwhile, RGL’s asset disposal programme continues to progress. Portfolio EPC ratings have continued to show good improvement and, adjusted for disposals, rent roll and occupancy were robust. We have made no changes to our forecasts.

Triple Point Social Housing REIT’s (SOHO’s) Q124 update confirms a continuing improvement in rent collection. The newly set FY24 DPS target is unchanged compared to FY23 at 5.46p as the board considers the impact of asset sales and transfers. This represents a yield of 9.0%. Strong indexed rental income continues to support income and capital values.