Daily Brief Financials: Korea Stock Exchange Kospi Index, Yes Bank, Ashford Inc, P10 Inc, Ethereum and more

• The highest dividend tax rate drops from 49.5% to 25%, leading the local capital market to view the reform as more shareholder-focused than company-focused.
• The top inheritance tax rate drops from the 60% range to 40%, a meaningful reduction for conglomerates like Hyundai and Hanwha, though below initial expectations.
• Tax incentives in the reform are less aggressive than expected, with modest corporate and inheritance tax cuts. However, this compromise increases the likelihood of its passage, boosting short-term market expectations.

• Reconstructed board of Yes Bank implemented an ill-conceived, poorly executed retail strategy to revive the bank
• Structural problem of low net interest margin and high overheads not resolved
• Retail assets strategy characterised by low yield, high operating cost and rising credit cost which the bank has finally acknowledged

• Ashford Inc. has approved a going dark transaction offering $5.00 cash per share to common stockholders with fewer than 10,000 shares
• Potential profits of $2,300 using 9,999 shares represent a 4.8% return, annualizing to 19.2% due to a projected July closing
• AINC is a hotel management company led by Monty Bennett, and the transaction is subject to a stockholder vote and IRA Waiver Proposal, with directors and executive officers expressing their support.

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.

• P10 is an alternative asset manager providing access to private markets, charging fees on committed capital over a 10-to-15-year period.
• Recent decrease in cash margins due to factors like strategy mix shift and CEO transition has led to P10 trading at a highly discounted multiple of AUM and revenue.
• Valuation uncertainty and disappointing growth forecasts for 2024 may be offset by potential for growth and re-rating of equity with new CEO focused on improving FPAUM and margins.

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.

• The U.S.-based Ethereum spot ETFs were launched on Tuesday, concluding their second trading session yesterday.
• Since the launch, Ethereum has declined slightly both in dollar terms and relative to Bitcoin.
• Despite this situation, there is nothing to fear – in fact, quite the opposite, as we will demonstrate in today’s Crypto Moves.