Daily Brief Financials: M&A Research Institute, Five Star Business Finance, New World Development, Sino-Ocean Group and more

• M&A Research Institute (9552 JP)’s founder and CEO, Shunsaku Sagami, together with two other board members, aims to raise a total of US$127m through an accelerated international secondary offering.
• The deal is a small one to digest at only 3 days of three month ADV and about 8.5% of current mcap. 
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Five Star Business Finance (FIVESTAR IN) is a NBFC based in India, specializing in providing financial services to small and medium-sized enterprises (SMEs) in the informal and semi-formal sectors. 
• The focus on in-house sourcing, collection, and risk management aids in maintaining strong asset quality.
• In terms of valuations, FIVESTAR trades at a premium. However, considering its competitive moat and growth potential, any available opportunities should be capitalized upon.

• In this note, we looked at the privatization offer from Chow Tai Fook, and its impact on NWD 17 HK
• The proposed transaction will help NWD unlock its value and reduce gearing, which has been investor’s major concern
• It is only the beginning of part of strategic review of NWD group.  We view more positive catalysts are coming

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.

• Central China Securities
• China Vanke
• Sino-Ocean Service