Daily Brief Financials: MS&AD Insurance, China Vanke , Bitcoin, Bitcoin Pro, S&U PLC and more

• TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
• Our tools show every report, links to every document, and now a new diff file tool. input a name, see the difference between the Old/New Reports. We hope it helps.
• This tool is designed to be a shelf reference. We update it once a month, and every CorpGovReport and new “Management Conscious” report updated since a CGR update is here.

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
• Reliance Industries
• West China Cement

• The crypto market showed some encouraging signs over the weekend, despite Coinbase showing a significant discount on its Bitcoin and Ethereum prices.
• This suggests that Coinbase users are net sellers, possibly due to concerns about the 69,330 bitcoins seized by the U.S. government in connection with the Silk Road case.
• However, we believe it is very unlikely that the government will liquidate these bitcoins anytime soon.

• September showed positive returns, bucking the seasonal negative returns we have seen in previous years.
• BTCUSD (6.79%), ETHUSD (2.99%), SOLUSD (10.51%) and OTHERS index (15.86%) were green across the board.
• The odds of an explosive expansionary phase significantly increased in September.

In line with earlier guidance, S&U reported H125 PBT of £12.8m, a significant decline versus H124 but an improvement versus H224. Customer repayment collections and earnings in the motor finance business were materially affected by the temporary restrictions agreed with the Financial Conduct Authority (FCA). These have since been lifted, and while regulatory discussions are ongoing, this is an important step towards the strong recovery in motor finance earnings that we forecast. Meanwhile, as previously reported, the property lending division continues to perform strongly, with a positive outlook for continuing growth.