Daily Brief Financials: MS&AD Insurance, HDFC Bank, Deutsche Beteiligungs AG, Jackson Financial and more

• This month (June) saw 1,673 Corporate Governance Reports filed and 5 new “Mgmt Conscious of Capital Cost/Stock Price” policies filed. 
• We created a tool show every report, provide links to every document, and now a new diff file tool. Put in a name, see the difference between the Old/New Reports.
• We hope this took will help. It is designed to be a shelf reference. We update the tool once a month, a couple of weeks ahead of the TSE.

• Foreign shareholding in HDFC Bank (HDFCB IN) has dropped to 54.83% and that results in foreign room crossing the ‘magical’ 25% mark.
• The increase in foreign room could lead to passive trackers of a global index needing to buy 256m shares (US$5.3bn; 11.5x ADV) at the end of August.
• There will definitely be positioning in the stock but there should still be upside in the stock. The HDFC Bank (ADR) (HDB US) line was up 4.5% overnight.

Deutsche Beteiligungs (DBAG) completed an issue of €100m senior unsecured convertible bonds on 28 July, with proceeds to be used for co-investments alongside DBAG and ELF Capital funds, and for general corporate purposes. The bonds will bear interest at a fixed rate of 5.5% pa and mature in 2030. They are convertible into up to c 3.25m of new and/or existing DBAG shares, which is the equivalent of 17.3% of the currently outstanding number of shares.

• Jackson Financial is the 9th largest retail annuity company in the US with $12.8 billion in annuity sales in 2023
• Spun from Prudential in 2021, JXN currently trades at 4x P/E and around 50% of book value
• Plans to return $550-$650 million of capital to shareholders this year, representing 11-13% of its market cap, through dividends and share repurchases, with potential for growth in the future

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.