Daily Brief Financials: Myshell, SK Growth Opportunities , JPY, Bitcoin, Jafco Co Ltd, T&D Holdings, Monex Group Inc, Bank Of Ningbo Co Ltd A, Aoyama Zaisan Networks Co Lt and more

• Ethan is the co-founder of Myshell, a company focused on AI technology in various sectors such as computer vision, deep learning, and robotics
• Myshell aims to empower creators on their platform to use multiple AI models to create unique and personalized experiences for users
• The company offers a diverse range of chatbot characters with unique personalities and voices, allowing creators to engage with users in a more interactive and personalized way.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• On 28 February, WeBull announced a merger with SK Growth Opportunities SPAC on NASDAQ. The proposed transaction represented an implied pro forma enterprise value of about $7.3 billion. 
• WeBull had 4.3 million funded accounts and  $8.2bn in assets under custody at end of 2023. In comparison, Robinhood had 23.4mn funded accounts and $102.6bn in assets under custody. 
• Given the numerous material concerns about this deal, we would avoid it. There are no financials including income statement and balance sheet of WeBull in the prospectus. 

• The yen has been the worst performing currency this year, but has been trading in a tight range around 150 against the dollar.
• Recent developments suggest the Bank of Japan may make policy changes in March or April, possibly exiting negative rates.
• Market may be getting ahead of itself with expectations for a hawkish shift from the BOJ, potentially leading to short-lived movements in the dollar-yen pair.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• This week is off to a great start.
• Bitcoin surged past $70,000, and Ethereum exceeded $4,000 today, marking a new all-time high for Bitcoin and Ethereum’s first breach of this level in over two years.
• At the office, there is a running joke that the crypto bull run has made me overly confident, leading my colleagues to secretly hope for a downturn.

• Core business well positioned to benefit from the growth in the Japanese VC industry
• A good Partner for international firms looking to invest in Japan
• New direction on Capital Allocation is underappreciated by the market

• Jafco Co Ltd (8595 JP) is the largest specialist venture capital company in Japan.
• In FY03/23, JAFCO reported revenue of JPY14.1bn, an operating loss of JPY4.4bn, a recurring loss of JPY3.0bn, and net income of JPY40.6bn.
• JAFCO Group Co., Ltd. has announced a partnership with Nomura Asset Management Co., Ltd. to create a new publicly offered investment trust incorporating unlisted shares.

• T&D Holdings (8795 JP) , formed in 2004, is Japan’s first life insurance holding company.
• In FY03/23, ordinary revenues were JPY3.2tn, ordinary loss was JPY74.1bn, and loss attributable to owners of the parent was JPY132.2bn.
• T&D Holdings, Inc. has announced a change in its president.

• Monex Group Inc (8698 JP) started as online brokerage Monex, Inc. in April 1999 with CEO Oki Matsumoto and Sony Corporation as core investors.
• For FY03/23, the company reported full-year consolidated operating revenue of JPY79.3bn, net operating revenue of JPY73.3bn, operating profit equivalent of JPY4.8bn, pre-tax profit of JPY4.7bn.
• Monex Group, Inc. has announced that it will record a gain on fair value remeasurements under the equity method of accounting.

• Bank of Ningbo saw its margins decline dramatically from 1.79% to 1.55% from 3Q22 to 3Q23. This is of concern for earnings power in coming quarters.
• The bank’s loan-to-deposit ratio (LDR) is now down to 73% from 78% YoY which tends to act as a dampener on NIM and core income.
• Credit metrics are worsening with NPLs up from RMB7.9bn to RMB9.3bn YoY in 3Q23. This rise is not easily visible in the NPL ratio due to rising total loans.

• Q1-4 FY12/23 results were in line with company guidance and reached record highs for sales and earnings.
• There was accelerating growth YoY in Wealth Consulting driven by Inheritance services highlighting structural tailwinds, which also improved the overall quality of earnings for the company.
• The Real Estate Solutions business remains relatively stable, acting as a product channel to acquire new customers and generate opportunities for cross-selling services.