Daily Brief Financials: Nomura Real Estate Master Fund,, Pacific Current, Sino-Ocean Group, Mizuho Financial Group, Nsdl, The Shanghai Commerical & Sa, Euro, Bitcoin Pro and more

• Today, Nomura Real Estate Master Fund, (3462 JP) – the largest REIT in the ‘Diversified REIT’ JREIT space – announced sponsor Nomura Real Estate (3231 JP) would up its stake.
• They would lift their stake from 4.47% by 2.54% to 7.01%. There is a reason for this, just like there was last time with Japan Excellent (8987 JP). 
• Understanding the reason is how you understand the trade to do. 

• Yesterday (26 July), asset manager Pacific Current (PAC AU)  announced a cash/scrip NBIO from Regal Partners (RPL AU).
• Under Regal’s proposal, Pacific Current shareholders would receive an implied $10.77/share. Pacific Current considers the current share price doesn’t reflect the underlying value of its portfolio and business.
• Now GQG Partners (GQG AU) has announced it intends to submit its own NBIO. No price was mentioned.

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.

• Sands China
• Sino-Ocean Service
• SK Hynix
• O-Net Technologies (Group)
• Yuexiu Property

• Mizuho’s current tax expenses can see normalization that restores profitability by June quarter
• Yield curve control relief coming at a time of tax normalization, can be significant to profit
• Credit costs have moved higher, but the magnitude may wane, given NPL distribution

• National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
• The deal will be run by ISec, Axis Capital, HSBC, IDBI, Motilal and SBI Caps.
• It IS the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.

• Wildly improving credit metrics, with NPL coverage now at 1,144% in 1Q23
• Core net interest income is strong for past 3 quarters, now at +31% YoY
• Key line item deltas can continue, suggesting ROA to surpass 1.0% soon

• It’s easy to identify breakouts because they are the most noticeable and generate a strong response.
• It is precisely what happened when DXY broke below 100.53.
• On the other hand, head fakes are often met with silence as hope for sustained trends persists.

• Worldcoin’s launch was one of the most unique and controversial in recent years.
• Much of the controversy stems from the understandable skittishness with Worldcoin’s goal (creating a global identity network) and sci-fi-like methods of achieving this goal (eye scans).
• This has been nicely summarized by the MIT Technology Review.