Daily Brief Financials: Nsdl, Rural Electrification, NIFTY Index, GORO, JDC Group AG, Greentown China and more

• National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
• 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.
• In this note, we talk about the positive aspects of the deal.

• Recently awarded “Maharatna” status, only 12 companies, FY24 is first full year for this
• Growth is steady, with good returns, and major improvement in credit metrics
• Its 4.77% dividend yield is incredibly high and about 3x higher than peers

• All the APAC markets we cover (Nifty50, HSI, Nikkei225, Kospi200, S&P/ASX200) are pulling back and some of them have been doing so for 3 weeks.
• In this insight we want to offer a re-cap of all the MRM support levels and probabilities for the APAC markets above, after the August 16th Close.
• Check our previously published single-market insights for deeper analysis and related investment ideas: Nifty50, HSI, Nikkei225, Kospi200, S&P/ASX200.

• Proptech firm Goro is betting on fractional property investments in Indonesia. With its namesake being derived from the Indonesian term Gotong Royong or mutual cooperation, its platform allows users to purchase a fraction of a property starting from US$0.7.
• Returns come in the form of monthly paid-out rental income and capital gains when the property is sold.
• Since launching earlier this year, Goro said its user base has grown 15% per week. The company added that its current portfolio, which is picked by professional property managers, is generating 11% net annualized rental yield for its users.

JDC Group (JDC) reported H123 results that showed accelerating growth at its key Advisortech division (c 89% of revenue) of 11.2%. After three slower quarters, JDC expects overall growth to accelerate in H223 and reiterated its challenging but realistic FY23 guidance of 17% revenue growth at the midpoint, with EBITDA of €11.5–13.0m. JDC trades at an FY24e EV/EBITDA multiple of 13.2x on consensus estimates, which we believe is undemanding for what is essentially a fast-scaling platform business. Our DCF calculation provides a valuation of €34.09/share.

• National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
• 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.
• In this note, we talk about the not-so-positive aspects of the deal.

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.

• Greentown China