Daily Brief Financials: ProShares Bitcoin Strategy ETF, China Vanke , Custodian REIT, Jaccs Co Ltd and more

• Unforeseen Volatility: Global risk markets plummeted, driven by external factors, showing crypto’s vulnerability to broader market trends.
• Unique Opportunity: Crypto’s market fundamentals remain strong, presenting unique investment opportunities amidst the global risk asset purge.
• Macro Influences: Japan’s carry trade unwind and weak jobs report led to extreme volatility, impacting both traditional and crypto markets significantly.

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
• SK Hynix
• Softbank Group
• Tata Motors ADR
• UPL Ltd
• Wynn Macau Ltd

Custodian Property Income REIT (CREI) has published its Q125 NAV and trading update. With rental growth continuing, Q125 DPS (+9% vs Q124) is in line with the full year target of 6.0p and was fully covered. The dividend-driven quarterly NAV total return was 1.6%, while the share price yield is almost 8%. Property values appear to have stabilised and CREI expects a benefit from interest rate reductions.

• Consolidated operating revenue increased by JPY887mn YoY (+1.9% YoY) due to higher deferred installment income and reversal.
• Consolidated recurring profit fell JPY2.3bn YoY (-20.9% YoY) due to increased operating expenses and bad debt-related costs.
• JACCS revised its full-year FY03/25 forecast, lowering operating revenue to JPY189.0bn and net income to JPY16.5bn.