Daily Brief Financials: Remitly Global, Attacq Ltd, China Vanke , Good Com Asset, Pioneer Credit and more

• Remitly is a digital international money transfer company competing with traditional providers like Western Union and MoneyGram.
• Mario Sabelli sees Remitly as potentially becoming the “booking.com of the digital remittance space.”
• He believes Remitly is well-positioned to dominate the market due to its scale and competitive advantages over legacy competitors.

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Attacq is a diversified real estate investment trust (REIT), which generates revenue from a ZAR22.9bn investment property portfolio made up of shopping centres, collaboration hubs (offices), logistics, hotels and data centres in South Africa. It also taps into its huge land bank and 1.4 million sqm of bulk with development rights in various sectors to build residential properties for sale. Attacq’s gross revenue for FY24 increased 6.9% to ZAR2.6bn, largely bolstered by rental income growth of 8.8% to ZAR2.5bn. Distributable income per share (DIPS) came in at 86.2c, up 19.9% y-o-y, above management’s previous guidance. Attacq has provided DIPS guidance of 103.4c for FY25, which implies an 82.7c dividend per share, given the 80% payout ratio. The stock is trading at a price to NAV multiple of 0.7x, with a dividend yield of 5.3% and a shareholder yield of 31.8% (sum of dividend yield, share buyback yield and net debt repayment yield). The share buyback and net debt repayment yields are 0.6% and 25.9%, respectively, although the shareholder yield has benefited from asset sales.

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.

• Adaro Energy
• China Vanke
• Greentown China

• Sales increased to JPY34.0bn (+136.2% YoY), with an operating profit of JPY2.9bn (+84.4% YoY) and net income of JPY1.6bn (+79.3% YoY).
• Wholesale Sales segment saw sales rise by 355.7% YoY and operating profit by 66.6% YoY, with a 7.3% profit margin.
• Real Estate Management segment achieved sales of JPY2.0bn (+62.9% YoY) and operating profit of JPY925mn (+437.0% YoY), with a 45.9% profit margin.

• RaaS Research Group has published an update on ethically-motivated, diversified financials group Pioneer Credit (ASX:PNC) following the company’s FY24 result in which it delivered NPAT adjusted of $1.2m.
• Our base case valuation has increased to $263m (previously $217m) or $1.96/share reflecting improved financing.
• We model a range based on a number of factors giving us a low case of $1.84/share and high case of $2.23/share.