Daily Brief Financials: Revolut Limited, Ethereum, Lippo Karawaci, Bitcoin Pro, Korea Stock Exchange KOSPI 200, Bolsa Mexicana De Valores Sab and more

• Management is targeting a USD40bn IPO valuation for Revolut; the last funding round in 2021 valued it at USD33bn, but current year investor valuations have ranged from USD19.9bn to USD25.7bn
• We provide key fintech and bank ratios for the UK digital banks; Revolut is more an FX paytech with a small loan book; Starling is a more “balanced” digital bank
• Relative to its UK unlisted peers and select listed digital peers, Revolut’s target IPO valuation does appear to be rich; it is also still seeking a UK bank licence

• There is no Crypto Moves today.
• Instead, today’s note marks our first trade for our Crypto Portfolio, along with the rationale behind this decision.
• This trade aims to indirectly benefit from the imminent launch of U.S.-based Ethereum ETFs, without directly increasing our Ethereum exposure.

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.

• Lippo Karawaci

• Navigating a challenging macro environment with conflicting signals on Fed policy and inflation risks.
• Global liquidity contractions impact BTC, but future easing could spark a market revival.
• Crypto markets face headwinds, yet long-term growth potential and institutional adoption remain strong.

• The KOSPI 200 INDEX started a modest pullback and is entering a BUY area, but it could fall further this coming week, caution is advised.
• The support levels to buy are between 383-371, this coming week.
• Alternatively buy the Close, if the WEEKLY Close is negative, next Friday.

• After five days of increases in the quotes of its primary indices, the local market ends the week on a high note.
• On the one hand, the IPC climbs 5.01%, marking its best weekly performance since last December.
• In contrast, the FTSE BIVA indicated a 4.87% rise.