Daily Brief Financials: SBI Sumishin Net Bank, Japan Post Bank, Yes Bank, Samsung FN Reit, Country Garden Holdings Co, Bitcoin Pro and more

• SBI Sumishin Net Bank (7163 JP) (SSNB) is now looking to raise around US$380m in its second listing attempt.
• SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
• In this note, we talk about our updated earnigns forecast and thoughts on valuations

• Japan Post Holdings (6178 JP) plans to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third.
• We have looked at the deal in our past note, Japan Post Bank Placement – Deal Structure, past Deals, Index, Buyback.
• In this note, we talk about the updates since our last note and have a look at some of the past deals.

• The lock-up on nearly 9.4bn shares of Yes Bank (YES IN) expires on 13 March. Most of that is from the banks that helped in the recapitalisation in March 2020.
• There will be forced sellers as soon as the lock-up ends, and there will be other sellers that will want to sell.
• The forced and discretionary selling will be offset to a very small extent by inflows from passive trackers in May/June as the free float for the stock increases.

• Samsung FN REIT is getting ready to complete its IPO in April 2023, which will be the first Samsung Group related REIT that will become public. 
• The core real estate properties of Samsung FN REIT will include the ‘Daechi Tower’ and ‘S1 Building’ which have excellent locations in Seoul. 
• We expect a huge demand for this IPO of Samsung FN REIT and we have a Positive view of this IPO. 

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.

• Country Garden Holdings Co
• Lippo Malls Indonesia Retail Trust
• NagaCorp Ltd
• Times China

• Silvergate is in deep trouble. On March 1, the “crypto bank” revealed in a regulatory filing that it could soon be “less than well capitalized.”
• The news prompted Coinbase, Paxos, Galaxy Digital and a host of other large crypto enterprises to drop Silvergate as a banking partner. Why does this matter? 
• The “fiat problem” has long plagued crypto markets: to buy bitcoin, you at some point need to interact with the traditional banking system.