In today’s briefing:
- Seven Bank – Assets 39x Loans | Strong 7% Loan Growth | ATM Transactions +8% | Retail Accounts +9%
- ICICI Securities Delisting: A Deja Vu of Troubles
- Seoul Guarantee Insurance Pre-IPO Thoughts on Valuation – Needs a Discount to Its Larger Peers
- Block Inc.: Buy Now
- Bakkt Holdings, Inc – Bakkt Highlights the Latest in Cryptocurrencies
Seven Bank – Assets 39x Loans | Strong 7% Loan Growth | ATM Transactions +8% | Retail Accounts +9%
- Seven Bank Ltd (8410 JP) is the 7-11 convenience store bank, which focuses on ATM fees more than loans, so its cash is JPY952bn vs loans JPY35bn at FY23.
- Loan growth in 1Q24 is 7% YoY, one of strongest in Japan and it is accelerating in recent periods, alongside 8-9% growth in ATM transactions, retail accounts
- Exceptionally strong ATM transactions abroad at 92.4m in 1Q24 vs 66.5m in 1Q23, including US, Indonesia and Philippines.
ICICI Securities Delisting: A Deja Vu of Troubles
- ICICI Securities Ltd (ISEC IN) Turbulent Journey: From a disappointing IPO to a challenging delisting attempt.
- Delisting Plan and Shareholder Discontent: ICICI Securities Ltd (ISEC IN) seeks to become a wholly-owned subsidiary of ICICI Bank Ltd (ICICIBC IN), facing resistance from minority shareholders.
- Uncertain Future: The outcome of the delisting hinges on the decisions of institutional shareholders like Life Insurance of India (LICI IN) and the board’s actions.
Seoul Guarantee Insurance Pre-IPO Thoughts on Valuation – Needs a Discount to Its Larger Peers
- Seoul Guarantee Insurance (031210 KS) is looking to raise around US$270m in its Korean IPO.
- Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
- We have looked at the firm’s past performance and undertaken a peer comparison in earlier notes. In this note, we discuss our thoughts on valuation.
Block Inc.: Buy Now
- Block, Inc. managed to surpass analyst prospects in terms of revenue as well as earnings, with gross profit reaching $1.87 billion, marking a 27% increase year-over-year.
- Turning to the performance of Square and Cash App, Square achieved $888 million in gross profit, reflecting an 18% increase year-over-year.
- The Buy Now, Pay Later (BNPL) platform contributed $84 million of gross profit to both Square and Cash App in the second quarter, with GMV reaching $6.4 billion, a 22% year-over-year increase.
Bakkt Holdings, Inc – Bakkt Highlights the Latest in Cryptocurrencies
Founded in 2018, Bakkt builds solutions that enable its clients to grow with the crypto economy.
Through institutional-grade custody, trading, and on-ramp capabilities, its clients leverage technology that’s built for sustainable, long-term involvement in crypto.
Bakkt Chief Product Officer Dan O’Prey joined us on The Water Tower Hour podcast to discuss Bakkt’s crypto infrastructure business, its history as part of ICE, cryptocurrency differences, its custody focus, and why it is different.
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