In today’s briefing:
- SHK 86_HK: Dividend Yield 8%, P/E 2.0x, P/B 0.27x
- CoinShares International – A likely beneficial survivor of the crypto winter
- Company Update – Nordea Bank
SHK 86_HK: Dividend Yield 8%, P/E 2.0x, P/B 0.27x
- For FY2022–Total Buyback of 5.9 million shares (HK$18.3 million) at average price of $3.10
- Funds Management Business – Extended Platform to provide Family Office Solutions
- Funds Management Unit – Total AUM increased 21% to US$975 million in 2022 with external capital accounting for 46.5%
CoinShares International – A likely beneficial survivor of the crypto winter
CoinShares International (CS) reported a moderate £6.5m EBITDA loss in FY22 (vs a £121.1m profit in FY21), affected by the ‘crypto winter’ (which follows the exuberance of 2021), marked by declining asset prices and high-profile bankruptcies. The turmoil last year (most notably the collapse of the FTX exchange) led CS to wind down its nascent B2C business and take a more cautious approach in its capital markets infrastructure (CSCM) division. Nevertheless, its balance sheet remains sound with total equity of £204.0m at end-2022 (vs £200.9m at end-2021).
Company Update – Nordea Bank
- Nordea Bank is a commercial bank established in 1820 and headquartered in Helsinki, Finland that offers personal banking, commercial banking, wholesale banking, and wealth management services.
- The bank is a financial services group that provides services such as trade finance, sales finance, securities services, cash management, bank to bank business, asset management, and fleet management among others.
- The bank has a global presence with operations in Europe, the Americas, Asia, and the Nordic region.
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