Daily Brief Financials: Sun Hung Kai Properties, Bendigo And Adelaide Bank, Mizuho Financial Group, Kolte Patil Developers, Powerlong Real Estate Holdings and more

• The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
• Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
• The key stocks mentioned in this regular insight are Sun Hung Kai Properties (16 HK) and Akeso Biopharma Inc (9926 HK).

• In any economy with persistently high interest rates, high living costs and decelerating loan growth, the risk is generally greater for bad corporate loans, not mortgage loans.
• BEN is nearly only residential mortgage loans, highly different to CBA, NAB, WBC, ANZ and MQG. This is also clear in long-term low levels of credit costs.
• NIM has moved up for BEN in FY23. There is limited risk of maturing debt to hurt its NIM in FY24, very much unlike large peer banks, especially NAB, MQG.

• We focus on five key factors, namely capital adequacy, credit quality, exposure to government securities, interest rate gearing and valuation with growth metrics for our Japanese banks universe
• It is important to note that the relaxation of yield curve control is translating into rising loan yields generally in the BoJ data to September-end 2023
• We stick with our positive views on Resona, Mizuho and Concordia; we remove Hachijuni from the buy list and SMFG, replacing the latter with MUFG in the large cap banks

• Kolte Patil reported a steady Q2FY24 led by continued momentum across sales, business development and deliveries.
• Sales volume grew by 5%+ QoQ to 0.98mm sq ft in Q2FY24, led by strong sales in the Life Republic projects. This brings the H1FY24 total sales volume to 1.91mm. 
• With 4.94mm sq ft slated to be launched in H2FY24 vs 2.73mm launched in H1FY24, Kolte Patil is on track to achieve its FY24 sales guidance of 3.9mm+ sq ft.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Road King Infrastructure
2. Yanlord Land
3. Azure Power Global Ltd
4. Yankuang Energy Group
5. Tata Motors Ltd

and more…