Daily Brief Financials: Swire Pacific (A), Goldman Sachs Group, Hang Seng Index, China Jinmao Holdings, Sun Frontier Fudousan, Timbercreek Financial, Urbanet Corp, Ethereum, Global Indemnity Group LLC, Raysum Co Ltd and more

• Swire Pacific (A) (19 HK), 82%-held Swire Properties (1972 HK), and Cathay Pacific Airways (293 HK) all announced interim results this week. 
• Of interest was Swire Prop announcing a HK$1.5bn share buyback. Shares popped 12% on the news. 
• Swire Pac remains cheap on a look-through P/B of 0.34x. However, the implied stub and simple ratio (Pac/Props) have just rolled over from multi-year peaks. 

• Tracy and Joe discuss their favorite chat GPT and Claude prompts and how they use them for both serious and fun purposes
• They acknowledge the limitations and risks of using AI in professional settings, especially in large companies like Goldman Sachs
• Marco Argenti, Chief Information Officer at Goldman Sachs, explains his role in ensuring the smooth operation of technology within the company and the evolving use of AI in the financial industry

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• In a previous insight we forecasted a rally for the Hang Seng Index in August. The picture has not changed, a positive close above 17344.60 is still possible.
• Looking at our MRM SHORT WEEKLY model for the HSI we can see that it has not yet reached overbought levels, so it could rise further in the next weeks.
• Conversely a SHORT trade will be possible from the levels we will indicate below.

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.

• China Jinmao Holdings

• Q1 FY03/25 revenue was JPY15.7bn (-15.0% YoY), operating profit JPY2.86bn (-32.6% YoY), net income JPY1.9bn (-40.1% YoY).
• Real Estate Revitalization business saw revenue JPY8.7bn (+13.2% YoY), profit JPY2.3bn (+14.7% YoY), profit margin 27.0% (+0.3pp YoY).
• Hotel and Tourism business reported revenue JPY3.7bn (-54.2% YoY), profit JPY845mn (-68.0% YoY), profit margin 23.0% (-9.9pp YoY).

• Timbercreek’s high dividend payout ratio is unsustainable and relies on one-time gains on sales, suggesting a future dividend cut may be necessary
• The company’s exposure to higher risk loans, particularly in Quebec, and a declining rate environment may lower its net interest margins and profitability
• These factors lead to a bearish outlook on Timbercreek, indicating that the stock’s current valuation may be overly optimistic

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• FY06/24 sales reached JPY28.0bn (+38.0% YoY), operating profit JPY2.7bn (+12.2% YoY), and net income JPY1.7bn (+17.5% YoY).
• Consolidation of K-nine in Q3 and early revenue recognition from projects boosted FY06/24 sales and profits.
• FY06/24 total assets were JPY47.0bn (+JPY2.7bn YoY), liabilities JPY31.9bn (+JPY2.9bn YoY), and net assets JPY15.1bn (+JPY128mn YoY).

• Solana, currently the fifth-largest cryptocurrency, has made a remarkable resurgence, particularly since the beginning of 2023.
• This comeback is extremely impressive given that many had written off Solana after the collapse of Sam Bankman-Fried’s FTX empire in November 2022.
• FTX had been crucial in promoting Solana and establishing its vital network effect from the start.

• Global Indemnity Group, LLC, provides specialty and niche insurance products nationwide.
• GBLI focuses on small market property and casualty business.
• The company has made a concerted effort to reduce its property exposure.

• Revenue: JPY15.6bn (-0.3% YoY); Operating profit: JPY1.4bn (-62.3% YoY); Recurring profit: JPY1.3bn (-64.9% YoY); Net income: JPY885mn (-64.1% YoY).
• Asset Value Creation segment: Revenue decreased 3.5% YoY; Operating profit decreased 53.1% YoY; Operating profit margin fell 15.1pp YoY.
• Future Value Creation segment: Revenue increased 34.2% YoY; Operating loss: JPY382mn; Operating loss widened slightly from Q1 FY03/24.