Daily Brief Financials: Swire Pacific (A), SBFC Finance Limited, Ethereum, Bharat Highways InVIT, Sunac China Holdings and more

• Retailers /hoteliers will welcome the return of Chinese travellers, with ~US$250bn in annual spending. That should bode well for mall operators like Swire Properties and, in turn, Swire Pacific.
• Preceding my comments on Swire are the current setup/unwind tables for Asia-Pacific Holdcos. 
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• SBFC Finance Limited (SBFC123 IN) plans to come up with INR 16 bn IPO which comprises INR 7.5 bn worth of fresh issue.
• The company is MSME focused NBFC-ND-SI, and has shown attractive growth in AUM, disbursements in the last few years. SBFC also offers loans against gold.
• However, there are a few perils that must not be overlooked, such as lack of provisioning, low NII growth, mixed peer positioning, and few governance setbacks.

• Ethereum is the only profitable blockchain, a analysis of revenue and expense of Ethereum;
• Ethereum staking ratio is the lowest among all PoS blockchains and the Shanghai upgrade in March will change this;
• Why will there be a short-term rally ahead of the Shanghai upgrade?

• Bharat Highways InVIT (BHINV IN) is looking to raise about US$242m in its upcoming India IPO. The deal will be run by ICICI Securities, Axis Capital, HDFC Bank and IIFL Securities.
• Bharat Highways InVIT is an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India. 
• The InVIT’s initial asset portfolio will consist of seven road assets, in the states of Punjab, Gujarat, Andhra Pradesh, Maharashtra and Uttar Pradesh with an aggregate length of approximately 497.292km. 

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
• Sunac China Holdings
• Sunny Optical