In today’s briefing:
- Investigating Potential Block Deals Involving Korea’s Financial Holding Companies
- Thai Credit Bank IPO Trading – Half the Deal Already Spoken For, the Other Half Should Be Liquid
- Indian Banks Screener: Bank of Baroda Remains the Value Pick, HDFC Bank Is the Quality Name
- SBFC Finance Lockup Expiry – Time to Cash in on Some Hefty Profits
- Crypto Moves #14 – It’s Not About What’s There, But What Isn’t
Investigating Potential Block Deals Involving Korea’s Financial Holding Companies
- Stake sales by Affinity and Bearing PE are attractive due to the absence of special partnerships with Shinhan Financial Group, indicating favorable exit potential at current stock prices.
- KB Financial draws attention due to Carlyle’s ₩240B EB investment in 2020. Carlyle can now convert to shares at ₩48,000/share, yielding 37.08%.
- Woori Financial is intriguing. IMM PE and Eugene PE hold stakes, investing ₩450B and ₩386B respectively. Their yields are 32.55% and 10.45% respectively. No constraints on divestment.
Thai Credit Bank IPO Trading – Half the Deal Already Spoken For, the Other Half Should Be Liquid
- Thai Credit Bank PCL (3674238Z TB) raised around US$281m in its Thailand IPO.
- TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
- We had looked at the firm’s past performance and shared our thoughts on TCB’s valuation in earlier notes. In this note, we will look at the trading dynamics.
Indian Banks Screener: Bank of Baroda Remains the Value Pick, HDFC Bank Is the Quality Name
- We retain Bank of Baroda as the value Indian bank, despite its strong share performance, for its modest valuations, healthy ROE and further improvements in delinquency metrics
- HDFC Bank remains out of favour with the market but we retain it as a buy, with its potential for medium term gains post-merger and its strong balance sheet
- Axis bank remains on our watchlist; we remain negative on State Bank of India for its delinquency risks, low core capital ratio and limited progress on returns
SBFC Finance Lockup Expiry – Time to Cash in on Some Hefty Profits
- SBFC Finance Limited (SBFC IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire on 12th Feb 2024.
- SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
Crypto Moves #14 – It’s Not About What’s There, But What Isn’t
- Last week, we stuck to our bullish market perspective, and it turned out to be a wise choice.
- Yesterday’s celebration of our spot-on prediction resulted in today’s hangover of mine.
- Interestingly, in Denmark, there is a custom of referring to Thursday as ‘little Friday’ when we go out drinking on those days.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
