Financial Data and Key Metrics Changes - The company raised its net profit forecast from JPY 380 billion to JPY 440 billion, reflecting strong performance across all business categories [4] - Net income for the first half reached JPY 271.1 billion, a record high and an increase of 48% year-on-year [13] - ROE for the first half was 12.7%, up from 8.8% in the previous fiscal year [20] Business Line Data and Key Metrics Changes - Finance segment profit increased by 8% year-on-year to JPY 99.6 billion, driven by strong gross investment income [18] - Operation segment profit rose by 9% year-on-year to JPY 114.9 billion, benefiting from inbound tourism demand [18] - Investment segment profit surged by 117% year-on-year to JPY 194.9 billion, largely due to the sale of Green Corps Energy and other assets [19] Market Data and Key Metrics Changes - Total group AUM reached JPY 88 trillion at the end of the first half, moving closer to the medium-term target of JPY 100 trillion [10] - The company aims to achieve 11% ROE and JPY 100 trillion in AUM by the fiscal year ending March 2028 [5] Company Strategy and Development Direction - The company is focusing on alternative investments and business solutions, with a long-term vision to achieve JPY 1 trillion in net profit by March 2035 [3] - A joint PE fund with the Qatar Investment Authority was established to enhance asset management capabilities [5] - The Osaka Integrated Resort project is set to open around fall 2030, with construction costs revised upwards due to inflation [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving midterm business plans and long-term vision through disciplined portfolio management and capital recycling [11] - The company is closely monitoring the impact of rising interest rates and inflation on its operations and asset management strategies [58] Other Important Information - The share buyback program was expanded from JPY 100 billion to JPY 150 billion, reflecting the company's commitment to shareholder returns [15] - The company has begun utilizing a dashboard for detailed visualization of its business portfolio status [9] Q&A Session Summary Question: Inquiry about joint investment with QIA - Management explained that the joint PE fund with QIA was established after two years of negotiation, aiming to leverage third-party funds for larger projects without significantly bloating the balance sheet [42][44] Question: ROE target and initiatives to achieve it - Management acknowledged the need for initiatives to achieve the 11% ROE target, emphasizing the importance of monitoring interest rates and their impact on profitability [50][52] Question: Outlook for next year's profit forecast - Management indicated that while the current year has seen significant one-off gains, they aim for sustainable profit growth and will begin discussions on next year's plans early next year [60][75] Question: Capital recycling forecast and segment profit balance - Management clarified that the capital gain forecast of JPY 200 billion is on track, with expectations for solid performance in the real estate market and private equity portfolio [66] Question: Concerns about significant impairment losses - Management reassured that while the second half's pre-tax profit forecast is lower, it is not due to expected significant losses but rather a return to regular profit levels [72][74]

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Financial Data and Key Metrics Changes - The company raised its net profit forecast from JPY 380 billion to JPY 440 billion, reflecting strong performance across all business categories [4] - First-half net income reached JPY 271.1 billion, a record high and an increase of 48% year-on-year [11] - ROE for the first half was annualized at 12.7%, up from 8.8% in the previous fiscal year [19] Business Line Data and Key Metrics Changes - Finance segment profit increased by 8% year-on-year to JPY 99.6 billion, driven by strong gross investment income [17] - Operation segment profit rose by 9% year-on-year to JPY 114.9 billion, benefiting from inbound tourism demand [17] - Investment segment profit surged by 117% year-on-year to JPY 194.9 billion, largely due to significant asset sales [18] Market Data and Key Metrics Changes - Total AUM reached JPY 88 trillion, moving closer to the medium-term target of JPY 100 trillion [10] - The company noted growing inbound demand in the Osaka Kansai area, indicating a positive trend in tourism [8] Company Strategy and Development Direction - The company aims for a long-term vision of achieving 15% ROE and JPY 1 trillion in net profit by fiscal year 2035 [3] - A new PE fund was established with the Qatar Investment Authority to enhance asset management capabilities [5] - The company is focusing on disciplined portfolio management and capital recycling to optimize its capital structure [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midterm business plan and long-term vision through various strategic measures [11] - The company is monitoring the impact of rising interest rates and is prepared to adjust its strategies accordingly [46] Other Important Information - The company announced an increase in its share buyback program from JPY 100 billion to JPY 150 billion [4] - The Osaka IR project has seen cost increases due to inflation, but management believes profitability will not be significantly impacted [8] Q&A Session Summary Question: Inquiry about joint investment with QIA - Management explained that the joint PE fund with QIA was established after two years of negotiation, focusing on domestic PE investments while maintaining existing portfolios [39][40] Question: ROE target and net assets balance - Management acknowledged the need for initiatives to achieve the 11% ROE target, especially in light of rising interest rates [43][45] Question: Outlook for next year's profit forecast - Management indicated that while this year's profits may be volatile, they expect to maintain a positive outlook for next year, focusing on sustainable profit growth [49][55]

Financial Performance & Forecast - ORIX revised its FY26.3 net income forecast upward to 440 Billion JPY, a 15.8% increase from the previous forecast of 380 Billion JPY[6, 14] - The company increased its share buyback program to 150 Billion JPY, a 50% increase from the initial 100 Billion JPY program[6, 10] - H1 net income reached 271.1 Billion JPY, achieving 71% of the original full-year target and 62% of the revised forecast[13] - The company expects a full-year ROE in the 10% range, with H1 ROE hitting 12.7%, up 3.9 percentage points from the end of FY25.3[13, 21] Capital Recycling & Investment - Capital gains for H1 FY26.3 reached 157.1 Billion JPY, with expectations of further gains in H2[27] - The company launched its first domestic PE fund with a total size of 2.5 Billion USD[6] - ORIX sold stakes in Greenko, Ormat, ORIX Asset Management and Loan Services Corp, and Nissay Leasing[6] Segment Performance - Segment profits increased by 42% YoY to 409.4 Billion JPY[35] - Environment and Energy segment profits increased sharply by 117.3 Billion JPY due to the Greenko exit, which included a 95 Billion JPY gain on sale/valuation gains[34] - Insurance segment saw higher investment income, contributing to overall profit growth[35] Shareholder Returns - The company increased the full-year dividend forecast to 153.67 JPY per share, a 16.3% increase[6, 14] - The company anticipates a full-year total payout ratio of 73%[15]

Core Insights - Global equity markets experienced broad positive returns in Q3 2025, driven by resilient corporate earnings, enthusiasm for AI, and the U.S. Federal Reserve's first interest rate cut of the year [3][21] - Emerging markets, particularly China, led the gains, supported by a U.S. trade truce and strength in the tech sector [3][4] - The Polaris Global Equity Composite gained 5.04% (net of fees) for the quarter, underperforming the MSCI World Index, which returned 7.36% [5][6] Market Performance - Developed markets saw weaker currencies benefiting export-oriented indices, with Japan's TOPIX Index up 11.0% and the U.K.'s FTSE All-Share Index up 6.9% [4] - The U.S. market, represented by the S&P 500 Index, gained over 8%, primarily due to tech and communication stocks [4] - France and Germany underperformed due to geopolitical and fiscal concerns, with tepid growth projections under new U.S. trade policy [4] Sector Analysis - The healthcare sector was the best performer, with notable gains from pharmaceutical stocks, while financials, consumer discretionary, and IT also contributed positively [5][6] - Health insurers faced challenges, with UnitedHealth Group and CVS Health posting over 10% returns, while Elevance Health's shares dropped sharply due to profit guidance cuts [7] - In IT, Samsung Electronics excelled with strong performance in HBM technology and a significant deal with Tesla for AI chip manufacturing [11] Company Highlights - United Therapeutics Corp. was a top contributor to portfolio performance, driven by positive clinical trial results for its drug Tyvaso, potentially adding $4-5 billion in peak sales [6] - AbbVie, Inc. expects high single-digit revenue growth through 2029, with flagship drugs projected to exceed $31 billion in sales by 2027 [6] - The Carlyle Group Inc. outperformed in the financial sector, up over 20% due to strong fee-based credit and secondaries business [8] Investment Strategy - The current economic environment is characterized by a "two-speed" economy, with a concentrated AI-driven boom amidst subdued growth in other sectors [21][22] - Financials are seen as attractive due to stable net interest margins and loan growth, while defensives like consumer staples and healthcare are expected to perform well [22] - Opportunities in economically-sensitive sectors are being explored, with a focus on industrials benefiting from AI integration and supply chain modernization [22][23]

Core Insights - The IPO of Canara Robeco Asset Management Company raised Rs 1,326 crore, with a subscription rate of 25.9x from Qualified Institutional Buyers (QIBs), 6.45x from Non-Institutional Investors (NII), and 1.9x from retail investors [1][7] Company Performance - As of March 2025, the company reported total income of Rs 404 crore and a profit after tax (PAT) of Rs 191 crore, reflecting a year-on-year growth of 26% [6][8] - The company's EBITDA margin was 65.4%, one of the highest in the asset management sector, with a return on net worth (RoNW) of 36% [6][8] Market Position and Valuation - The upper price band of Rs 266 values the company at 19.6x its core EPS for September 2027, which is competitive compared to other asset management companies [5][8] - Canara Robeco is positioned to benefit from a positive outlook on Indian equities, with equities making up nearly 90% of its total assets, potentially leading to stronger core earnings [3][5] Analyst Recommendations - Domestic brokerage firm Prabhudas Lilladher has issued a Buy recommendation with a target price of Rs 320 per share, citing optimism about the company's business prospects and expected AAuM CAGR of around 20% over FY26-28E, which is 3% higher than the industry average [2][7] - Analysts suggest that investors should consider booking partial profits post-listing while holding the remaining shares for long-term growth, given the company's strong fundamentals and the mutual fund industry's expansion [7]

How to check allotment statusVia RegistrarVisit Live EventsEnter your PAN, application number, or DP/Client ID.Click Submit to know your allotment status.Via BSEGo to Choose Equity as the issue type and select Canara Robeco AMC Ltd.Enter your application number and PAN, then click Search.Also Read: Subscription detailsThe IPO saw strong participation, being subscribed 9.74 times overall. The Qualified Institutional Buyers (QIB) category led the demand with 25.92 times subscription, followed by Non-Instituti ...

Core Insights - The IPO of Canara Robeco Asset Management Company was highly successful, achieving an overall subscription of 9.74 times on the closing day of bidding [1] - The IPO was an offer for sale (OFS) of approximately 4.98 crore shares, with no fresh issue component, priced between ₹253 and ₹266 per share [2] - The company raised ₹398 crore from anchor investors prior to the IPO, with shares expected to list on BSE and NSE on October 16 [3] Subscription Details - The IPO received bids for 33.99 crore shares against 3.48 crore shares on offer, indicating strong demand [1] - Qualified institutional buyers (QIBs) led the subscription with a rate of 25.92 times, followed by non-institutional investors (NIIs) at 6.45 times, and retail investors at 1.91 times [1] Offer Structure - The promoters, Canara Bank and ORIX Corporation Europe N V, are offloading 2.59 crore shares and 2.39 crore shares, respectively, under the OFS [2] - The allotment date for the IPO is set for October 14 [3]

Core Points - Canara Robeco Asset Management Company is launching an initial public offering (IPO) of Rs 1,326 crore, which opens today and will close on October 13, with a price band set between Rs 253 and Rs 266 per share [1] - The IPO consists entirely of an offer for sale (OFS) of 4.98 crore equity shares, with no fresh issue component [2] - The allocation of the IPO includes 50% reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors [2] Company Overview - Canara Bank holds a 51% stake in Canara Robeco, while Orix Corporation owns the remaining stake [3] - The company will not receive any funds from the IPO as it is entirely an OFS; proceeds will go to the selling shareholders [3] - Canara Robeco has raised Rs 398 crore from anchor investors as part of the IPO [3] Anchor Investors - The anchor book includes participation from several institutional investors such as SBI Mutual Funds, ICICI Prudential Mutual Fund, and Nippon India Mutual Fund, among others [4] - Canara Robeco has allotted 1.49 crore equity shares to 25 funds at Rs 266 per share [4] Market Position - Canara Robeco operates in a competitive environment alongside other listed players like HDFC Asset Management Company, Nippon Life India Asset Management, and UTI Asset Management Company [5] - The shares of Canara Robeco are expected to list on the stock exchanges on October 16 [5]

Core Insights - The upcoming IPO of Canara Robeco Asset Management Company Limited (CRAMC) is set to open for public subscription from October 9 to October 13, with shares expected to be allotted on October 14 and listed on October 16 [1][5][9] IPO Details - The IPO has a price band of Rs 253 to Rs 266 per equity share, with a face value of Rs 10, and a minimum bid lot size of 56 equity shares [6][9] - The total offer size for the IPO is Rs 1,326 crore, which is entirely an offer-for-sale (OFS) by promoter shareholders, including Canara Bank and ORIX Corporation Europe N.V. [6][9] - At the upper end of the price band, the price-to-earnings (P/E) ratio based on FY25 diluted EPS is 27.82 times, while at the lower end it is 26.46 times [6][9] - The weighted average return on net worth over the past three financial years is reported at 30.97% [6][9] Financial Performance - As of June 30, 2025, Canara Robeco AMC reported closing Assets Under Management (AUM) of Rs 1,175.13 billion, with an average AUM of Rs 1,110.52 billion for the same period [7][9] - The company earned Rs 927.13 million in management fees, with total revenue from operations standing at Rs 1,210.69 million [7][9] Investor Sentiment - The grey market premium (GMP) for the IPO is currently between Rs 33 and Rs 35, indicating a premium of approximately 12.41% over the upper price band, reflecting positive investor sentiment and interest [2][9] - A higher GMP may suggest expectations of strong listing-day performance, although it is based on market rumors and does not guarantee actual gains [4][9] Allocation Structure - The IPO allocation will reserve not more than 50% of the net offer for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and a minimum of 35% for Retail Individual Investors (RIIs) [8][9]