BDO has laid off dozens of employees in recent months and halted non-essential travel earlier this year, according to people familiar with the situation https://t.co/TwS28YgeAG ...

Core Insights - Turning Rock Partners announced the sale of South Reach Networks, a leading provider of hybrid fiber, colocation, and transport services, through a control buyout transaction by Blue Owl Capital's Digital Infrastructure strategy [1][2] - South Reach Networks has experienced growth in its colocation and fiber footprint through both organic expansion and strategic acquisitions, led by its existing management team [2] - Blue Owl Capital expressed excitement about supporting South Reach Networks' expansion in Florida, highlighting the Southeast as a priority region for hyperscale customers [3] Company Overview - South Reach Networks is a Florida-based telecommunications infrastructure provider that constructs, owns, and operates a Metro & Long-Haul Fiber Optic Network spanning 370 miles along the East Coast of Florida [5] - The company provides global and domestic reach to a diverse ecosystem of carriers, subsea, enterprise, and wireless operators [5] Investment Context - Turning Rock Partners focuses on debt, equity, and hybrid investments in lower-middle market businesses in North America, offering bespoke financing solutions [4] - Blue Owl Capital manages over $273 billion in assets as of March 31, 2025, and invests across multiple strategies including Credit, Real Assets, and GP Strategic Capital [6]

Investment Rating - The industry investment rating is In-Line for both HK and ASEAN financials, with a preference for high total shareholder return (TSR) stocks in Singapore and Hong Kong [6][4]. Core Insights - The macroeconomic environment is expected to dominate discussions in the second half of the year, particularly regarding the impact of interest rates and potential tariffs on China and Hong Kong, as well as supply chain relocations into ASEAN [2][3]. - Singapore banks are anticipated to perform well, potentially benefiting from a lower cost of equity if revitalization measures for Singapore's equity market are implemented [2]. - Defensive stocks are favored in the current climate, with UOB being the most preferred bank in Singapore, while HSBC and Standard Chartered are expected to perform well due to dividends, share buybacks, and high return on equity (RoE) [2][4]. Summary by Sections Singapore and Hong Kong Financials - Preferred stocks include SGX, UOB, HSBC, and Standard Chartered, while Hang Seng and BoCHK are least preferred [4]. - Target prices for preferred stocks are set at 15.90 for SGX, 90.00 HKD for UOB, and 121.50 HKD for HSBC, with current prices showing slight upside potential for SGX and UOB, but downside for HSBC [8]. - The average daily traded value for UOB is 199 million USD, indicating strong liquidity [8]. Emerging Markets (EM) ASEAN - The report indicates a less favorable outlook for EM in the near term, particularly for Indonesia, where economic risks and lower commodity prices are expected to limit loan growth [3]. - The Philippines is highlighted as a preferred EM, benefiting from resilient RoE and increased retail lending penetration, with BDO and BPI being the preferred banks [3][9]. - Target prices for preferred EM banks include 10,017.00 for BCA and 8,625.00 for BRI, with current prices showing significant upside potential [9]. Financial Metrics - The report estimates a 2025 RoE of 33.3% for Singapore banks, with a target price-to-earnings ratio (PER) of 33.1 for SGX [8]. - Malaysian banks are expected to show defensive characteristics, but with stretched valuations compared to Singapore banks [2][3]. - The estimated dividend yield on target prices for preferred banks ranges from 2.3% for SGX to 6.0% for UOB in 2026 [9].

Core Points - RadView Software Ltd. will hold its Annual General Meeting of Shareholders on July 23, 2025, at 15:00 PM (Israel time) [1] - The record date for the meeting is June 18, 2025 [1] - The meeting agenda includes both ordinary and special resolutions, with specific voting requirements for each proposal [1][2] Meeting Proposals - Proposals include the re-election of board members, setting compensation for directors, and approving liability insurance policy with coverage of $3,000,000 [5] - The company will also review its Compensation Policy and amend Convertible Loan Agreements with its controlling shareholder [5] - BDO will be appointed as the Independent Auditors for the fiscal years ending December 31, 2022, 2023, and 2024 [5] Quorum and Voting - A quorum requires at least two shareholders holding at least 33⅓% of the voting rights [3] - If a quorum is not present within half an hour, the meeting will be adjourned to the same time and place the following week [3] Additional Information - Shareholders will receive a proxy statement detailing the matters to be voted upon, along with a proxy card [4] - The company's Consolidated Financial Statements will be available for review at its offices or upon written request [4]

Market Overview - The stock market began 2025 strong but has recently faced challenges due to trade wars and tariffs, with the S&P 500 down nearly 4.5% year to date [1] CVS Health - CVS Health has seen a significant increase of approximately 51% in 2025, boosted by better-than-expected year-end earnings and guidance in line with Wall Street expectations [3][4] - The company had a difficult previous year, with shares dropping by 43%, leading to a change in CEO, which has contributed to improved investor sentiment [4][5] - Despite the positive performance, CVS faces high medical costs and uncertainty in the healthcare sector, with a current valuation of 18 times trailing earnings, indicating it is not overly expensive [5][6] Super Micro Computer - Super Micro Computer's stock has risen by 26.5% in 2025, recovering from previous concerns about its financial statements and auditor issues [7][8] - The company successfully filed its financial statements on time with a new auditor, alleviating fears of delisting, and is benefiting from increased demand for IT infrastructure driven by AI developments [8] - However, the company reported a gross profit of $2.1 billion on sales of $14.9 billion, indicating thin margins, and potential risks from economic conditions and tariffs [9] Philip Morris International - Philip Morris International's shares increased by 27.9% in 2025, following better-than-expected guidance for adjusted earnings per share [10] - The stock received a boost from regulatory approval to market its nicotine pouch, Zyn, in the U.S., although concerns remain about the health implications of such products [11][12] - Despite the positive start to the year, the stock trades at 25 times earnings, raising questions about its long-term viability in a declining tobacco market [12]