Core Insights - The Raajmarg Infra Investment Trust (RIIT), sponsored by the National Highways Authority of India (NHAI), successfully raised ₹1,728 crore from anchor investors ahead of its ₹6,000-crore initial public offering (IPO) set to open on March 11 [1][6]. Group 1: Investment Details - A total of 17.28 crore units were allocated to anchor investors at a price of ₹100 per unit, aggregating to ₹1,728 crore [2]. - Key anchor investors include LIC, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, Bajaj Life Insurance, and various mutual funds and pension funds [3][4]. - The IPO price has been fixed between ₹99 and ₹100 per unit, with the issue concluding on March 13 [4]. Group 2: Investment Trust Objectives - The initiative aims to broaden public participation in the National Highway infrastructure growth, unlocking the monetisation potential of highway assets while targeting retail and domestic investors [5]. - The initial portfolio of the InvIT includes five toll roads across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, operating under the Toll-Operate-Transfer model [6][7]. Group 3: Management and Structure - Raajmarg Infra Investment Managers Pvt Ltd (RIIMPL) has been established as the investment manager for the trust, with equity participation from major banks and financial institutions [8]. - The offer size allocation includes 75% reserved for qualified institutional buyers and 25% for non-institutional investors [8]. Group 4: Market Debut - Raajmarg Infra Investment Trust is scheduled to make its stock market debut on March 24 [9].

Group 1 - The government has received financial bids for the strategic divestment of IDBI Bank, which is part of its broader capital receipts strategy [1][3] - The divestment target for the Union Budget 2026-27 is set at approximately Rs 80,000 crore, following a downward revision of the previous year's target from Rs 47,000 crore to Rs 33,837 crore [3] - The Centre and Life Insurance Corporation of India (LIC) hold a combined 95% stake in IDBI Bank, with 60.72% of that stake currently available for divestment [4][8] Group 2 - Asset monetisation and divestment are key components of the government's strategy to enhance private sector participation and efficiency [5][6] - Approximately half of the transactions for around 50 firms approved for divestment or closure have been completed, including 12 closures and 13 strategic divestments [6] - The Department of Investment and Public Asset Management (Dipam) has received multiple expressions of interest (EoIs) for IDBI Bank, with prospective buyers having passed security clearance and fit and proper criteria [9]

Core Insights - Singapore's blue-chip earnings season is critical as major companies prepare to report their financial performance, with a focus on sustainable dividend growth and operational metrics [1][2] CapitaLand Integrated Commercial Trust (CICT) - CICT has made significant investments, including acquiring a 55% stake in CapitaSpring for S$1.05 billion, and integrating ION Orchard to enhance its portfolio [3] - For the nine months ending September 2025, CICT reported gross revenue of S$1.19 billion and net property income (NPI) of S$874.2 million, reflecting modest year-on-year increases of 0.1% and 0.2% respectively [4] - Shopper traffic and tenant sales surged by 24.8% and 19.2% YoY, largely driven by ION Orchard, while excluding this asset, growth was more modest at 4.5% and 1.0% respectively [5] - CICT's leverage stands at 39.2% with an average cost of debt at 3.3%, raising concerns about whether NPI growth can outpace rising debt costs [6] Keppel Ltd - Keppel has transformed into an asset-light model, monetizing approximately S$2.4 billion in assets in the first nine months of 2025, totaling S$14 billion since late 2020 [7] - The M1 divestment is expected to unlock nearly S$1 billion in cash, highlighting the company's focus on shareholder returns [7] - Keppel's management aims to balance asset sales with generating recurring income to sustain dividends as one-off windfalls diminish [9] - An additional S$500 million in asset sales is targeted, with investor interest in how much cash will be reinvested versus distributed to shareholders [10] Singapore Exchange (SGX) - SGX reported a net revenue increase of 11.7% YoY to nearly S$1.3 billion, driven by a 49.7% surge in currency derivatives and an 18.7% rise in cash equities [11] - The board proposed a final quarterly dividend of S$0.105 per share, raising total FY2025 dividends to S$0.375, up from S$0.345 in FY2024, with a commitment to increase dividends by S$0.0025 quarterly through FY2028 [12] - SGX's performance is closely tied to market volatility and trading volumes, with the Fixed Income, Currencies and Commodities segment being a key growth driver [13] - Maintaining revenue growth guidance of 6% to 8% is crucial for sustaining the dividend escalator [14] Investor Considerations - Upcoming earnings reports will focus on whether CICT's premium acquisitions yield premium returns, Keppel's monetization strategy can sustain dividends, and SGX's market activity supports its dividend growth [15][16]

3Q25 Earnings Call 19 November 2025 NASDAQ: GDS HKEX: 9698 0 © GDS 2016 DISCLAIMER This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or othe ...