Core Insights - The Price-to-Book (P/B) ratio is a valuation metric that compares a company's market capitalization to its book value, helping investors identify undervalued stocks with strong fundamentals [1][2][6] - The P/B ratio is particularly useful in value investing, where investors seek stocks that are cheap yet fundamentally strong [1][10] - A P/B ratio of less than one indicates that a stock is trading below its book value, suggesting it may be undervalued, while a ratio above one may indicate overvaluation [6][8] Understanding Book Value - Book value represents the total value remaining for shareholders if a company were to liquidate its assets after settling all liabilities [4][5] - It is calculated by subtracting total liabilities from total assets, often equating to common stockholders' equity [5] P/B Ratio Analysis - The P/B ratio is calculated as market capitalization divided by book value of equity, providing insight into whether a stock is under- or overvalued [2][6] - Stocks with low P/B ratios and strong projected earnings growth are considered attractive investment opportunities [10][16] Screening Parameters for Investment - Stocks should have a P/B ratio lower than the industry median, a P/S ratio below the industry average, and a P/E ratio using F(1) estimates that is also lower than the industry median [12][13] - A PEG ratio of less than 1 indicates that a stock is undervalued relative to its growth prospects, while a minimum trading price of $5 and a substantial average trading volume are also recommended [14][15] Notable Stocks with Low P/B Ratios - CVS Health (CVS) has a projected 3-5 year EPS growth rate of 11.4% and holds a Zacks Rank of 2 with a Value Score of A [16] - Signet Jewelers (SIG) has a projected EPS growth rate of 12.2% and also holds a Zacks Rank of 2 with a Value Score of A [17] - KB Financial Group (KB) has a projected EPS growth rate of 12.33% and a Zacks Rank of 2 with a Value Score of B [18] - Affiliated Managers Group (AMG) has a projected EPS growth rate of 14.2% and a Zacks Rank of 2 with a Value Score of A [19] - PagSeguro Digital (PAGS) has a projected EPS growth rate of 11.3% and holds a Zacks Rank of 1 with a Value Score of A [21]

This presentation and comments made in the associated conference call today may include "forward-looking statements." Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures and AUM and could differ materially from events that actually occur in the future due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events, including wars ...

2025资产管理年会报名通道现已开启，欢迎报名参会！ 「资产管理年会」始于2007年，历经十余年积淀，目前已是国内资管行业最具影响力的盛事之一。由南 方财经全媒体集团指导、《21世纪经济报道》主办的「2025资产管理年会」将于2025年8月16日在上海 举办。 本届年会聚焦当下资管业的核心命题、最新动态以及最前沿发展趋势，以"破局与重构——大资管再造 竞争力"为主题，围绕大类资产多元配置、指数投资、绿色生产力助力企业高质量发展等议题展开。年 会将设置1场主论坛、2场平行主题论坛、"活力·ESG"创新论坛和1场闭门研讨会，其中包括4场圆桌对 话。邀请金融监管部门、权威专家学者、资管机构负责人、金融和产业精英人士齐聚一堂，共同探讨大 资管的创新发展之道，年会整体规模预计千余人。 目前，2025资管年会报名通道已经正式启动，欢迎资管行业同仁以及关注行业发展的各界人士报名参 加，会议席位有限，我们将对报名信息审核并对其中部分发放入场券。同时欢迎报名时留下您关注的问 题以及对活动的建议，我们将精选部分议题在大会现场邀请发言嘉宾进行分享讨论，留言被采纳的报名 者还将收获我们准备的小惊喜！ 附「2025资管年会」议程 08 ...

Selected lenders and suppliers have elected to take VivoPower ordinary shares in lieu of fiat currency Directors have also elected to receive VivoPower ordinary shares for certain board fees VivoPower is progressing ahead of schedule on its commitment to reduce and retire its debts LONDON, July 22, 2025 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq: VVPR) (“VivoPower” or the “Company”) announced today that it has further reduced its liabilities by negotiating with selected lenders and suppliers ...

TORONTO, July 22, 2025 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (CBOE: MLC) (“Mount Logan” or the “Company”) will release its financial results for the second quarter ended June 30, 2025 after market close on Thursday, August 7, 2025. The Company will host a conference call on Friday, August 8, 2025, at 11:00 a.m. Eastern Time to discuss these results. Shareholders, prospective shareholders, and analysts are welcome to listen to the conference call. To join the call, please use the dial-in information b ...

Core Insights - GAM Investments has appointed Karim Carmoun as Managing Director to lead its operations in France, Benelux, and Monaco, marking a significant step in its European growth strategy [1][2] - The appointment is supported by NJJ Holding SA, the private investment group of French entrepreneur Xavier Niel, who is also GAM's majority shareholder [2] - Under new leadership, GAM is focusing on its Specialist Active, Alternatives, and Wealth Management capabilities, aiming to provide clients with access to top-tier investment talent and differentiated strategies [3][4] Company Strategy - GAM's strategy involves combining in-house expertise with high-quality partnerships to connect professional investors to unique sources of return, supported by a global distribution platform [3][6] - The firm aims to re-establish its presence in strategically important markets such as France, Benelux, and Monaco, leveraging Karim's extensive experience in asset management [5][4] - GAM's investment focus includes high-conviction equity, multi-asset, and fixed income strategies, as well as hedge funds, alternative credit, insurance-linked securities, and private markets [5][6] Leadership Background - Karim Carmoun brings over 20 years of experience in asset management, having previously served as CEO of Robeco France and held senior roles at Fidelity, Crédit Agricole, and BNP Paribas [4][5] - His client-centric approach and ability to navigate market changes are expected to enhance GAM's relationships with professional clients in the region [4][5] Company Overview - GAM Investments is a global investment platform with total assets under management of CHF 16.3 billion as of December 31, 2024, and operates in 14 countries [7] - The firm is headquartered in Zurich and was founded in 1983, focusing on delivering distinctive investment solutions across its Investment and Wealth Management businesses [7]

Core Viewpoint - LHV Group demonstrated strong financial performance in Q2 2025, achieving a net profit of 30.8 million euros, a 6% increase from the previous quarter, despite lower interest rates impacting revenue [1][5][8]. Financial Performance - LHV Group's consolidated revenue for Q1 2025 was 73.9 million euros, reflecting a 7% decrease from the previous quarter and a 14% decrease year-on-year [3]. - The net interest income for Q2 2025 was 57.6 million euros, while net fee and commission income was 15.6 million euros [3][7]. - Total expenses for Q2 2025 amounted to 40.5 million euros, an 8% increase from the previous quarter and an 11% increase year-on-year [3][7]. - The consolidated net profit for the first half of 2025 was 59.9 million euros, a decrease of 24% compared to the same period last year [5]. Asset and Loan Portfolio Growth - As of June 2025, LHV Group's consolidated assets reached 9.38 billion euros, a 10% increase from the previous quarter and a 28% increase year-on-year [4]. - The loan portfolio increased by 269 million euros (6%) in Q2 2025, totaling 5 billion euros, with a year-on-year increase of 1.1 billion euros (28%) [4][19]. - Consolidated deposits rose by 760 million euros (12%) to 7.36 billion euros [4]. Subsidiary Performance - All subsidiaries of LHV Group were profitable in Q2 2025, with LHV Pank earning a net profit of 29.7 million euros [2]. - LHV Kindlustus reported a 62% increase in net profit compared to the previous quarter, although it was slightly below the financial plan [15]. - LHV Bank Limited in the UK saw its loan portfolio grow by 79 million euros to 569 million euros [12][14]. Client Growth and Services - The number of clients at LHV Pank increased by 8,300 in Q2 2025, with deposits rising by 576 million euros [9]. - An innovative banking service, LHV Premium, was launched, combining banking, insurance, and travel services [9]. - The mobile bank for retail banking was launched, attracting 1,000 clients and 17 million euros in new deposits [14]. Market Position and Ratings - LHV Group is well-capitalized, having issued AT1 bonds worth 50 million euros and unsecured bonds worth 60 million euros in Q2 2025 [18]. - Moody's Ratings upgraded LHV Pank's covered bond programme to the highest level, Aaa, reflecting the group's strong financial position [18].

Company Overview - Trinity Asset Management was founded by Brian Gilmartin in May 1995, focusing on providing attention and service to individual investors and institutions that were underserved by larger firms [1] - Brian Gilmartin has a background as a fixed-income/credit analyst and has experience working with various firms before establishing his own [1] Educational Background - Brian Gilmartin holds a BSBA in Finance from Xavier University, Cincinnati, Ohio, obtained in 1982, and an MBA in Finance from Loyola University, Chicago, completed in January 1985 [1] - He earned the CFA designation in 1994 [1] Professional Experience - Brian Gilmartin has written for TheStreet.com from 2000 to 2012 and contributed to WallStreet AllStars from August 2011 to Spring 2012 [1] - He has also written for Minyanville.com and has been quoted in various publications, including the Wall Street Journal [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Traditional Brokers and Asset Managers in China - **Performance**: Nearly 20 traditional brokers have pre-announced strong earnings growth of over 50% year-on-year (yoy) for the first half of 2025, primarily driven by increased revenue from brokerage and investment banking activities due to heightened capital market engagement [1][7] Company-Specific Insights CICC (China International Capital Corporation) - **Earnings Growth**: CICC pre-announced a yoy net profit after tax (NPAT) growth of 55% to 78% for 1H25, aligning with Goldman Sachs' estimate of 55% [1][9] - **Forecast Adjustments**: 2025 earnings forecasts for CICC have been revised upward by 3%, with new A/H target prices set at Rmb 36.88 and HKD 20.1 based on target P/E multiples of 22x and 11x respectively [9][40] - **Market Position**: CICC holds a significant market share in the IPO pipeline, accounting for one-third of the market in both deal number and size, which is expected to drive strong investment banking revenue growth in 2025 [9] East Money - **Earnings Forecast**: Despite a 3% upward revision in the 2025 earnings forecast, East Money is rated as a Sell due to structural challenges in fund distribution and anticipated downside risks to earnings estimates, with NPAT forecasts for 2025 and 2026 being 5% and 11% below consensus [2][21] - **Market Challenges**: The company faces growth constraints due to the impact of ETFs and regulatory fee reductions, leading to a projected decline in retail trading flow [21] Hundsun - **Preliminary Results**: Hundsun reported a 1H25 revenue of Rmb 2.4 billion, reflecting a yoy decline of 15%, but a significant profit increase of 740% due to a low base last year and improved investment income [22] - **Forecast Revisions**: 2025 core revenue and net profit estimates have been revised down by 4% and 3% respectively, but medium-to-long-term growth opportunities are anticipated as brokers recover profitability [23][40] FUTU and TIGR - **Valuation Recovery**: Both companies have seen significant rebounds in forward P/E valuations, driven by the stablecoin narrative and improved trading activity in the Hong Kong market [3][29] - **Earnings Forecasts**: NPAT forecasts for FUTU and TIGR have been revised upward by an average of 6% for 2025-2027, with new target prices set at US$124.89 for FUTU and US$3.66 for TIGR [30][40] - **Market Ratings**: Despite positive adjustments, both companies maintain Neutral/Sell ratings due to elevated valuations and limited potential for significant earnings outperformance [32][40] Market Dynamics - **Trading Activity**: The Hong Kong equity market has shown increased vibrancy, contributing to enhanced profitability for brokers with higher exposure to this market [8][13] - **ETF Impact**: The sustained increase in ETF market share continues to weigh on wealth management income growth, affecting traditional brokers and fintech companies alike [15][21] Conclusion - **Investment Recommendations**: - **Buy**: CICC-H due to its strong market position and growth potential - **Sell**: East Money due to structural challenges - **Neutral/Sell**: FUTU and TIGR due to high valuations and limited earnings growth potential - **Buy**: Hundsun, as it is expected to benefit from the recovery in broker profitability despite short-term challenges [40][55]

About DeFi Technologies DeFi Technologies Inc. (Nasdaq: DEFT) (CBOE CA: DEFI) (GR: R9B) is a financial technology company bridging the gap between traditional capital markets and decentralized finance ("DeFi"). As the first Nasdaq- listed digital asset manager of its kind, DeFi Technologies offers equity investors diversified exposure to the broader decentralized economy through its integrated and scalable business model. This includes Valour, which offers access to over sixty-five of the world's most innov ...