格隆汇9月24日｜港交所文件显示，山金国际黄金股份有限公司向港交所提交上市申请书，联席保荐人 为中信证券、中金公司和瑞银集团。 ...

Core Insights - The individual has over nine years of experience in the U.S. and Hong Kong stock markets, focusing on fundamental analysis before making investment decisions [1] - The individual has a Master's degree in Leadership with a focus on corporate finance, accounting, valuation, and portfolio management [1] - Experience includes roles in content creation, M&A, IPO projects, and equity research, enhancing the ability to assess company value and present financial concepts clearly [1] Company Analysis - The individual emphasizes the importance of understanding a company's structure, capital raising methods, and financial statements to evaluate its true value [1] - A focus on companies with real growth potential is highlighted, including studying their industries, products, and revenue models [1] - The individual expresses a particular interest in IPO investing, analyzing financials and fundamentals prior to public offerings to determine investment worthiness [1] Investment Philosophy - The approach to investing is grounded in asking hard questions, maintaining curiosity, and only proceeding with investments when research provides strong conviction [1] - The individual aims to provide grounded, no-fluff insights based on fundamentals to assist others in navigating investment decisions [1]

Core Viewpoint - Merchant Bankers (MBK Co., Ltd) has launched a Bitcoin-based real estate settlement service aimed at facilitating cross-border property payments for international investors [1][4]. Company Overview - The service allows overseas buyers to send Bitcoin equivalent to the property price to a wallet at a licensed crypto exchange, while MBK simultaneously transfers the agreed yen amount to the property seller [4]. - The operational framework was developed in collaboration with regulated crypto-exchange partners, leveraging experience from previous arrangements with BTC Box and Estonia's Angoo Fintech [5]. Market Reaction - Following the announcement, trading resumed on September 24, with MBK's stock rising from ¥278 to a peak of ¥319 intraday, before closing at ¥281, reflecting a 1.44% increase [2][3]. Rollout Plans - The service will be available through two main channels: domestic real estate brokers serving foreign clients and MBK's overseas subsidiaries, including MBK ASIA LIMITED in Hong Kong and Estonian Japan Trading Company [6]. Strategic and Regulatory Considerations - MBK does not currently hold Bitcoin as a corporate asset but is assessing management strategies for any cryptocurrency accumulated through the service [7]. - The company plans to offer 19 urban properties valued at approximately $56 million (JPY 8.2 billion) to overseas buyers via the platform, generating annual rental income of around $4.7 million (JPY 700 million) [7]. - Regulatory oversight by Japan's Financial Services Agency will play a crucial role in the service's adoption, with compliance and anti-money laundering controls being significant factors [8]. Industry Context - Globally, the use of cryptocurrency in property transactions is limited, and its adoption is contingent on regulatory clarity and risk management [9].

A pickup in dealmaking and initial public offerings is helping fuel a hot job market on Wall Street https://t.co/pmj6B20Jti ...

Group 1 - The outlook for equity markets is influenced by the US economy and Federal Reserve policy [1] - There are notable differences in portfolio strategies between US and non-US investors [1]

Core Insights - Raymond James (RJF) shares reached a new 52-week high of $176.65, reflecting a 16.2% increase over the past three months, outperforming the industry and major indices, although underperforming compared to peers like Morgan Stanley and Evercore [1][10]. Investment Banking Performance - The Federal Reserve's recent rate cut of 25 basis points is expected to enhance investment banking income, with further cuts anticipated, which could stimulate deal-making activities in the industry [4]. - RJF's investment banking fees, which had declined in 2022 and 2023, grew by 7% in fiscal 2024, with continued momentum in the first nine months of fiscal 2025 [5][6]. - A robust pipeline and an active M&A market are likely to drive further improvements in RJF's investment banking fees [6]. Strategic Growth Initiatives - Raymond James has made several strategic acquisitions, including Solus Trust Company Limited in Canada and others in the U.K. and the U.S., positioning the company for future growth [7][8]. - The company has entered the private credit business through a partnership with Eldridge Industries, indicating a focus on expanding its service offerings [8]. Capital Distribution and Valuation - RJF has a strong track record of increasing dividends, with an 11.1% hike announced in December 2024, and a total payout growth of 18.14% over the past five years [11]. - The company has a share repurchase plan authorized for up to $1.5 billion, with $749 million remaining as of June 30, 2025, supporting efficient capital distributions [15]. - RJF's forward P/E ratio of 15.15X is slightly below the industry average of 15.31X, indicating that its shares are trading at a discount compared to peers [16]. Financial Outlook - The Zacks Consensus Estimate for RJF's earnings is projected at $10.31 for fiscal 2025 and $11.59 for fiscal 2026, reflecting growth rates of 2.6% and 12.5%, respectively [25][27]. - Despite solid prospects in investment banking and a strong balance sheet, concerns remain regarding unsustainable brokerage fee income and rising expenses, which have seen a CAGR of 8.5% over the last three fiscal years [21][23][30].

Core Insights - Gold prices have reached a new record, surpassing $3,800 in intraday trading, with analysts predicting further increases in the coming months [1][6] - Goldman Sachs forecasts gold to reach $4,000 by mid-next year, while UBS predicts a price of $3,900 during the same timeframe [1][6] Market Dynamics - The rise in gold prices is attributed to falling US real interest rates, expectations of further Federal Reserve easing, and elevated inflation [2] - A declining dollar index has also contributed to the rally in gold prices [2] Investment Trends - Inflows into physically backed exchange-traded funds (ETFs) have reached a three-year high, indicating strong investor interest [3] - Central banks continue to accumulate gold, with the People's Bank of China considering plans to encourage other nations to buy and store gold within its borders [3] Performance Metrics - Gold has increased over 40% year-to-date, with recent sessions marking new highs [4] - A short squeeze may be occurring as investors who bet against gold are forced to cover their positions, amplifying upward momentum [4] Sentiment Analysis - Market sentiment remains bullish, with gold maintaining its status as a preferred safe-haven asset [5]

Core Viewpoint - US markets are showing strength, with stocks well-positioned for continued gains, supported by historical trends favoring strong returns after sharp rallies and earnings contributing significantly to market performance [1] Group 1: Market Performance - Stocks are currently benefiting from a favorable historical context that suggests strong returns following sharp rallies [1] - Earnings are now driving more than half of the market performance, indicating a shift towards fundamentals in market dynamics [1]

Core Insights - Cetera Financial has partnered with Cornerstone Business Services to enhance its service offerings for financial advisors, focusing on small business valuations and sales [2][7] - This partnership aims to help advisors engage with small business owner clients well before any sale occurs, thereby providing a competitive edge in attracting talent [2][3] - The move is part of Cetera's broader strategy to diversify its services, which includes recent collaborations with Wealth.com and the introduction of alternative investment model portfolios [2] Group 1: Partnership and Services - Cetera Financial has integrated Cornerstone Business Services into its offerings, targeting family and privately-held companies [2] - The partnership is designed to assist advisors in discussions regarding valuations and sales for small business clients [2][7] - Cetera aims to leverage Cornerstone's expertise to align sales processes with investment advice and tax and estate services [7] Group 2: Industry Trends - Access to small business merger and acquisition services is increasingly sought after by advisors looking to differentiate their practices [3] - Other firms, such as Merchant Investment Management and RightCapital, are also enhancing their service capabilities for small business owners [3][4] - RISR and Capitaliz are examples of startups focusing on platforms and analytics to support financial advisors in engaging with small businesses [6]

🚨 BREAKING: Morgan Stanley is preparing to launch crypto trading for retail clients via E-Trade in the first half of 2026. https://t.co/u1E8mhYtRT ...