<p>ONEX Corporation（(TSE:ONEX)）已舉行其第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>ONEX Corporation 最近的財報電話會議強調了一項戰略轉型，標誌着收購 Convex 和與 AIG 的合作，為長期增長奠定了基礎。整體情緒大體積極，受益於信貸部門的優異表現和成功的私募股權實現，儘管也提到了一些挑戰，如 Onex Partners IV 的損失和收購後流動性緊縮。</p>
<h2>收購 Convex</h2>
<p>Onex Corporation 通過收購 Convex 63% 的股份，邁出了重要一步，Convex 是一家知名的保險機構。這一戰略舉措旨在提升長期股東價值，自 2022 年以來，Convex 的毛保費年增長率達到了 22%。預計此次收購將穩步改善盈利能力，使 Onex 能夠利用其在保險領域的專業知識。</p>
<h2>與 AIG 的戰略合作</h2>
<p>AIG 對 Onex 的私募股權和信貸基金承諾投資 20 億美元，強烈支持 Onex 的戰略方向。這一合作預計將為 Onex 帶來額外 1500 萬至 2000 萬美元的費用相關收益，預示着未來合作的潛力，並增強 Onex 的財務表現。</p>
<h2>信貸部門的優異表現</h2>
<p>Onex 的信貸部門超出預期，成功定價 22 筆 CLO 交易，並籌集或延長了 107 億美元的費用生成資產。這一表現突顯了費用相關收益的強勁軌跡，彰顯了 Onex 信貸業務的實力。</p>
<h2>成功的私募股權實現</h2>
<p>Onex Partners 通過出售其在 OneDigital 的 55% 投資和以溢價出售其在 WestJet 的 25% 股份取得了顯著成功。這些交易為 Onex Partners V 帶來了 0.7 倍的強勁 DPI，展示了 Onex 私募股權策略的有效性。</p>
<h2>Onex Partners IV 的損失</h2>
<p>儘管其他私募股權基金獲得了收益，Onex Partners IV 卻錄得損失，抵消了一部分積極回報。這一挑戰突顯了私募股權投資的固有風險，儘管這並未掩蓋財報電話會議的整體積極情緒。</p>
<h2>收購後流動性有限</h2>
<p>在收購 Convex 後，Onex 預計將擁有 5 億美元的流動性。雖然這被認為是足夠的，但在短期內被視為緊張，可能對公司的財務靈活性構成挑戰。</p>
<h2>前瞻性指導</h2>
<p>Onex 領導層的前瞻性指導強調收購 Convex 和與 AIG 的合作是提升股東價值的關鍵。Convex 的顯著增長和 AIG 的財務承諾預計將推動 Onex 淨資產值的擴張，並支持向更輕資本模式的轉變。公司有望在 2025 年以積極的財務狀況結束，費用相關收益強勁。</p>
<p>總之，ONEX Corporation 的財報電話會議反映出積極的戰略轉變，重要舉措包括收購 Convex 和與 AIG 的合作。儘管面臨 Onex Partners IV 的損失和流動性緊縮等挑戰，但整體情緒依然樂觀，期待長期增長和提升股東價值。</p>

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<p>ONEX Corporation 第三季度的財報電話會議強調了通過收購 Convex 63% 的股份和與 AIG 達成 20 億美元的合作伙伴關係進行的戰略轉型。信貸部門的表現超出預期，資產增加了 107 億美元，而儘管 Onex Partners IV 虧損，私募股權的實現仍然強勁。公司預計收購後將有 5 億美元的流動性，這雖然緊張但可控。總體而言，情緒積極，預計這些戰略舉措將推動長期增長和提升股東價值</p>

<p>ONEX Corporation ((TSE:ONEX)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>ONEX Corporation（(TSE:ONEX)）已舉行其第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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</div><p>ONEX Corporation’s recent earnings call highlighted a strategic transformation, marked by the acquisition of Convex and a partnership with AIG, setting the stage for long-term growth. The sentiment was largely positive, driven by the credit segment’s outperformance and successful private equity realizations, although challenges such as losses in Onex Partners IV and tighter liquidity post-acquisition were noted.</p>
<div class="lb-trans"><p>ONEX Corporation 最近的財報電話會議強調了一項戰略轉型，標誌着收購 Convex 和與 AIG 的合作，為長期增長奠定了基礎。整體情緒大體積極，受益於信貸部門的優異表現和成功的私募股權實現，儘管也提到了一些挑戰，如 Onex Partners IV 的損失和收購後流動性緊縮。</p>
</div><h2>Acquisition of Convex</h2>
<div class="lb-trans"><h2>收購 Convex</h2>
</div><p>Onex Corporation has taken a significant step by acquiring a 63% stake in Convex, a prominent insurance organization. This strategic move is aimed at enhancing long-term shareholder value, with Convex showing a remarkable 22% annual growth in gross written premium since 2022. The acquisition is expected to improve profitability steadily, positioning Onex to leverage its expertise in the insurance sector.</p>
<div class="lb-trans"><p>Onex Corporation 通過收購 Convex 63% 的股份，邁出了重要一步，Convex 是一家知名的保險機構。這一戰略舉措旨在提升長期股東價值，自 2022 年以來，Convex 的毛保費年增長率達到了 22%。預計此次收購將穩步改善盈利能力，使 Onex 能夠利用其在保險領域的專業知識。</p>
</div><h2>Strategic Partnership with AIG</h2>
<div class="lb-trans"><h2>與 AIG 的戰略合作</h2>
</div><p>AIG’s commitment of $2 billion to Onex’s private equity and credit funds is a strong endorsement of Onex’s strategic direction. This partnership is anticipated to contribute an additional $15 million to $20 million in fee-related earnings, signaling potential for future collaborations and bolstering Onex’s financial performance.</p>
<div class="lb-trans"><p>AIG 對 Onex 的私募股權和信貸基金承諾投資 20 億美元，強烈支持 Onex 的戰略方向。這一合作預計將為 Onex 帶來額外 1500 萬至 2000 萬美元的費用相關收益，預示着未來合作的潛力，並增強 Onex 的財務表現。</p>
</div><h2>Credit Segment Outperformance</h2>
<div class="lb-trans"><h2>信貸部門的優異表現</h2>
</div><p>The credit segment of Onex exceeded expectations by pricing 22 CLO transactions and raising or extending $10.7 billion in fee-generating assets. This performance highlights a robust trajectory in fee-related earnings, underscoring the strength of Onex’s credit operations.</p>
<div class="lb-trans"><p>Onex 的信貸部門超出預期，成功定價 22 筆 CLO 交易，並籌集或延長了 107 億美元的費用生成資產。這一表現突顯了費用相關收益的強勁軌跡，彰顯了 Onex 信貸業務的實力。</p>
</div><h2>Successful Private Equity Realizations</h2>
<div class="lb-trans"><h2>成功的私募股權實現</h2>
</div><p>Onex Partners achieved notable success with the sale of 55% of its investment in OneDigital and a premium sale of its 25% stake in WestJet. These transactions contributed to a strong DPI of 0.7x for Onex Partners V, showcasing the effectiveness of Onex’s private equity strategies.</p>
<div class="lb-trans"><p>Onex Partners 通過出售其在 OneDigital 的 55% 投資和以溢價出售其在 WestJet 的 25% 股份取得了顯著成功。這些交易為 Onex Partners V 帶來了 0.7 倍的強勁 DPI，展示了 Onex 私募股權策略的有效性。</p>
</div><h2>Losses in Onex Partners IV</h2>
<div class="lb-trans"><h2>Onex Partners IV 的損失</h2>
</div><p>Despite gains in other private equity funds, Onex Partners IV recorded losses, which offset some of the positive returns. This challenge highlights the inherent risks in private equity investments, although it does not overshadow the overall positive sentiment of the earnings call.</p>
<div class="lb-trans"><p>儘管其他私募股權基金獲得了收益，Onex Partners IV 卻錄得損失，抵消了一部分積極回報。這一挑戰突顯了私募股權投資的固有風險，儘管這並未掩蓋財報電話會議的整體積極情緒。</p>
</div><h2>Limited Liquidity Post Acquisition</h2>
<div class="lb-trans"><h2>收購後流動性有限</h2>
</div><p>Following the acquisition of Convex, Onex anticipates having $500 million in liquidity. While this is deemed sufficient, it is considered tight in the near term, posing a potential challenge for the company’s financial flexibility.</p>
<div class="lb-trans"><p>在收購 Convex 後，Onex 預計將擁有 5 億美元的流動性。雖然這被認為是足夠的，但在短期內被視為緊張，可能對公司的財務靈活性構成挑戰。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</h2>
</div><p>The forward-looking guidance from Onex’s leadership emphasized the strategic acquisition of Convex and the partnership with AIG as pivotal for enhancing shareholder value. Convex’s impressive growth and AIG’s financial commitment are expected to drive Onex’s net asset value expansion and support a shift towards a more capital-light model. The company is poised to exit 2025 on a positive financial note, with strong fee-related earnings.</p>
<div class="lb-trans"><p>Onex 領導層的前瞻性指導強調收購 Convex 和與 AIG 的合作是提升股東價值的關鍵。Convex 的顯著增長和 AIG 的財務承諾預計將推動 Onex 淨資產值的擴張，並支持向更輕資本模式的轉變。公司有望在 2025 年以積極的財務狀況結束，費用相關收益強勁。</p>
</div><p>In conclusion, ONEX Corporation’s earnings call reflects a positive strategic shift with significant moves such as the acquisition of Convex and partnership with AIG. While there are challenges like losses in Onex Partners IV and tighter liquidity, the overall sentiment remains optimistic, with expectations of long-term growth and enhanced shareholder value.</p>
<div class="lb-trans"><p>總之，ONEX Corporation 的財報電話會議反映出積極的戰略轉變，重要舉措包括收購 Convex 和與 AIG 的合作。儘管面臨 Onex Partners IV 的損失和流動性緊縮等挑戰，但整體情緒依然樂觀，期待長期增長和提升股東價值。</p>
</div>

ONEX 財報電話會議：戰略舉措與增長前景