Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

FWD Group Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (FWD HK)</a>, a pan-Asian life insurer founded by Richard Li, now aims to raise around US$500m in its HK IPO.</li>
<li>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.</li>
<li>We looked at the company’s 2018-21 performance in our past notes. In this note, we will talk about the updates since then.</li>
</ul>



FWD Group Holdings (FWD HK), a pan-Asian life insurer founded by Richard Li, now aims to raise around US$500m in its HK IPO.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
We looked at the company’s 2018-21 performance in our past notes. In this note, we will talk about the updates since then.


FWD Pre-IPO - PHIP Updates - Growth Slowing, Metrics Evolution Continues

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to rebound, with the support levels at 1,053/1,040 points and the resistance levels at 1,072/1,083 points.</li><li>Technically, the trend remains bearish (downtrend), but there is a short-term chance of a rebound, as a bullish reversal pattern known as a “hammer” has formed after the index hit a new low of 1,053.79 points yesterday before recovering in the afternoon.</li><li>This suggests a potential trend reversal, but only if today’s candlestick closes with a large green body — otherwise, it may just be a temporary pullback before further decline. </li></ul>

The SET Index is expected to rebound, with the support levels at 1,053/1,040 points and the resistance levels at 1,072/1,083 points.Technically, the trend remains bearish (downtrend), but there is a short-term chance of a rebound, as a bullish reversal pattern known as a “hammer” has formed after the index hit a new low of 1,053.79 points yesterday before recovering in the afternoon.This suggests a potential trend reversal, but only if today’s candlestick closes with a large green body — otherwise, it may just be a temporary pullback before further decline. 

<ul><li>The stability of Paetongtarn’s government has begun to falter following the release of an audio recording of a conversation between the Thai prime minister and the Cambodian leader, which led to the withdrawal of the Bhumjaithai Party from the coalition government.</li><li>Although external pressure directed at the prime minister has intensified, it is believed that a Cabinet reshuffle within the remaining coalition — whose parliamentary majority slightly exceeds half — will be the preferred course of action, as the Pheu Thai Party is not yet prepared for a new election.</li><li>This approach is expected to help maintain stability, at least until the passage of the fiscal year 2026 Budget Bill. Meanwhile, the likelihood of dissolving Parliament remains low.</li></ul>

The stability of Paetongtarn’s government has begun to falter following the release of an audio recording of a conversation between the Thai prime minister and the Cambodian leader, which led to the withdrawal of the Bhumjaithai Party from the coalition government.Although external pressure directed at the prime minister has intensified, it is believed that a Cabinet reshuffle within the remaining coalition — whose parliamentary majority slightly exceeds half — will be the preferred course of action, as the Pheu Thai Party is not yet prepared for a new election.This approach is expected to help maintain stability, at least until the passage of the fiscal year 2026 Budget Bill. Meanwhile, the likelihood of dissolving Parliament remains low.

<ul><li>The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.</li><li>From a technical perspective, the downtrend signal remains in place, and the index could fall as low as 969 points if it sharply breaks below this year’s low of 1,056.41 points (set on April 8).</li><li>External factors remain unclear, including the risk of war between Israel and Iran — most recently, the US has launched an attack on Iran — as well as concerns about a potential US trade tariff war and the Fed signaling that it will not rush to cut interest rates as the market had hoped. </li></ul>

The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.From a technical perspective, the downtrend signal remains in place, and the index could fall as low as 969 points if it sharply breaks below this year’s low of 1,056.41 points (set on April 8).External factors remain unclear, including the risk of war between Israel and Iran — most recently, the US has launched an attack on Iran — as well as concerns about a potential US trade tariff war and the Fed signaling that it will not rush to cut interest rates as the market had hoped. 

Shinhan Financial / Equity Capital Markets

<ul>
<li>Affinity Equity Partners is looking to raise around US$425m via selling 1.9% of its stake in <a href="https://www.smartkarma.com/entities/shinhan-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:6978:1" rel="noopener">Shinhan Financial (055550 KS).</a>
</li>
<li>Affinity had sold half of its stake earlier in 2024, when the company witnessed a number of selldowns in 1H24.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Affinity Equity Partners is looking to raise around US$425m via selling 1.9% of its stake in Shinhan Financial (055550 KS).

Affinity had sold half of its stake earlier in 2024, when the company witnessed a number of selldowns in 1H24.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Shinhan Financial Group Placement - Clean-Up Trade but Stock Is at All Time-Highs

Thailand

Kasikornbank Public Company Limited provides commercial banking services including personal and commercial banking, international trade, as well as investment banking services, to its customers throughout Thailand.  The Bank has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen; and representative offices in Shanghai, Beijing, and Kunmin.

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Kasikornbank PCL (KBANK TB)

FWD Pre-IPO - PHIP Updates - Growth Slowing, Metrics Evolution Continues

FWD Group Holdings (FWD HK), a pan-Asian life insurer founded by Richard Li, now aims to raise around US$500m in its HK IPO. In this note, we look...

Sumeet Singh

KTX Zoom - JUNE 24, 2025

The SET Index is expected to rebound, with the support levels at 1,053/1,040 points and the resistance levels at 1,072/1,083 points.

Krungthai XSpring

Ktx Ahead - June 23, 2025

This approach is expected to help maintain stability, at least until the passage of the fiscal year 2026 Budget Bill. Meanwhile, the likelihood of...

Krungthai XSpring

KTX Zoom - JUNE 23, 2025

The SET Index is expected to continue declining, with the support levels at 1,045/1,021 points and the resistance at 1,076/1,080 points.

Krungthai XSpring

Shinhan Financial Group Placement - Clean-Up Trade but Stock Is at All Time-Highs

Affinity Equity Partners is looking to raise around US$425m via selling 1.9% of its stake in Shinhan Financial (055550 KS).

Sumeet Singh

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