IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Bottom-Up

Ping An Healthcare and Technology / Equity Bottom-Up

Ping An Healthcare and Technology (1833 HK)

<a href="https://www.smartkarma.com/entities/27008" target="_blank" data-smartkarma-citation="entities:27008:1">Ping An Healthcare And Techn (1833 HK)</a>/PAHTG's IPO turned out to be a damp squib and the shares are currently trading below its IPO price. Press reports disingenuously blamed the poor share price performance on investors (suddenly) worrying about its high valuation. However, the signs are that investors' worries are about to ratchet up a notch.The competitive intensity is heating up with <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent Holdings Ltd (700 HK)</a>-backed WeDoctor completing a $500 million funding round and announcing a…

Ping An Healthcare And Techn (1833 HK)/PAHTG's IPO turned out to be a damp squib and the shares are currently trading below its IPO price. Press reports disingenuously blamed the poor share price performance on investors (suddenly) worrying about its high valuation. However, the signs are that investors' worries are about to ratchet up a notch.The competitive intensity is heating up with Tencent Holdings Ltd (700 HK)-backed WeDoctor completing a $500 million funding round and announcing a…

Ping An Good Doctor: Competition Ratcheting up the Pressure

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

* Unresolved Accounting Questions: A recently changed FYE to December coupled with a failure to disclose several months of data disallow reasonable QOQ comparisons. We also question the assumptions that are used to calculate VONB margins - which are somehow at record levels during a more challenging interest rate environment. Both factors – along with deferred acquisition cost (DAC) accounting  at AIA - suggest that the new CEO is pushing the envelope in a slow growth environment (especially in…

* Unresolved Accounting Questions: A recently changed FYE to December coupled with a failure to disclose several months of data disallow reasonable QOQ comparisons. We also question the assumptions that are used to calculate VONB margins - which are somehow at record levels during a more challenging interest rate environment. Both factors – along with deferred acquisition cost (DAC) accounting  at AIA - suggest that the new CEO is pushing the envelope in a slow growth environment (especially in…

AIA – Change in FYE Leads to Additional Growth Questions

* Pension Reform/Foreign Ownership Reforms: Whilst reform has been anticipated for well over a decade, the initial market reaction suggests this should be a long-term boon for the mainland Chinese life insurance sector.  China Life (2628.HK) has the most exposure to the nation’s life &amp; pensions industry and is the largest purveyor of pension products.  * Not So Fast: Growth prospects are exciting, but the fact is that the mainland Chinese insurance sector in aggregate has a very questionable…

* Pension Reform/Foreign Ownership Reforms: Whilst reform has been anticipated for well over a decade, the initial market reaction suggests this should be a long-term boon for the mainland Chinese life insurance sector.  China Life (2628.HK) has the most exposure to the nation’s life &amp; pensions industry and is the largest purveyor of pension products.  * Not So Fast: Growth prospects are exciting, but the fact is that the mainland Chinese insurance sector in aggregate has a very questionable…

AIA Group Ltd. – Risk & Reward of Chinese Insurance Reforms

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

AIA's flat congestive formation from late 2017 shows some strong bull signals. Important to note that AIA outperformed (held flat) during market weakness which allowed time to build steam for an upside breakout which is unfolding. Typically, flat congestion or sideways trade as indictors drift lower is a bull set-up and is what we are seeing in AIA.We were looking for a pullback near 65/63 for a long entry, however, today's break above 69/70 puts AIA firmly in the breakout camp as long as we…

AIA's flat congestive formation from late 2017 shows some strong bull signals. Important to note that AIA outperformed (held flat) during market weakness which allowed time to build steam for an upside breakout which is unfolding. Typically, flat congestion or sideways trade as indictors drift lower is a bull set-up and is what we are seeing in AIA.We were looking for a pullback near 65/63 for a long entry, however, today's break above 69/70 puts AIA firmly in the breakout camp as long as we…

* De-Merger Announcement: Prudential plc (PRU.LN) [Pru] expects to segregate its United Kingdom (UK) life insurance and asset management subsidiary from the rest of the operation. Instead, Pru will now focus on Asia, the United States, and Africa.* Asian Capital Raise Likelier: We would not be surprised to see a significant capital raise in Hong Kong if/when the relationship with Jackson National is terminated. Hiving off the US franchise would allow the shares to trade more on par with AIA…

* De-Merger Announcement: Prudential plc (PRU.LN) [Pru] expects to segregate its United Kingdom (UK) life insurance and asset management subsidiary from the rest of the operation. Instead, Pru will now focus on Asia, the United States, and Africa.* Asian Capital Raise Likelier: We would not be surprised to see a significant capital raise in Hong Kong if/when the relationship with Jackson National is terminated. Hiving off the US franchise would allow the shares to trade more on par with AIA…

Prudential Plc – De-Merger Suggests Greater Competition for AIA

Hong Kong

AIA Group is a Hong Kong-based multinational insurance and finance corporation, and the largest publicly traded life insurance group in the Asia-Pacific region. It offers a wide range of products including life, accident, and health insurance, savings plans, employee benefits, and wealth management services. The company was founded in 1919 and is headquartered in Central, Hong Kong.

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AIA Group (AAGIY US)

Ping An Good Doctor: Competition Ratcheting up the Pressure

Ping An Healthcare And Techn (1833 HK)/PAHTG's IPO turned out to be a damp squib and the shares are currently trading below its IPO price. Press...

Arun George

AIA – Change in FYE Leads to Additional Growth Questions

* Unresolved Accounting Questions: A recently changed FYE to December coupled with a failure to disclose several months of data disallow reasonable...

Thomas J. Monaco

AIA Group Ltd. – Risk & Reward of Chinese Insurance Reforms

* Pension Reform/Foreign Ownership Reforms: Whilst reform has been anticipated for well over a decade, the initial market reaction suggests this...

Thomas J. Monaco

AIA Bullish to 80.90 and Better

AIA's flat congestive formation from late 2017 shows some strong bull signals. Important to note that AIA outperformed (held flat) during market...

Thomas Schroeder

Prudential Plc – De-Merger Suggests Greater Competition for AIA

* De-Merger Announcement: Prudential plc (PRU.LN) [Pru] expects to segregate its United Kingdom (UK) life insurance and asset management subsidiary...

Thomas J. Monaco

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