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

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

China Life Insurance Company / Equity Bottom-Up

<ul>
<li>Share prices of China Life and Prudential plc have been up by 33% and 40% - 50% YTD, respectively.</li>
<li>China Life's agency restructuring is bearing fruit, as evidenced by increasing agency productivity, and is expected to continue driving new business growth and margin expansion.</li>
<li>Our previous thesis for Prudential plc remains largely intact. Albeit the strong share price performance YTD, valuation upside remains as its new business multiple continues to re-rate.</li>
</ul>


Share prices of China Life and Prudential plc have been up by 33% and 40% - 50% YTD, respectively.
China Life's agency restructuring is bearing fruit, as evidenced by increasing agency productivity, and is expected to continue driving new business growth and margin expansion.
Our previous thesis for Prudential plc remains largely intact. Albeit the strong share price performance YTD, valuation upside remains as its new business multiple continues to re-rate.


Two Asian Life Insurance Stocks (Both Up >30% YTD) Worth Closer Looks

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 13th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 13th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto.


HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

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.

<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> is a pan-Asia insurer that has filed its PHIP to raise around US$500 million. </li>
<li>FWD initially aimed for an NYSE IPO in 2021 to raise US$2-3 billion at a US$13-15 billion valuation. An HKEx listing in 2022 was shelved due to market conditions. </li>
<li>This note outlines the investment case. My analysis suggests that the fundamentals are mixed as FWD is rapidly growing its new business, but at the expense of its margin. </li>
</ul>



FWD Group Holdings (FWD HK) is a pan-Asia insurer that has filed its PHIP to raise around US$500 million. 
FWD initially aimed for an NYSE IPO in 2021 to raise US$2-3 billion at a US$13-15 billion valuation. An HKEx listing in 2022 was shelved due to market conditions. 
This note outlines the investment case. My analysis suggests that the fundamentals are mixed as FWD is rapidly growing its new business, but at the expense of its margin. 


<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 20th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Chow Tai Fook Jewellery (1929 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Chow Tai Fook Jewellery (1929 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 20th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Chow Tai Fook Jewellery (1929 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Chow Tai Fook Jewellery (1929 HK).


Hong Kong Buybacks Weekly (Jun 20th): Tencent, Chow Tai Fook Jewellery, AIA

Hong Kong

AIA Group Limited offers insurance and financial services. The Company writes life insurance for individuals, businesses, accident, and health insurance, as well as retirement planning and wealth management services.

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AIA Group Ltd (1299 HK)

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

Two Asian Life Insurance Stocks (Both Up >30% YTD) Worth Closer Looks

After years of underperformance, China Life and Prudential are finally recovering. China Life's agency restructuring is bearing fruit while...

Alec Tseung

HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jun 13th and highlight short interest changes in Beke, Zijin Mining, Wuxi...

Ke Yan, CFA, FRM

FWD Group IPO: The Investment Case

This note outlines the investment case. My analysis suggests that the fundamentals are mixed as FWD is rapidly growing its new business, but at the...

Arun George

Hong Kong Buybacks Weekly (Jun 20th): Tencent, Chow Tai Fook Jewellery, AIA

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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