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 Capital Markets

FWD Group Holdings / Equity Capital Markets

<ul>
<li>While FWD has achieved strong growth in certain key markets, its overall new business growth rate didn't differ significantly from the peers, AIA and Prudential.</li>
<li>Compared to the peers, it offers more exposure to Thailand/Cambodia, in terms of APE and VNB mix. But, the peers still have better scale in these markets.</li>
<li>We struggle to develop the thesis unless FWD's valuation is really attractive. It's also not expecting to pay any dividends in the near future while both peers do.</li>
</ul>


While FWD has achieved strong growth in certain key markets, its overall new business growth rate didn't differ significantly from the peers, AIA and Prudential.
Compared to the peers, it offers more exposure to Thailand/Cambodia, in terms of APE and VNB mix. But, the peers still have better scale in these markets.
We struggle to develop the thesis unless FWD's valuation is really attractive. It's also not expecting to pay any dividends in the near future while both peers do.


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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 13th 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), AIA (1299 HK), Guoquan Food (2517 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), Bilibili (9626 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 13th 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), AIA (1299 HK), Guoquan Food (2517 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), Bilibili (9626 HK).


Hong Kong Buybacks Weekly (Jun 13th): Tencent, AIA, Guoquan Food

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 6th 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), AIA (1299 HK), Kuaishou (1024 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), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 6th 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), AIA (1299 HK), Kuaishou (1024 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), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (Jun 6th): Tencent, AIA, Kuaishou

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we look at an Asian toy manufacturer not named Pop Mart or Dream Int'l, the mashup between crypto and equity markets and the takeaways from tracking buybacks</li>
<li>Want to dig deeper? Comment or message on the themes you think should be highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma
In this cut, we look at an Asian toy manufacturer not named Pop Mart or Dream Int'l, the mashup between crypto and equity markets and the takeaways from tracking buybacks
Want to dig deeper? Comment or message on the themes you think should be highlighted next


Curator's Cut: The Next Labubu, Crypto Equities & Tracking APAC Buybacks

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Tencent, Meituan, Xiaomi, CCB, China Mobile.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Tencent, Meituan, Xiaomi, CCB, China Mobile.


Hong Kong Connect Flows (May): Inflows Slowed Down

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 IPO: What Are We Buying?

As FWD's scale still lags behind both AIA and Prudential and its growth rate was also merely in line with them, we struggle to develop the...

Alec Tseung

Hong Kong Buybacks Weekly (Jun 13th): Tencent, AIA, Guoquan Food

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

Hong Kong Buybacks Weekly (Jun 6th): Tencent, AIA, Kuaishou

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

Curator's Cut: The Next Labubu, Crypto Equities & Tracking APAC Buybacks

In this cut, we look at an Asian plush toy manufacturer not named Pop Mart or Dream Int'l, the mashup between crypto and equity markets and the...

Pranav Rao

Hong Kong Connect Flows (May): Inflows Slowed Down

We analyzed the Hong Kong Connect Scheme for May and highlighted flows for Tencent, Meituan, Xiaomi, CCB, China Mobile. Inflows in May is slowed...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)