Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

SBI Insurance Group / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27442" target="_blank" data-smartkarma-citation="entities:27442:1">SBI Insurance Group Co Ltd (7326 JP)</a> is the insurance arm of <a href="https://www.smartkarma.com/entities/10928" target="_blank" data-smartkarma-citation="entities:10928:1">Sbi Holdings (8473 JP)</a>, catering to the non-life, life and small amount short-term insurance sectors in a diversified manner. The company emphasises direct distribution through the internet to reduce costs and the use of technology to adapt products to maximise fit with consumer needs. In addition, the company aims to leverage the network of SBI Holdings which will continue to own about 82% of the company after listing.<table class="table table-striped"><tbody>
<tr>
<td>Company Name</td>
<td>SBI Insurance Group Co. Ltd.</td>
</tr>
<tr>
<td>Company Ticker</td>
<td>7326 JP</td>
</tr>
<tr>
<td>Stock Exchange</td>
<td>TSE Mothers Section</td>
</tr>
<tr>
<td>Business Description</td>
<td>Diversified Internet Based Insurance</td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td>New Shares Offered</td>
<td>4,000,000</td>
</tr>
<tr>
<td>Existing Shares Offered</td>
<td>856,500</td>
</tr>
<tr>
<td>Overallotment (Existing Shares)</td>
<td>1,710,000</td>
</tr>
<tr>
<td>Total Shares Offered</td>
<td>6,566,500</td>
</tr>
<tr>
<td>Tentative Price</td>
<td>1,800-2,160</td>
</tr>
<tr>
<td>Estimated Capital to be Raised (JPY)</td>
<td>7,920,000,000</td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td>Bookbuilding</td>
<td>07 Sep - 13 Sep</td>
</tr>
<tr>
<td>Pricing Date</td>
<td>14 Sep</td>
</tr>
<tr>
<td>Application Dates</td>
<td>24th May - 29th May</td>
</tr>
<tr>
<td>Listing Date</td>
<td>27 Sep</td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td>Shares Outstanding at Listing</td>
<td>22,820,530</td>
</tr>
<tr>
<td>Estimated Market Capitalisation (JPY)</td>
<td>45,184,649,400</td>
</tr>
</tbody></table>

SBI Insurance Group Co Ltd (7326 JP) is the insurance arm of Sbi Holdings (8473 JP), catering to the non-life, life and small amount short-term insurance sectors in a diversified manner. The company emphasises direct distribution through the internet to reduce costs and the use of technology to adapt products to maximise fit with consumer needs. In addition, the company aims to leverage the network of SBI Holdings which will continue to own about 82% of the company after listing.

Company Name
SBI Insurance Group Co. Ltd.


Company Ticker
7326 JP


Stock Exchange
TSE Mothers Section


Business Description
Diversified Internet Based Insurance






New Shares Offered
4,000,000


Existing Shares Offered
856,500


Overallotment (Existing Shares)
1,710,000


Total Shares Offered
6,566,500


Tentative Price
1,800-2,160


Estimated Capital to be Raised (JPY)
7,920,000,000






Bookbuilding
07 Sep - 13 Sep


Pricing Date
14 Sep


Application Dates
24th May - 29th May


Listing Date
27 Sep






Shares Outstanding at Listing
22,820,530


Estimated Market Capitalisation (JPY)
45,184,649,400



SBI Insurance Group IPO: Riding Pets and Harleys to a Premium Multiple

Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

This is the largest pet insurance company in Japan. It was set up in 2003 by and ex-Tokio M&amp;F employee (9% shareholding) who successfully spotted a hole in the market. It now has 60% of the market and has grown through its successful tie up with pet shops, who offer its insurance when people buy a pet. It now employs 660 people and this year forecasts sales of Y28bn (+8%).In Japan there are 10m dogs and 10m cats. 20% of household have pets but the diffusion rate of those that have pet insurance…

This is the largest pet insurance company in Japan. It was set up in 2003 by and ex-Tokio M&amp;F employee (9% shareholding) who successfully spotted a hole in the market. It now has 60% of the market and has grown through its successful tie up with pet shops, who offer its insurance when people buy a pet. It now employs 660 people and this year forecasts sales of Y28bn (+8%).In Japan there are 10m dogs and 10m cats. 20% of household have pets but the diffusion rate of those that have pet insurance…

Japan

Anicom Holdings, Inc. is a holding company which was established through the merger of Anicom Insurance, Inc., Anicom Frontier, Inc., Anicom Pafe, Inc. The Company provides health insurance policies for pets and operates insurance agency through internet, personal visiting. Anicom Holdings also researches and provides pet business information.

Anicom Holdings (8715 JP)

SBI Insurance Group IPO: Riding Pets and Harleys to a Premium Multiple

SBI Insurance Group Co Ltd (7326 JP) is the insurance arm of Sbi Holdings (8473 JP), catering to the non-life, life and small amount short-term...

Mio Kato

Growth in a Niche Market

This is the largest pet insurance company in Japan. It was set up in 2003 by and ex-Tokio M&F employee (9% shareholding) who successfully...

Pearl Hill Advisors