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

PICC Property & Casualty H / Equity Bottom-Up

<ul>
<li>The insurance sector should definitely warrant more investor attention going forward as some insurance names in the region have had a very strong year in 2022.</li>
<li>Two key markets we view positively in 2023 are China's P&amp;C and Korea's L&amp;H insurance markets, given their favorable industry catalysts and tailwinds. </li>
<li>Among all the insurance stocks in these two markets, we believe PICC P&amp;C and Samsung Life will continue to have an exciting year ahead.</li>
</ul>


The insurance sector should definitely warrant more investor attention going forward as some insurance names in the region have had a very strong year in 2022.
Two key markets we view positively in 2023 are China's P&amp;C and Korea's L&amp;H insurance markets, given their favorable industry catalysts and tailwinds. 
Among all the insurance stocks in these two markets, we believe PICC P&amp;C and Samsung Life will continue to have an exciting year ahead.


APAC Insurers Series (#1): A Hidden Gem in This Bear Market?

<ul>
<li>China's motor insurance has been showing signs of growth after years of decline due to deregulations and reforms in the sector.</li>
<li>Motor insurance tailwind will benefit large players the most. Bullish on PICC P&amp;C since it's the largest player in motor insurance and to likely benefit the most from the tailwind.</li>
<li>Bearish on CPIC since its P&amp;C business is much smaller than PICC P&amp;C and Ping An P&amp;C, while its L&amp;H growth continues to be under pressure.  </li>
</ul>


China's motor insurance has been showing signs of growth after years of decline due to deregulations and reforms in the sector.
Motor insurance tailwind will benefit large players the most. Bullish on PICC P&amp;C since it's the largest player in motor insurance and to likely benefit the most from the tailwind.
Bearish on CPIC since its P&amp;C business is much smaller than PICC P&amp;C and Ping An P&amp;C, while its L&amp;H growth continues to be under pressure.  


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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a> has announced a voluntary unconditional general offer for <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> at S$25.60 per share, a 36.90% premium to the undisturbed price.</li>
<li>OCBC aims to privatise Great Eastern by delisting resolutions or exercising compulsory acquisition rights. The offer has not been declared final.</li>
<li>While the offer is reasonable, it is not a knockout bid which would comfortably allow OCBC to privatise through either option. A bump is highly likely.   </li>
</ul>



OCBC (OCBC SP) has announced a voluntary unconditional general offer for Great Eastern Holdings (GE SP) at S$25.60 per share, a 36.90% premium to the undisturbed price.
OCBC aims to privatise Great Eastern by delisting resolutions or exercising compulsory acquisition rights. The offer has not been declared final.
While the offer is reasonable, it is not a knockout bid which would comfortably allow OCBC to privatise through either option. A bump is highly likely.   


Great Eastern Holdings (GE SP): OCBC’s Offer Needs a Bump to Achieve Privatisation Ambitions

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 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 for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.</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 for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.


Hong Kong Connect Flows (April): 12M High of $10.7bn Inflows

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, Bank Of China, Tencent, Petrochina, ICBC,  HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Bank Of China, Tencent, Petrochina, ICBC,  HSBC.


Hong Kong Connect Flows (Apr 19th): China Mobile, Bank Of China, Tencent, Petrochina, HSBC

China

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.

China Pacific Insurance (Group) Co., (601601 CH)

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China Pacific Insurance (Group) Co., (601601 CH)

APAC Insurers Series (#1): A Hidden Gem in This Bear Market?

China P&C and Korea L&H are two insurance markets in Asia that we view positively in 2023, thanks to the continued catalysts. PICC P&C and Samsung...

Alec Tseung

China Insurance: PICC P&C Vs. CPIC

Bullish on PICC P&C outlook as it's expected to benefit the most from China's motor insurance recovery. Bearish on CPIC's because its P&C is much...

Alec Tseung

Great Eastern Holdings (GE SP): OCBC’s Offer Needs a Bump to Achieve Privatisation Ambitions

While the offer is reasonable, it is not a knockout bid which would comfortably allow OCBC to privatise Great Eastern. Shares are trading slightly...

Arun George

Hong Kong Connect Flows (April): 12M High of $10.7bn Inflows

We analyzed the Hong Kong Connect Scheme for April and highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Apr 19th): China Mobile, Bank Of China, Tencent, Petrochina, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Bank Of China, Tencent, Petrochina, ICBC, HSBC.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)