Insurance, Fintech & EM-focused Analyst, KT Capital Group, KT Capital Group

Alec Tseung

Insurance, Fintech & EM-focused Analyst, KT Capital Group

KT Capital Group

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

Principal investments and advisory firm

Private Capital Markets

<ul>
<li>HSBC reported to have shortlisted 3 bidders for its Singapore life insurance manufacturing business at a valuation of up to USD 2 billion, a premium valuation given its 2024 BV.</li>
<li>We view that Sumitomo Life appears the most competitive bidder, esp. given its previous willingness to pay premium valuations to acquire life insurance assets in Singapore.</li>
<li>Allianz retains strategic conviction, underscored by its earlier, ultimately aborted attempt to acquire Income Insurance, but likely faces a much higher price hurdle now than in 2024.</li>
</ul>


HSBC reported to have shortlisted 3 bidders for its Singapore life insurance manufacturing business at a valuation of up to USD 2 billion, a premium valuation given its 2024 BV.
We view that Sumitomo Life appears the most competitive bidder, esp. given its previous willingness to pay premium valuations to acquire life insurance assets in Singapore.
Allianz retains strategic conviction, underscored by its earlier, ultimately aborted attempt to acquire Income Insurance, but likely faces a much higher price hurdle now than in 2024.


HSBC Life Singapore Sale: Which Bidder Is Likely Going to Win?

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

Kawasaki Heavy Industries / Equity Bottom-Up

<ul>
<li>Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. </li>
<li>The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  </li>
<li>Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. </li>
</ul>


Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. 
The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  
Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. 


Best Outright and Pair Trades for an Ishiba-Led LDP

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>The new excitement of the MS&amp;AD story is the company's commitment to sell down all of its cross-shareholdings and to use proceeds to fund growth and dividends. </li>
<li>ROE is already far higher now than in recent years, and this can continue with rising dividends. </li>
<li>Monthly insurance sales figures give a good window on the core business, with growth rates in May YoY and YTD accelerating.</li>
</ul>


The new excitement of the MS&amp;AD story is the company's commitment to sell down all of its cross-shareholdings and to use proceeds to fund growth and dividends. 
ROE is already far higher now than in recent years, and this can continue with rising dividends. 
Monthly insurance sales figures give a good window on the core business, with growth rates in May YoY and YTD accelerating.


MS&AD Insurance - Sell Stocks to Zero; Drive Growth, Dividends. HFD on Policy Sales, Accelerating

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

Dai Ichi Life Insurance / Equity Derivatives

<ul>
<li>The BoJ's shift from ZIRP is enabling Dai-ichi Life to lock in higher investment yields, expanding their potential interest spread.</li>
<li>Upscaled divestment of JPY 800B in domestic equities frees up capital for strategic high-return investments and an enhanced shareholder return policy with a planned 50% payout ratio.</li>
<li>With record adjusted profits and a strong Economic Solvency Ratio, these combined tailwinds create a setup for a leveraged strategy aimed at capturing directional upside.</li>
</ul>


The BoJ's shift from ZIRP is enabling Dai-ichi Life to lock in higher investment yields, expanding their potential interest spread.
Upscaled divestment of JPY 800B in domestic equities frees up capital for strategic high-return investments and an enhanced shareholder return policy with a planned 50% payout ratio.
With record adjusted profits and a strong Economic Solvency Ratio, these combined tailwinds create a setup for a leveraged strategy aimed at capturing directional upside.


[High Conviction] Dai-Ichi Life:Post-ZIRP Yield Expansion, ¥800B Equity Divestment Fuel Option Trade

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>New LDP leader and Japanese PM favours interest rate normalisation</li>
<li>This supports our outlook for a strengthening JPY against the USD</li>
<li>The Japanese central bank may now face pressure to raise rates</li>
</ul>


New LDP leader and Japanese PM favours interest rate normalisation
This supports our outlook for a strengthening JPY against the USD
The Japanese central bank may now face pressure to raise rates


Japan

The Dai-ichi Life Insurance Company Ltd. underwrites and sells life, health and annuity insurance to groups and individuals. The Company offers a wide variety of insurance products to suit different needs, ranging from children's school tuition to emergency funds for the elderly.

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Dai Ichi Life Insurance (8750 JP)

HSBC Life Singapore Sale: Which Bidder Is Likely Going to Win?

HSBC Life Singapore reported to have selected three bidders for binding bids. But, the valuation ask likely tilts the playing field in Sumitomo...

Alec Tseung

Best Outright and Pair Trades for an Ishiba-Led LDP

How to position in Japanese equities after the surprise win by Shigeru Ishiba over Sanae Takaichi in Friday's LDP election.

Andrew Jackson

MS&AD Insurance - Sell Stocks to Zero; Drive Growth, Dividends. HFD on Policy Sales, Accelerating

MS&AD commits to sell down its cross-shareholding to zero, proceeds to fund growth, dividends. Core insurance sales improving, with April and May...

Daniel Tabbush

[High Conviction] Dai-Ichi Life:Post-ZIRP Yield Expansion, ¥800B Equity Divestment Fuel Option Trade

BoJ's shift from ZIRP boosts Dai-ichi Life's investment yields. Coupled with upscaled equities divestment, there is potential for core business...

Jay Cameron

Banking on the BoJ

New Japanese PM's interest rate stance could lead to a stronger JPY against USD. Higher rates will help certain sectors in the market

Rikki Malik

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52-week Range

Market Cap (USDm)

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HSBC Life Singapore Sale: Which Bidder Is Likely Going to Win?

HSBC Life Singapore reported to have selected three bidders for binding bids. But, the valuation ask likely tilts the playing field in Sumitomo...

Alec Tseung

Best Outright and Pair Trades for an Ishiba-Led LDP

How to position in Japanese equities after the surprise win by Shigeru Ishiba over Sanae Takaichi in Friday's LDP election.

Andrew Jackson

MS&AD Insurance - Sell Stocks to Zero; Drive Growth, Dividends. HFD on Policy Sales, Accelerating

MS&AD commits to sell down its cross-shareholding to zero, proceeds to fund growth, dividends. Core insurance sales improving, with April and May...

Daniel Tabbush

[High Conviction] Dai-Ichi Life:Post-ZIRP Yield Expansion, ¥800B Equity Divestment Fuel Option Trade

​BoJ's shift from ZIRP boosts Dai-ichi Life's investment yields. Coupled with upscaled equities divestment, there is potential for core business...

Jay Cameron

Banking on the BoJ

​New Japanese PM's interest rate stance could lead to a stronger JPY against USD. Higher rates will help certain sectors in the market

Rikki Malik

BoJ's shift from ZIRP boosts Dai-ichi Life's investment yields. Coupled with upscaled equities divestment, there is potential for core business...

New Japanese PM's interest rate stance could lead to a stronger JPY against USD. Higher rates will help certain sectors in the market