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.

Equity Capital Markets

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> will open its book for a US$1 billion raise from 29 June to 14 July. The IPO price has been set at THB16.00 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:71653" rel="noopener">Thai Life Insurance IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:71693" rel="noopener">Thai Life Insurance IPO: The Bear Case</a>. </li>
<li>Peer analysis suggests that Thai Life should trade at a modest premium to Bangkok Life but at a material discount to AIA. Consequently, the IPO valuation is full. </li>
</ul>



Thai Life Insurance (TLI TB) will open its book for a US$1 billion raise from 29 June to 14 July. The IPO price has been set at THB16.00 per share.
We previously discussed the IPO in Thai Life Insurance IPO: The Bull Case and Thai Life Insurance IPO: The Bear Case. 
Peer analysis suggests that Thai Life should trade at a modest premium to Bangkok Life but at a material discount to AIA. Consequently, the IPO valuation is full. 


Thai Life Insurance IPO: Valuation Insights

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.

<ul>
<li>Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note, we will talk about valuations and undertake a peer comparison versus its international peers.</li>
</ul>


Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we will talk about valuations and undertake a peer comparison versus its international peers.


Thai Life Insurance Pre-IPO - Thoughts on Valuation and International Peer Comparison

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (124744Z TB)</a> has started to meet investors ahead of its $1 billion IPO. The roadshow will run till early July with a listing targeted later in July.</li>
<li>In <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:71653" rel="noopener">Thai Life Insurance IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case. </li>
<li>The key elements of the bear case rest on market share pressure, tepid total premium performance, a checkered record in sales channel diversification, stagnating agent growth and inconsistent agent productivity.</li>
</ul>



Thai Life Insurance (124744Z TB) has started to meet investors ahead of its $1 billion IPO. The roadshow will run till early July with a listing targeted later in July.
In Thai Life Insurance IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case. 
The key elements of the bear case rest on market share pressure, tepid total premium performance, a checkered record in sales channel diversification, stagnating agent growth and inconsistent agent productivity.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (124744Z TB)</a> has started to meet investors ahead of its $1 billion IPO. The roadshow will run till early July with a listing targeted later in July.</li>
<li>Thai Life is the third-largest life insurer in Thailand with a 12.9% market share as measured by gross premium income in 1Q22.</li>
<li>The key elements of the bull case rest on a strong brand, the largest agent network, return to APE growth, high persistency ratio and improving VONB margin.</li>
</ul>



Thai Life Insurance (124744Z TB) has started to meet investors ahead of its $1 billion IPO. The roadshow will run till early July with a listing targeted later in July.
Thai Life is the third-largest life insurer in Thailand with a 12.9% market share as measured by gross premium income in 1Q22.
The key elements of the bull case rest on a strong brand, the largest agent network, return to APE growth, high persistency ratio and improving VONB margin.


<ul>
<li>Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we talk about the positive aspects of the deal.


Thai Life Insurance Pre-IPO - The Positives - Resilient Performance with a Changing Product Mix

Hong Kong

FWD Group Holdings Limited offers insurance services. The Company provides life insurance, health insurance, and other related products. FWD Group Holdings conducts businesses throughout Hong Kong.

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FWD Group Holdings (1828 HK)

Thai Life Insurance IPO: Valuation Insights

Peer analysis suggests that Thai Life should trade at a modest premium to Bangkok Life but at a material discount to AIA. Consequently, the IPO...

Arun George

Thai Life Insurance Pre-IPO - Thoughts on Valuation and International Peer Comparison

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. In this note, we talk about valuations.

Sumeet Singh

Thai Life Insurance IPO: The Bear Case

The key elements of the bear case rest on market share pressure, tepid premium performance, a checkered record in channel diversification,...

Arun George

Thai Life Insurance IPO: The Bull Case

The key elements of the bull case rest on a strong brand, the largest agent network, return to APE growth, high persistency ratio and improving...

Arun George

Thai Life Insurance Pre-IPO - The Positives - Resilient Performance with a Changing Product Mix

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. It is one of the largest Life Insurance companies in Thailand,...

Sumeet Singh

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