Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-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

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?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Since the resumption of trading on the 21st August 2025, insurance play <a href="https://www.smartkarma.com/entities/great-eastern-holdings-limited" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern (GE SP)</a>, currently trading at S$15.65/share, is up ~30% from its suspended price. Not including dividends.</li>
<li>That's well adrift of the S$30.15/share Exit Offer from <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corporation-limited" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC Bank (OCBC SP)</a> that was voted down by minority shareholders on the 8th July 2025. </li>
<li>
<a href="https://links.sgx.com/FileOpen/20260506%20GEH%20Media%20Release.ashx?App=Announcement&amp;FileID=887690" target="_blank" rel="noopener"> 1Q26 profit</a> remained steady year-on-year "despite less favourable investment environment". Sales and new business embedded value increased 16% and 31% yoy. </li>
</ul>


Since the resumption of trading on the 21st August 2025, insurance play Great Eastern (GE SP), currently trading at S$15.65/share, is up ~30% from its suspended price. Not including dividends.
That's well adrift of the S$30.15/share Exit Offer from OCBC Bank (OCBC SP) that was voted down by minority shareholders on the 8th July 2025. 

 1Q26 profit remained steady year-on-year "despite less favourable investment environment". Sales and new business embedded value increased 16% and 31% yoy. 


Great Eastern (GE SP): Economic Insurance

<ul>
<li>This insight is part of a series of M&amp;A guides our Quiddity* team are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct M&amp;A.</li>
<li>The initial guide - <a href="https://skr.ma/iRcDn" target="_blank" rel="noopener">Quiddity Singapore M&amp;A Guide 2019</a> - was published in April 2019. Since that time, there have been various new developments. </li>
<li>This is an update.These insights are designed to be used as a reference. They are not actionable. For a list of Quiddity M&amp;A Guides, click <a href="https://www.smartkarma.com/search?q=%22quiddity%20M%26A%20Guide%22" target="_blank" rel="noopener">here</a>.</li>
</ul>


This insight is part of a series of M&amp;A guides our Quiddity* team are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct M&amp;A.
The initial guide - Quiddity Singapore M&amp;A Guide 2019 - was published in April 2019. Since that time, there have been various new developments. 
This is an update.These insights are designed to be used as a reference. They are not actionable. For a list of Quiddity M&amp;A Guides, click here.


<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>'s Tender offer, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>'s delisting offer. Bain also approached <a href="https://www.smartkarma.com/entities/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor (BAP AU)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno (6927 JP)</a>, and <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)'s Tender offer, A8 New Media (800 HK)'s Scheme, and Jeisys Medical (287410 KS)'s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire &amp; Cable (5809 JP).


(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a>, <a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a>, <a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga (BELI IJ)</a>, <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a>, and <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a>. </li>
<li>There were also insights on <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> and <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>, the bid for <a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a> from the Widjaja Family, and Southern Alliance Mining.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Mitra Adiperkasa (MAPI IJ), Sariguna Primatirta Tbk PT (CLEO IJ), Global Digital Niaga (BELI IJ), Prodia (PRDA IJ), and Berli Jucker (BJC TB). 
There were also insights on Great Eastern Holdings (GE SP) and OCBC (OCBC SP), the bid for Sinarmas Land (SML SP) from the Widjaja Family, and Southern Alliance Mining.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Lebaran Week That Was in ASEAN@Smartkarma - MAPI, CLEO, and Berli Jucker

Singapore

Great Eastern provides insurance and investment management services, specializing in life and health insurance, annuities, and unit-linked products. It offers a comprehensive range of personal and business insurance, including life, health, accident, property, and casualty coverage, alongside asset management services. The company was founded in Singapore in 1908.

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Great Eastern (GE SP)

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