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 Capital Markets

FWD Group Holdings / Equity Capital Markets

<ul>
<li>While FWD has achieved strong growth in certain key markets, its overall new business growth rate didn't differ significantly from the peers, AIA and Prudential.</li>
<li>Compared to the peers, it offers more exposure to Thailand/Cambodia, in terms of APE and VNB mix. But, the peers still have better scale in these markets.</li>
<li>We struggle to develop the thesis unless FWD's valuation is really attractive. It's also not expecting to pay any dividends in the near future while both peers do.</li>
</ul>


While FWD has achieved strong growth in certain key markets, its overall new business growth rate didn't differ significantly from the peers, AIA and Prudential.
Compared to the peers, it offers more exposure to Thailand/Cambodia, in terms of APE and VNB mix. But, the peers still have better scale in these markets.
We struggle to develop the thesis unless FWD's valuation is really attractive. It's also not expecting to pay any dividends in the near future while both peers do.


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.

Seoul Guarantee Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a> raised around US$125m in its Korean IPO. </li>
<li>Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.</li>
<li>We have looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Seoul Guarantee Insurance (031210 KS) raised around US$125m in its Korean IPO. 
Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
We have looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we talk about the trading dynamics.


Seoul Guarantee Insurance IPO Trading - KDIC Stake Overhang Remains, Yield Might Help

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a> is looking to raise around US$155m in its Korean IPO. </li>
<li>Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.</li>
<li>In this note, we discuss its recent financials, and share our updated thoughts on valuation.</li>
</ul>



Seoul Guarantee Insurance (031210 KS) is looking to raise around US$155m in its Korean IPO. 
Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
In this note, we discuss its recent financials, and share our updated thoughts on valuation.


Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation - Weaker Performance than Expected

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>ETF flows in the Asian region continued their positive momentum during August with Southbound Connect positive again for the week.</li>
<li>
<a href="https://www.smartkarma.com/entities/stella-international" target="_blank" data-smartkarma-citation="entities:7610:1" rel="noopener">Stella International (1836 HK)</a> will increase its dividends and buybacks after positive earnings surprise. <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a> saw a surge in new policies from mainlanders in HK.
</li>
<li>
<a href="https://www.smartkarma.com/entities/lufax-holding-ltd-b751749a-8feb-4b4d-85a7-d99ac0308fe7" target="_blank" data-smartkarma-citation="entities:40067:1" rel="noopener">Lufax Holding (6623 HK)</a> reported an earnings miss with declining loan volume. <a href="https://www.smartkarma.com/entities/yancoal-australia" target="_blank" data-smartkarma-citation="entities:8427:1" rel="noopener">Yancoal Australia (3668 HK)</a> reported a decline of 57% in earnings which was below analysts' estimates.
</li>
</ul>


ETF flows in the Asian region continued their positive momentum during August with Southbound Connect positive again for the week.

Stella International (1836 HK) will increase its dividends and buybacks after positive earnings surprise. AIA Group Ltd (1299 HK) saw a surge in new policies from mainlanders in HK.


Lufax Holding (6623 HK) reported an earnings miss with declining loan volume. Yancoal Australia (3668 HK) reported a decline of 57% in earnings which was below analysts' estimates.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 26)

<ul>
<li>Consumer sectors in China are gaining more focus as the government lays out steps to increase domestic consumption.</li>
<li>Hong Kong markets performed well relative to region during recent market turmoil.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-education-group-holdin" target="_blank" data-smartkarma-citation="entities:18218:1" rel="noopener">China Education Group (839 HK)</a> and <a href="https://www.smartkarma.com/entities/china-reinsurance-group-corp" target="_blank" data-smartkarma-citation="entities:993:1" rel="noopener">China Reinsurance (Group) (1508 HK)</a> experienced breakouts and <a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:1015:1" rel="noopener">China Telecom (H) (728 HK)</a> had a breakdown. <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:159:1" rel="noopener">Anhui Conch Cement (914 HK)</a> is more positive.
</li>
</ul>


Consumer sectors in China are gaining more focus as the government lays out steps to increase domestic consumption.
Hong Kong markets performed well relative to region during recent market turmoil.

China Education Group (839 HK) and China Reinsurance (Group) (1508 HK) experienced breakouts and China Telecom (H) (728 HK) had a breakdown. Anhui Conch Cement (914 HK) is more positive.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (AUGUST 9)

Hong Kong

Prudential Public Limited Company provides long term savings and protection products. The Company offers life and health insurance for long term business including asset management services. Prudential serves customers in Asia and Africa.

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Prudential (2378 HK)

FWD IPO: What Are We Buying?

As FWD's scale still lags behind both AIA and Prudential and its growth rate was also merely in line with them, we struggle to develop the...

Alec Tseung

Seoul Guarantee Insurance IPO Trading - KDIC Stake Overhang Remains, Yield Might Help

Seoul Guarantee Insurance (031210 KS) raised around US$125m in its Korean IPO. In this note, we talk about the trading dymanics.

Sumeet Singh

Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation - Weaker Performance than Expected

Seoul Guarantee Insurance (031210 KS) is looking to raise around US$155m in its Korean IPO. In this note, we discuss its recent financials, and...

Clarence Chu

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 26)

ETF flows were again led by China. Stella International reported a surge in earnings and AIA announced new policy growth exceeded expectations....

David Mudd

Technically Speaking, Breakouts and Breakdowns: HONG KONG (AUGUST 9)

HK markets had lower volatility than other regional markets this week. China Ed and China Re had technical break outs while China Tel broke...

David Mudd

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