Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

ICICI Lombard General Insurance / Equity Bottom-Up

ICICI Lombard General Insurance (ICICIGI IN)

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/icici-lombard-general-insura" target="_blank" data-smartkarma-citation="entities:25882:1" rel="noopener">ICICI Lombard GIC (ICICIGI IN)</a> vs. <a href="https://www.smartkarma.com/entities/sbi-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:25899:1" rel="noopener">SBI Life (SBILIFE IN)</a> price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlight: Going long <a href="https://www.smartkarma.com/entities/icici-lombard-general-insura" target="_blank" data-smartkarma-citation="entities:25882:1" rel="noopener">ICICI Lombard General Insurance (ICICIGI IN)</a> and short <a href="https://www.smartkarma.com/entities/sbi-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:25899:1" rel="noopener">SBI Life Insurance (SBILIFE IN)</a>  targets a 5% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The ICICI Lombard GIC (ICICIGI IN) vs. SBI Life (SBILIFE IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlight: Going long ICICI Lombard General Insurance (ICICIGI IN) and short SBI Life Insurance (SBILIFE IN)  targets a 5% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


ICICI Lombard (ICICIGI IN) Vs SBI Life (SBILIFE IN): Earnings Shock Opens Pair Trade

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.

Equity Capital Markets

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.</li>
<li>Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.
Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Jio Platforms Pre-IPO - The Negatives - Lower ARPU, Related Party

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSMC (Taiwan Semiconductor Manufacturing) / Technical Analysis

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Emerging market equities have been one of the worst areas to invest in 2021, but we see early signs of positive change. With the US dollar failing to break above resistance at $93.50 and the MSCI EM ETF (EEM-US) displaying a false breakdown at $52, we believe now is an opportune time to add exposure to emerging market equities. To be clear, we are not getting overly bullish on EM; we have favored developed int’l (EAFE) over EM since May, and we are now shifting back to a neutral stance between the two. We see reason to believe the tide is shifting in EM’s favor. Below we highlight attractive and actionable themes within EM.

Emerging market equities have been one of the worst areas to invest in 2021, but we see early signs of positive change. With the US dollar failing to break above resistance at $93.50 and the MSCI EM ETF (EEM-US) displaying a false breakdown at $52, we believe now is an opportune time to add exposure to emerging market equities. To be clear, we are not getting overly bullish on EM; we have favored developed int’l (EAFE) over EM since May, and we are now shifting back to a neutral stance between the two. We see reason to believe the tide is shifting in EM’s favor. Below we highlight attractive and actionable themes within EM.

Shifting Exposure To Emerging Markets; Buying TSMC/Taiwan Semi, ICICI Bank, Many Others

SBI Funds Management / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management</a> is looking to raise about US$1.2bn in its upcoming India IPO.</li>
<li>SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



SBI Funds Management is looking to raise about US$1.2bn in its upcoming India IPO.
SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Aequitas: SBI Funds Management IPO - Will Trade Inline with Its Large Peers

Shanghai Stock Exchange Composite Index / Technical Analysis

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

Cracks are beginning to show, particularly in EM/China where the MSCI EM index (EEM-US) is breaking below major $52 base support, the Shanghai Composite is breaking below 3500, the CSI 300 is breaking below 4885, and Hong Kong's Hang Seng is breaking below 27,000 support. Thankfully we have stayed away from areas hardest hit since EM/China has had poor relative performance for quite some time. Despite this being largely self-induced and very China-specific due to China's regulatory crackdown, the overhang could linger as additional Sectors/industries could be targeted. Moreover, it certainly does not help our already cautious and neutral outlook, but rather reinforces it.

Cracks are beginning to show, particularly in EM/China where the MSCI EM index (EEM-US) is breaking below major $52 base support, the Shanghai Composite is breaking below 3500, the CSI 300 is breaking below 4885, and Hong Kong's Hang Seng is breaking below 27,000 support. Thankfully we have stayed away from areas hardest hit since EM/China has had poor relative performance for quite some time. Despite this being largely self-induced and very China-specific due to China's regulatory crackdown, the overhang could linger as additional Sectors/industries could be targeted. Moreover, it certainly does not help our already cautious and neutral outlook, but rather reinforces it.

Weakness Contained To EM & China Thus Far; Actionable Themes: Tech, Utilities, Financials, Materials

India

SBI Life Insurance Co. Ltd. is a prominent Indian life insurance company, operating as a joint venture between the State Bank of India and BNP Paribas Cardif. The company offers a comprehensive suite of individual and group life insurance and savings products, including traditional plans, unit-linked plans (ULIPs), pension plans, and health plans. It also provides accident, disability, and critical illness insurance. SBI Life Insurance is headquartered in Mumbai, Maharashtra, India, and was founded in October 2000.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SBI Life Insurance (SBILIFE IN)

ICICI Lombard (ICICIGI IN) Vs SBI Life (SBILIFE IN): Earnings Shock Opens Pair Trade

5% target return as ICICI Lombard's earnings-driven sell-off creates a statistical pair trade opportunity. Essential for quantitative traders...

Gaudenz Schneider

Shifting Exposure To Emerging Markets; Buying TSMC/Taiwan Semi, ICICI Bank, Many Others

We see early signs of positive change within EM, and we present a strong case as to why we believe now is an opportune time to add exposure.

Vermilion Research

Aequitas: SBI Funds Management IPO - Will Trade Inline with Its Large Peers

SBI Funds Management is looking to raise about US$1.2bn in its upcoming India IPO. In this note we talk about the recent updates and pricing.

Sumeet Singh

Weakness Contained To EM & China Thus Far; Actionable Themes: Tech, Utilities, Financials, Materials

Cracks are beginning to show, particularly in EM/China. Key support violations include the MSCI EM index below $52, the Shanghai Comp below 3500,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ICICI Lombard (ICICIGI IN) Vs SBI Life (SBILIFE IN): Earnings Shock Opens Pair Trade

5% target return as ICICI Lombard's earnings-driven sell-off creates a statistical pair trade opportunity. Essential for quantitative traders...

Gaudenz Schneider

Aequitas: Jio Platforms Pre-IPO - The Negatives - Lower ARPU, Related Party

Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the...

Sumeet Singh

Shifting Exposure To Emerging Markets; Buying TSMC/Taiwan Semi, ICICI Bank, Many Others

We see early signs of positive change within EM, and we present a strong case as to why we believe now is an opportune time to add exposure.

Vermilion Research

Aequitas: SBI Funds Management IPO - Will Trade Inline with Its Large Peers

SBI Funds Management is looking to raise about US$1.2bn in its upcoming India IPO. In this note we talk about the recent updates and pricing.

Sumeet Singh

Weakness Contained To EM & China Thus Far; Actionable Themes: Tech, Utilities, Financials, Materials

Cracks are beginning to show, particularly in EM/China. Key support violations include the MSCI EM index below $52, the Shanghai Comp below 3500,...

Vermilion Research