APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

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> 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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Seoul Guarantee Insurance Corp (SGIC) is trying for another attempt at an IPO at much lower IPO price range. The IPO price range is from 26,000 won to 31,800 won.</li>
<li>At the high end of the IPO price range, the IPO offering size is 222 billion won. The IPO price range has been lowered by 34% to 39%. </li>
<li>Despite the company's consistent record of generating positive operating profit, its lack of sales growth and declining operating margins in 2024 remain key concerns.</li>
</ul>


Seoul Guarantee Insurance Corp (SGIC) is trying for another attempt at an IPO at much lower IPO price range. The IPO price range is from 26,000 won to 31,800 won.
At the high end of the IPO price range, the IPO offering size is 222 billion won. The IPO price range has been lowered by 34% to 39%. 
Despite the company's consistent record of generating positive operating profit, its lack of sales growth and declining operating margins in 2024 remain key concerns.


Seoul Guarantee Insurance Corp IPO Preview (Significantly Lower IPO Price Range)

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Seoul Guarantee Insurance is sticking to the same playbook, focusing on boosting dividend appeal, with a better price and the 100% secondary sell-down and KDIC stake dump still in place.</li>
<li>There’s doubt about market interest, as the performance drop from 2023 to 2024 raises concerns over meeting the 200B KRW minimum dividend promise.</li>
<li>Seoul Guarantee is Korea’s only pure-play surety insurer, tied to the domestic economy. The IPO lacks a growth plan to reduce this reliance, which would’ve been a key win.</li>
</ul>


Seoul Guarantee Insurance is sticking to the same playbook, focusing on boosting dividend appeal, with a better price and the 100% secondary sell-down and KDIC stake dump still in place.
There’s doubt about market interest, as the performance drop from 2023 to 2024 raises concerns over meeting the 200B KRW minimum dividend promise.
Seoul Guarantee is Korea’s only pure-play surety insurer, tied to the domestic economy. The IPO lacks a growth plan to reduce this reliance, which would’ve been a key win.


Seoul Guarantee IPO: Price Cut, Dividend Focus, But Overhang and Weak Earnings May Hurt

Cross Asset Strategy

<ul>
<li>On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income. </li>
<li>The decline in tax on dividends is a definite step in the right direction. Nonetheless, the top bracket dividend tax rate cut was slightly less than what market was expecting. </li>
<li>Given that about 15%-25% dividend tax rates are more common in other developed countries,  Korea's reduction of dividend taxes is likely to be welcomed highly by many global investors.</li>
</ul>


On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income. 
The decline in tax on dividends is a definite step in the right direction. Nonetheless, the top bracket dividend tax rate cut was slightly less than what market was expecting. 
Given that about 15%-25% dividend tax rates are more common in other developed countries,  Korea's reduction of dividend taxes is likely to be welcomed highly by many global investors.


Top Bracket Dividend Tax Rate Lowered to 30% in Korea [Moderately Positive]

Index Rebalance

<ul>
<li>KRX announced changes to KOSPI200 and KOSDAQ150 indices. These changes will be effective from 12 December 2025. </li>
<li>In KOSPI200, there are 8 new additions and 8 deletions. Among the new additions include LG CNS, Sanil Electric, Asia Holdings, and Paradise.</li>
<li>There could be a buying opportunity for LG CNS due to its inclusion in KOSPI200 combined with its attractive valuations and accelerating sales and operating profit growth in 2026. </li>
</ul>


KRX announced changes to KOSPI200 and KOSDAQ150 indices. These changes will be effective from 12 December 2025. 
In KOSPI200, there are 8 new additions and 8 deletions. Among the new additions include LG CNS, Sanil Electric, Asia Holdings, and Paradise.
There could be a buying opportunity for LG CNS due to its inclusion in KOSPI200 combined with its attractive valuations and accelerating sales and operating profit growth in 2026. 


South Korea

Seoul Guarantee Insurance Company provide insurance services. The Company offers claims adjusting, insurance plans, credit guarantee, loss prevention services, insurance exchanges, claims processing, self insurance funds, and other services. Seoul Guarantee Insurance conducts businesses in South Korea.

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Seoul Guarantee Insurance (031210 KS)

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

Seoul Guarantee Insurance Corp IPO Preview (Significantly Lower IPO Price Range)

Seoul Guarantee Insurance Corp (SGIC) is trying for another attempt at an IPO at much lower IPO price range. The IPO price range is from 26,000 won...

Douglas Kim

Seoul Guarantee IPO: Price Cut, Dividend Focus, But Overhang and Weak Earnings May Hurt

Seoul Guarantee Insurance's IPO reattempt: Price cut and focus on the dividend story, but with overhang risk and continued performance decline, it...

Sanghyun Park

Top Bracket Dividend Tax Rate Lowered to 30% in Korea [Moderately Positive]

On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income.

Douglas Kim

KRX Announces Changes to KOSPI200 Index

KRX announced changes to KOSPI200 and KOSDAQ150 indices effective 12 December 2025. LG CNS could present a buying opportunity with its inclusion,...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Seoul Guarantee Insurance Corp IPO Preview (Significantly Lower IPO Price Range)

Seoul Guarantee Insurance Corp (SGIC) is trying for another attempt at an IPO at much lower IPO price range. The IPO price range is from 26,000 won...

Douglas Kim

Seoul Guarantee IPO: Price Cut, Dividend Focus, But Overhang and Weak Earnings May Hurt

Seoul Guarantee Insurance's IPO reattempt: Price cut and focus on the dividend story, but with overhang risk and continued performance decline, it...

Sanghyun Park

Top Bracket Dividend Tax Rate Lowered to 30% in Korea [Moderately Positive]

On 28 November, the Korean National Assembly reached an agreement on a tax reform plan to officially lower taxes on dividends income.

Douglas Kim

KRX Announces Changes to KOSPI200 Index

​KRX announced changes to KOSPI200 and KOSDAQ150 indices effective 12 December 2025. LG CNS could present a buying opportunity with its inclusion,...

Douglas Kim

KRX announced changes to KOSPI200 and KOSDAQ150 indices effective 12 December 2025. LG CNS could present a buying opportunity with its inclusion,...