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

<a href="https://www.smartkarma.com/entities/waterdrop-inc" target="_blank" data-smartkarma-citation="entities:33018:1" rel="noopener">Waterdrop Inc (WDH US)</a>, a technology platform for insurance and healthcare services in China, aims to raise around US$500m in its US IPO. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a> owned 22.1% and <a href="https://www.smartkarma.com/entities/swiss-re-ag-1f83dcbc-730e-46fa-82f2-bfe7e8e361a1" target="_blank" data-smartkarma-citation="entities:27914:1" rel="noopener">Swiss Re AG (SREN SW)</a> owned 5.7% of the company prior to its listing.Waterdrop was the largest independent third-party insurance distribution platform in China in terms of first year premium distributed in 2020, as per iResearch. As of Dec 2020, it had insured 79.4m consumers and generated RMB14.4bn of first year premiums. It was also the largest medical crowdfunding platform in China with 340m donors, as of Dec 2020, who had donated over RMB37bn to 1.7m patients.In this note, we will talk about the positive aspects of the deal.

Waterdrop Inc (WDH US), a technology platform for insurance and healthcare services in China, aims to raise around US$500m in its US IPO. Tencent Holdings (700 HK) owned 22.1% and Swiss Re AG (SREN SW) owned 5.7% of the company prior to its listing.Waterdrop was the largest independent third-party insurance distribution platform in China in terms of first year premium distributed in 2020, as per iResearch. As of Dec 2020, it had insured 79.4m consumers and generated RMB14.4bn of first year premiums. It was also the largest medical crowdfunding platform in China with 340m donors, as of Dec 2020, who had donated over RMB37bn to 1.7m patients.In this note, we will talk about the positive aspects of the deal.

Waterdrop Pre-IPO - The Positives - Fast Growth, Strong Backers

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

China Pacific Insurance / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/china-pacific-insurance-group" target="_blank" data-smartkarma-citation="entities:6177:1" rel="noopener">China Pacific Insurance (Group) Co., (2601 HK)</a> received shareholder approval to raise capital through a foreign listing in September 2019. Yesterday (3rd June 2020) the company announced that they received approval from the Securities Regulatory Commission of China to issue up to 628.7m new ordinary shares (125.7m GDRs). However, final approvals from the securities regulator of the United Kingdom and London Stock Exchange are still pending.
Furthermore, <a href="https://www.smartkarma.com/entities/swiss-re-ag-1f83dcbc-730e-46fa-82f2-bfe7e8e361a1" target="_blank" data-smartkarma-citation="entities:27914:1" rel="noopener">Swiss Re AG (SREN SW)</a> become a cornerstone investor to the offering and agreed to subscribe up to a maximum of 1.5% of the ordinary share capital (post-placement) with a lock-up period of three years.
We believe the company is likely to raise over $2.6bn via this placement, which will improve the company’s capital adequacy as equity is increased by 10%.

China Pacific Insurance (Group) Co., (2601 HK) received shareholder approval to raise capital through a foreign listing in September 2019. Yesterday (3rd June 2020) the company announced that they received approval from the Securities Regulatory Commission of China to issue up to 628.7m new ordinary shares (125.7m GDRs). However, final approvals from the securities regulator of the United Kingdom and London Stock Exchange are still pending.
Furthermore, Swiss Re AG (SREN SW) become a cornerstone investor to the offering and agreed to subscribe up to a maximum of 1.5% of the ordinary share capital (post-placement) with a lock-up period of three years.
We believe the company is likely to raise over $2.6bn via this placement, which will improve the company’s capital adequacy as equity is increased by 10%.

China Pacific Insurance Receives Approval to Raise Capital Via a Listing on LSE

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>FWIW, as the unfortunate wildfires in Australia rage on with weather conditions set to worsen, Insurance Australia Group (IAG.AU) provided an update on its expected natural peril cost.</li>
<li>We have little confidence in IAG’s risk assessment given both that there is no light at the end of the tunnel for this catastrophe and that by all measures California has yet to finalize the cost on their own deadly and yet less horrific fires. </li>
<li> IAG estimates that natural perils costs will be approximately AUD 400 mn post quota share, compared to a perils allowance of AUD 320 mn for 1H20 (FY 2020 allowance of AUD 641 mn).</li>
</ul>


FWIW, as the unfortunate wildfires in Australia rage on with weather conditions set to worsen, Insurance Australia Group (IAG.AU) provided an update on its expected natural peril cost.
We have little confidence in IAG’s risk assessment given both that there is no light at the end of the tunnel for this catastrophe and that by all measures California has yet to finalize the cost on their own deadly and yet less horrific fires. 
 IAG estimates that natural perils costs will be approximately AUD 400 mn post quota share, compared to a perils allowance of AUD 320 mn for 1H20 (FY 2020 allowance of AUD 641 mn).


Insurance Australia Group – The CAT Is Out of the Bag

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

New China Life Insurance / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/22588" target="_blank" data-smartkarma-citation="entities:22588:1">Swiss Re AG (SREN VX)</a> plans to raise US$460m by selling 7.3% of <a href="https://www.smartkarma.com/entities/377" target="_blank" data-smartkarma-citation="entities:377:1">New China Life Insurance Co Ltd (1336 HK)</a> . Swiss Re bought its stake from Zurich Insurance in 2013 and is now selling half its stake at nearly double the price it bought it at. The transformation for the company seems to be progressing well, however, this is now baked in to the price. The deal doesn't score well on our framework as valuations don't exactly appear cheap.<h2>Placement specifics</h2><ul><li>Company Name: New China Life Insurance Co…</li></ul>

Swiss Re AG (SREN VX) plans to raise US$460m by selling 7.3% of New China Life Insurance Co Ltd (1336 HK) . Swiss Re bought its stake from Zurich Insurance in 2013 and is now selling half its stake at nearly double the price it bought it at. The transformation for the company seems to be progressing well, however, this is now baked in to the price. The deal doesn't score well on our framework as valuations don't exactly appear cheap.Placement specificsCompany Name: New China Life Insurance Co…

New China Life Placement - Picked the Bottom for Buying, Hopefully Not the Top for Selling

United States

Swiss Re AG offers reinsurance, insurance, and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies.

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Swiss Re (SREN SW)

Waterdrop Pre-IPO - The Positives - Fast Growth, Strong Backers

Waterdrop Inc, a technology platform for insurance and healthcare services in China, aims to raise around US$500m in its US IPO. Tencent owned...

Sumeet Singh

China Pacific Insurance Receives Approval to Raise Capital Via a Listing on LSE

China Pacific Insurance (Group) Co., (2601 HK) received shareholder approval to raise capital through a foreign listing in September 2019....

Oshadhi Kumarasiri

Insurance Australia Group – The CAT Is Out of the Bag

FWIW, as the unfortunate wildfires in Australia rage on with weather conditions set to worsen, Insurance Australia Group (IAG.AU) provided an...

Thomas J. Monaco

New China Life Placement - Picked the Bottom for Buying, Hopefully Not the Top for Selling

Swiss Re AG (SREN VX) plans to raise US$460m by selling 7.3% of New China Life Insurance Co Ltd (1336 HK) . Swiss Re bought its stake from Zurich...

Sumeet Singh

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