IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <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> delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.</li>
<li>The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met. </li>
<li>Minorities have secured a pyrrhic victory as the <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> offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.</li>
</ul>


The Great Eastern Holdings (GE SP) delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.
The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met. 
Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.


Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (1828 HK)</a>, a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO.</li>
<li>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.</li>
<li>We looked at the company’s past performance and valuations in our previous notes. In this note we talk about the trading dynamics.</li>
</ul>



FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
We looked at the company’s past performance and valuations in our previous notes. In this note we talk about the trading dynamics.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (1828 HK)</a> has launched its IPO to raise US$442 million at HK$38.00 per share. The shares will be listed on 7 July.</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/fwd-group-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:190939" rel="noopener">FWD Group IPO: The Investment Case</a></em></strong>. </li>
<li>The IPO price implies a discount to peers' multiples. A discount is warranted as FWD is smaller than its peers. FWD is fairly valued at the IPO price. </li>
</ul>



FWD Group Holdings (1828 HK) has launched its IPO to raise US$442 million at HK$38.00 per share. The shares will be listed on 7 July.
I previously discussed the IPO in FWD Group IPO: The Investment Case. 
The IPO price implies a discount to peers' multiples. A discount is warranted as FWD is smaller than its peers. FWD is fairly valued at the IPO price. 


FWD Group (1828 HK) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group</a>, a pan-Asian life insurer founded by Richard Li, aims to raise around US$442m in its HK IPO.</li>
<li>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.</li>
<li>We looked at the company’s past performance in our previous notes. In this note we talk about the IPO pricing.</li>
</ul>



FWD Group, a pan-Asian life insurer founded by Richard Li, aims to raise around US$442m in its HK IPO.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
We looked at the company’s past performance in our previous notes. In this note we talk about the IPO pricing.


FWD IPO - Valuation Down but Its Difficult to Get Excited About It

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Ordinary revenues in FY03/25 reached JPY3.7tn, a 16.3% YoY increase, with insurance premiums at JPY2.6tn.</li><li>Group adjusted profit rose 36.7% YoY to JPY141.5bn, driven by strong domestic life insurance business performance.</li><li>T&D Holdings forecasts FY03/26 ordinary revenues to decline 19.3% YoY to JPY3.0tn, with a 12.3% YoY profit increase.</li></ul>

Ordinary revenues in FY03/25 reached JPY3.7tn, a 16.3% YoY increase, with insurance premiums at JPY2.6tn.Group adjusted profit rose 36.7% YoY to JPY141.5bn, driven by strong domestic life insurance business performance.T&D Holdings forecasts FY03/26 ordinary revenues to decline 19.3% YoY to JPY3.0tn, with a 12.3% YoY profit increase.

T&D Holdings (8795 JP): Full-year FY03/25 flash update

Japan

T&D Holdings, Inc. is a holding company established through the merger of Taiyo Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance. The Company manages life insurance operations for its subsidiaries.

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T&D Holdings (8795 JP)

Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. My...

Arun George

FWD IPO Trading - Tepid Demand

FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO. In this note, we talk about the...

Sumeet Singh

FWD Group (1828 HK) IPO: Valuation Insights

The IPO price implies a discount to peers' multiples. A discount is warranted as FWD is smaller than its peers. FWD is fairly valued at the IPO price.

Arun George

FWD IPO - Valuation Down but Its Difficult to Get Excited About It

FWD Group, a pan-Asian life insurer founded by Richard Li, aims to raise around US$442m in its HK IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

T&D Holdings (8795 JP): Full-year FY03/25 flash update

Ordinary revenues in FY03/25 reached JPY3.7tn, a 16.3% YoY increase, with insurance premiums at JPY2.6tn. Group adjusted profit rose 36.7% YoY to...

Shared Research

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