Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>New LDP leader and Japanese PM favours interest rate normalisation</li>
<li>This supports our outlook for a strengthening JPY against the USD</li>
<li>The Japanese central bank may now face pressure to raise rates</li>
</ul>


New LDP leader and Japanese PM favours interest rate normalisation
This supports our outlook for a strengthening JPY against the USD
The Japanese central bank may now face pressure to raise rates


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Sony Financial Group (perhaps 8729 JP) will be spun off from SONY on 29 September 2025. The nominal share price will be "low" - likely 4-6% of Sony's price.</li>
<li>Index treatment is largely known with the exception of a market cap trigger to stay in or get the boot from one major global index provider's set of large-midcap indices.</li>
<li>There is a buyback to come which will offset global active manager "I don't want this" overhang. There are technical trades to do here too but overall I am positive.</li>
</ul>


Sony Financial Group (perhaps 8729 JP) will be spun off from SONY on 29 September 2025. The nominal share price will be "low" - likely 4-6% of Sony's price.
Index treatment is largely known with the exception of a market cap trigger to stay in or get the boot from one major global index provider's set of large-midcap indices.
There is a buyback to come which will offset global active manager "I don't want this" overhang. There are technical trades to do here too but overall I am positive.


[Quiddity Index] The Sony Financial Spinoff - What To Do?

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.

<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

FWD Group Holdings / 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

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.

Price Gauge
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T&D Holdings (8795 JP)

Banking on the BoJ

New Japanese PM's interest rate stance could lead to a stronger JPY against USD. Higher rates will help certain sectors in the market

Rikki Malik

[Quiddity Index] The Sony Financial Spinoff - What To Do?

The Sony Financial Spinoff approaches. On 29 September, SONY will spin off 80+% of SFGI shares to its own shareholders. Index treatment is mostly...

Travis Lundy

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Banking on the BoJ

​New Japanese PM's interest rate stance could lead to a stronger JPY against USD. Higher rates will help certain sectors in the market

Rikki Malik

[Quiddity Index] The Sony Financial Spinoff - What To Do?

The Sony Financial Spinoff approaches. On 29 September, SONY will spin off 80+% of SFGI shares to its own shareholders. Index treatment is mostly...

Travis Lundy

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

New Japanese PM's interest rate stance could lead to a stronger JPY against USD. Higher rates will help certain sectors in the market