Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

PICC Property & Casualty H / Equity Bottom-Up

<ul>
<li>The insurance sector should definitely warrant more investor attention going forward as some insurance names in the region have had a very strong year in 2022.</li>
<li>Two key markets we view positively in 2023 are China's P&amp;C and Korea's L&amp;H insurance markets, given their favorable industry catalysts and tailwinds. </li>
<li>Among all the insurance stocks in these two markets, we believe PICC P&amp;C and Samsung Life will continue to have an exciting year ahead.</li>
</ul>


The insurance sector should definitely warrant more investor attention going forward as some insurance names in the region have had a very strong year in 2022.
Two key markets we view positively in 2023 are China's P&amp;C and Korea's L&amp;H insurance markets, given their favorable industry catalysts and tailwinds. 
Among all the insurance stocks in these two markets, we believe PICC P&amp;C and Samsung Life will continue to have an exciting year ahead.


APAC Insurers Series (#1): A Hidden Gem in This Bear Market?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of TOPIX CORE 30 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Sumitomo Mitsui Financial, Honda Motor, SoftBank, Toyota Motor, Sony, Sony Financial, Softbank, Toyota Motor, Sumitomo Mitsui Financial, Sony, Honda Motor, Sony Financial.</li>
</ul>


We analysed the earning revision of component stocks of TOPIX CORE 30 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Sumitomo Mitsui Financial, Honda Motor, SoftBank, Toyota Motor, Sony, Sony Financial, Softbank, Toyota Motor, Sumitomo Mitsui Financial, Sony, Honda Motor, Sony Financial.


TOPIX CORE 30 Index Earning Revision (Nov): Sumitomo Mitsui Financial, Honda Motor, SoftBank

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 21st. The aggregated net margin trading position is USD19,632m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SoftBank, Mitsubishi Heavy Industries, SBI, Nippon Telegraph and Telephone, Sanrio, Tokyo Electric Power Company, Tokio Marine, Mitsubishi UFJ Financial, Furukawa Electric.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 21st. The aggregated net margin trading position is USD19,632m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SoftBank, Mitsubishi Heavy Industries, SBI, Nippon Telegraph and Telephone, Sanrio, Tokyo Electric Power Company, Tokio Marine, Mitsubishi UFJ Financial, Furukawa Electric.


JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ns-group-inc" target="_blank" data-smartkarma-citation="entities:46003:1" rel="noopener">NS Group (471A JP)</a> (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.</li>
<li>NSG aims to raise around US$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.</li>
</ul>



NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.


NS Group IPO - Peer Comp and Thoughts on Valuation

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Tokio Marine has acquired a majority stake in Acore Capital, enhancing its investment portfolio.</li><li>CapitaLand Ascendas REIT has completed the sale of its Brisbane sheds for $69 million to Cadence.</li><li>Singapore's ABI Plaza is emerging as a key player in the competitive office market landscape.</li></ul>

Tokio Marine has acquired a majority stake in Acore Capital, enhancing its investment portfolio.CapitaLand Ascendas REIT has completed the sale of its Brisbane sheds for $69 million to Cadence.Singapore's ABI Plaza is emerging as a key player in the competitive office market landscape.

Asia Real Estate Tracker (13-Nov-2025): Tokio Marine acquires majority stake in Acore Capital.

Japan

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and life insurance, and asset management services.

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Tokio Marine Holdings (8766 JP)

APAC Insurers Series (#1): A Hidden Gem in This Bear Market?

China P&C and Korea L&H are two insurance markets in Asia that we view positively in 2023, thanks to the continued catalysts. PICC P&C and Samsung...

Alec Tseung

TOPIX CORE 30 Index Earning Revision (Nov): Sumitomo Mitsui Financial, Honda Motor, SoftBank

We analyzed TOPIX CORE 30's consensus for Nov 2025 and highlighted changes of EPS in Sumitomo Mitsui Financial (8316 JP), Honda Motor (7267 JP),...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi Heavy Industries (7011 JP), SBI...

Ke Yan, CFA, FRM

NS Group IPO - Peer Comp and Thoughts on Valuation

NS Group aims to raise around US$256m in its Japan IPO via an entirely secondary offering. In this note, we talk about the peer comparison and IPO...

Akshat Shah

Asia Real Estate Tracker (13-Nov-2025): Tokio Marine acquires majority stake in Acore Capital.

Tokio Marine acquires a majority stake in Acore Capital, while CapitaLand Ascendas REIT sells Brisbane sheds for $69M, reflecting active real...

Asia Real Estate Tracker

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