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.

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>, a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).</li>
<li>The IPO price range is KRW39,500-51,800 per share. The bookbuilding will run from 13 to 19 October, with pricing on 25 October. The shares will be listed in November.</li>
<li>The bull case rests on a leading market share, solid premium growth, the highest industry margins, a high solvency ratio and a high dividend payout. </li>
</ul>



Seoul Guarantee Insurance (031210 KS), a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).
The IPO price range is KRW39,500-51,800 per share. The bookbuilding will run from 13 to 19 October, with pricing on 25 October. The shares will be listed in November.
The bull case rests on a leading market share, solid premium growth, the highest industry margins, a high solvency ratio and a high dividend payout. 


Seoul Guarantee Insurance IPO: The Bull Case

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Seoul Guarantee Insurance Corp is getting ready to complete its IPO in Korea in the next several weeks. The IPO price range is from 39,500 won to 51,800 won. </li>
<li>Market cap is from 2.8 trillion won to 3.6 trillion won. At the high end of the IPO price range, this could be the biggest IPO in Korea in 2023.</li>
<li>Many investors will be skeptical on the bankers including two overseas comps (Travelers and Coface) which have much higher valuations.</li>
</ul>


Seoul Guarantee Insurance Corp is getting ready to complete its IPO in Korea in the next several weeks. The IPO price range is from 39,500 won to 51,800 won. 
Market cap is from 2.8 trillion won to 3.6 trillion won. At the high end of the IPO price range, this could be the biggest IPO in Korea in 2023.
Many investors will be skeptical on the bankers including two overseas comps (Travelers and Coface) which have much higher valuations.


Seoul Guarantee Insurance Corp IPO Preview

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>This is our first report on The Travelers Companies, a well-known property and casualty insurance provider.</li><li>The Travelers Companies kicked off the year on a high note, boasting impressive bottom-line results for the first quarter despite the surge of severe weather events across the United States.</li><li>The Business Insurance segment particularly stood out with its strong profitability and growth.</li></ul>

This is our first report on The Travelers Companies, a well-known property and casualty insurance provider.The Travelers Companies kicked off the year on a high note, boasting impressive bottom-line results for the first quarter despite the surge of severe weather events across the United States.The Business Insurance segment particularly stood out with its strong profitability and growth.

The Travelers Companies Inc.: Initiation of Coverage – Business Strategy & Other Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We currently see the market indexes as consolidating within broad horizontal trading ranges, and we expect these ranges to continue for months, and quite possibly for the entirety of 2023.</li>
<li>We see the top-end of the range at 4100-4165 on the S&amp;P 500, while the bottom-end is at the 2022 lows (3490).</li>
<li>With yesterday's break above 3910 it tells us a tradable rally has begun, with 4100-4165 our target</li>
</ul>


We currently see the market indexes as consolidating within broad horizontal trading ranges, and we expect these ranges to continue for months, and quite possibly for the entirety of 2023.
We see the top-end of the range at 4100-4165 on the S&amp;P 500, while the bottom-end is at the 2022 lows (3490).
With yesterday's break above 3910 it tells us a tradable rally has begun, with 4100-4165 our target


Awaiting CPI Thursday; Expect 4100-4165 SPX to Cap Upside; Buy Ideas Within Gold Miners, Insurance

<ul>
<li>Despite a few tumultuous trading days, the S&amp;P 500 remains above its 200-week MA (3590-3600) and the Russell 2000 (IWM) remains above $163 -- both important support levels moving forward.</li>
<li>We continue to see potential for a bear market rally (~+10% from the lows) as long as these support levels hold.</li>
<li>Bear market rallies would be confirmed by bullish reversals of the 2-month downtrends, or above 3810 on the SPX and above $174 on the IWM, and the latter happened today.</li>
</ul>


Despite a few tumultuous trading days, the S&amp;P 500 remains above its 200-week MA (3590-3600) and the Russell 2000 (IWM) remains above $163 -- both important support levels moving forward.
We continue to see potential for a bear market rally (~+10% from the lows) as long as these support levels hold.
Bear market rallies would be confirmed by bullish reversals of the 2-month downtrends, or above 3810 on the SPX and above $174 on the IWM, and the latter happened today.


Bear Market Rally Remains in Play; Russell 2000 (IWM) Short-Term Breakout; Buys in Banks & Insurance

United States

The Travelers Companies, Inc. provides commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals.

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Travelers Cos (TRV US)

Seoul Guarantee Insurance IPO: The Bull Case

The bull case rests on a leading market share, solid premium growth, the highest industry margins, a high solvency ratio and a high dividend payout.

Arun George

Seoul Guarantee Insurance Corp IPO Preview

Seoul Guarantee Insurance Corp is getting ready to complete its IPO in Korea in the next several weeks. At the high end of the IPO price range,...

Douglas Kim

The Travelers Companies Inc.: Initiation of Coverage – Business Strategy & Other Drivers

This is our first report on The Travelers Companies, a well-known property and casualty insurance provider. The Travelers Companies kicked off the...

Baptista Research

Awaiting CPI Thursday; Expect 4100-4165 SPX to Cap Upside; Buy Ideas Within Gold Miners, Insurance

With yesterday's break above 3910 in $SPX we see a tradable rally, but 4100-4165 is likely to cap upside; reduce risk into that area. Buy ideas...

Vermilion Research

Bear Market Rally Remains in Play; Russell 2000 (IWM) Short-Term Breakout; Buys in Banks & Insurance

A bear market rally (+10% from the lows) remains in play as long as the $SPX remains above its 200-week MA (3590-3600) and the $IWM remains above...

Vermilion Research

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