In today’s briefing:
- Doosan Bobcat Placement – Momentum Is Strong but past Deals Have Been a Mixed Bag
- Sunshine Insurance Group Pre-IPO – Peer Comparison – Fastest in One Segment, Slowest in the Other
- Fangzhou Group Pre-IPO Tearsheet
- Sunshine Insurance Group IPO: The Bear Case
- Sunshine Insurance Group IPO – Needs to Correct by Only 50%
Doosan Bobcat Placement – Momentum Is Strong but past Deals Have Been a Mixed Bag
- Doosan Bobcat Inc (241560 KS) aims to sell a US$145m block. Its recent price momentum is strong but past deals have shown mixed results.
- The deal doesn’t appear to be well flagged and is a relatively large one to digest, representing 20.9 days of its three month ADV.
- In this note, we will run the deal through our ECM framework and comment on other deal dynamics.
Sunshine Insurance Group Pre-IPO – Peer Comparison – Fastest in One Segment, Slowest in the Other
- Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise up to US$1bn in its HK IPO.
- SIG is an integrated insurance provider which offers both life and health (L&H) and property and casualty (P&C) insurance in China.
- We have looked at the company’s past performance in our previous notes. In this note, we will undertake a peer comparison.
Fangzhou Group Pre-IPO Tearsheet
- Fangzhou Group (FANGZHOU HK) is looking to raise about US$300m in its upcoming HK IPO. The deal will be run by Citibank, UBS and ABC International.
- Fangzhou Group is an online chronic disease management platform in China, considered the largest in terms of average MAU in 2021, according to CIC.
- It focuses on common and chronic diseases such as hypertension, cardiovascular and respiratory chronic diseases, providing tailored medical care and precision medicine covering the full disease cycle for patients.
Sunshine Insurance Group IPO: The Bear Case
- Sunshine Insurance (SUN HK), a Chinese life and P&C insurance company, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.
- In Sunshine Insurance Group IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The key elements of the bear case rest on Sunshine Life’s VNB margin decline and agent channel pressure; Sunshine P&C’s regulatory pressure on premiums and the group’s declining investment yield.
Sunshine Insurance Group IPO – Needs to Correct by Only 50%
- Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise around US$950m in its HK IPO.
- SIG is an integrated insurance provider which offers both life and health (L&H) and property and casualty (P&C) insurance in China.
- We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.
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