Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Alec is currently a partner in KT Capital Group and serving as the Chinese shareholder representative of a public P&C insurer in Kazakhstan/Central Asia. 

Previously, he served as the Research & Investments Partner at Re:base Ventures (rebase.vc), a Web3 and DeFi investment firm with a strong focus on building and incubation. 

Before that, he spent time with Tencent, where he was responsible for the group's investments in the overseas markets (Southeast Asia, the Middle East, and Europe). 

Prior to Tencent, he was in the Principal Investments team at Swiss Re, where he focused on driving the group's investments into financial services and Fintech sectors in APAC. 

He has been responsible for a wide range of investments and transactions (venture/growth, buyout, direct secondaries, etc.) totaling >$5 billion. Alec started his career with Bank of America Merrill Lynch.

Fintech & EM-focused Analyst

FWD: An Ideal Acquisition Target for Korean Insurers?

APAC Insurers Series (#2): AIA or Prudential?

KT Capital Group

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

Principal investments and advisory firm

Equity Capital Markets

FWD Group Holdings / Equity Capital Markets

<ul>
<li>Based on HKD 38 offer price per share, FWD has a market capitalization of USD 6.1 billion, assuming the overallotment option is not exercised.</li>
<li>FWD's P/FY'24 pro forma BV represents a significant discount to peers' trading P/FY'24 BV since it has higher-than-peers intangible assets.</li>
<li>P/EV might be a fairer approach as it excludes intangible assets. On this basis, FWD valuation almost has no discount.</li>
</ul>


Based on HKD 38 offer price per share, FWD has a market capitalization of USD 6.1 billion, assuming the overallotment option is not exercised.
FWD's P/FY'24 pro forma BV represents a significant discount to peers' trading P/FY'24 BV since it has higher-than-peers intangible assets.
P/EV might be a fairer approach as it excludes intangible assets. On this basis, FWD valuation almost has no discount.


FWD IPO Valuation: Intangible Assets Is the Key (Vs. Peers)