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

FWD: An Ideal Acquisition Target for Korean Insurers?

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

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

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>While FWD has achieved strong growth in certain key markets, its overall new business growth rate didn't differ significantly from the peers, AIA and Prudential.</li>
<li>Compared to the peers, it offers more exposure to Thailand/Cambodia, in terms of APE and VNB mix. But, the peers still have better scale in these markets.</li>
<li>We struggle to develop the thesis unless FWD's valuation is really attractive. It's also not expecting to pay any dividends in the near future while both peers do.</li>
</ul>


While FWD has achieved strong growth in certain key markets, its overall new business growth rate didn't differ significantly from the peers, AIA and Prudential.
Compared to the peers, it offers more exposure to Thailand/Cambodia, in terms of APE and VNB mix. But, the peers still have better scale in these markets.
We struggle to develop the thesis unless FWD's valuation is really attractive. It's also not expecting to pay any dividends in the near future while both peers do.


FWD Group Holdings

FWD IPO: What Are We Buying?