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

Samsung Life Insurance / Equity Bottom-Up

<ul>
<li>Across the major economies in East Asia (China, Japan, Korea), Korea is the only country that follows the global trend of rising interest rates and yields.</li>
<li>Investing in the country's life insurers could be a good way to play out the thesis of rising yield environment in 2023.</li>
<li>Samsung Life is a better bet for this among the country's two largest public life insurance companies.</li>
</ul>


Across the major economies in East Asia (China, Japan, Korea), Korea is the only country that follows the global trend of rising interest rates and yields.
Investing in the country's life insurers could be a good way to play out the thesis of rising yield environment in 2023.
Samsung Life is a better bet for this among the country's two largest public life insurance companies.


2023 High Conviction: Samsung Life - A Play On Korea’s Rising Yields

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>After the market close today, Meritz Financial Group (MFG) made one of the biggest announcements in the history of the group.</li>
<li>It announced that Meritz Fire &amp; Marine Insurance and Meritz Securities will become fully owned subsidiaries of Meritz Financial Group. Meritz F&amp;M Insurance and Meritz Securities will also be delisted.</li>
<li>MFG is making a real positive change through the share swaps among the three companies. This will likely have the biggest positive impact will be on MFG. </li>
</ul>


After the market close today, Meritz Financial Group (MFG) made one of the biggest announcements in the history of the group.
It announced that Meritz Fire &amp; Marine Insurance and Meritz Securities will become fully owned subsidiaries of Meritz Financial Group. Meritz F&amp;M Insurance and Meritz Securities will also be delisted.
MFG is making a real positive change through the share swaps among the three companies. This will likely have the biggest positive impact will be on MFG. 


Meritz Financial Group: Comprehensive Stock Swap + Delisting of Meritz Sec. And Meritz F&M Insurance

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Samsung Electronics Pref Shares / Equity Bottom-Up

<ul>
<li>With JY Lee pardoned this past Monday, there is a lot of speculation about the speed of restructuring</li>
<li>A lot will depend on what happens with whether Samsung Life will be forced to sell its shares in Samsung Electronics</li>
<li>What should be done for the best of the family and shareholders is to buyout the pref shares</li>
</ul>


With JY Lee pardoned this past Monday, there is a lot of speculation about the speed of restructuring
A lot will depend on what happens with whether Samsung Life will be forced to sell its shares in Samsung Electronics
What should be done for the best of the family and shareholders is to buyout the pref shares


Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Another notable flow event is coming in the Korean local market. Samsung Life is preparing to shift from an index fund-focused management to an ETF-centric one.</li>
<li>Samsung Life's conversion process will take 2-3 months. We need to secure guidelines on the conversion procedure, phased conversion volume, and the percentage of conversion to theme ETFs.</li>
<li>This can, in some cases, produce significant short-term flow events, as Samsung Life may accelerate the transfer of funds to KODEX's theme ETFs during the conversion process.</li>
</ul>


Another notable flow event is coming in the Korean local market. Samsung Life is preparing to shift from an index fund-focused management to an ETF-centric one.
Samsung Life's conversion process will take 2-3 months. We need to secure guidelines on the conversion procedure, phased conversion volume, and the percentage of conversion to theme ETFs.
This can, in some cases, produce significant short-term flow events, as Samsung Life may accelerate the transfer of funds to KODEX's theme ETFs during the conversion process.


Another Flow Event Coming: Samsung Life Converting Equity Index Funds into EMPs

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

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> will start trading on 25 July. Thai Life raised US$975 million at the IPO price of THB16.00 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:71653" rel="noopener">Thai Life Insurance IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:71693" rel="noopener">Thai Life Insurance IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:71995" rel="noopener">Thai Life Insurance IPO: Valuation Insights</a>. </li>
<li>The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair. </li>
</ul>



Thai Life Insurance (TLI TB) will start trading on 25 July. Thai Life raised US$975 million at the IPO price of THB16.00 per share.
We previously discussed the IPO in Thai Life Insurance IPO: The Bull Case, Thai Life Insurance IPO: The Bear Case and Thai Life Insurance IPO: Valuation Insights. 
The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair. 


South Korea

Samsung Fire & Marine Insurance Co., Ltd. provides insurance services. The Company offers auto, fire, marine, casualty, health, leisure, and retirement products and services. Samsung Fire & Marine Insurance serves customers in South Korea.

Samsung Fire & Marine Insurance (000810 KS)

Dongbu Insurance Co., Ltd. provides a variety of non-life insurance services such as auto, long-term casualty and property, pension and retirement, fire and marine, and leisure insurance products.

Hanwha Life Insurance Co., Ltd. offers life insurance services and reinsurance services.  The Company also does insurance against loss business, beverages business, real estate rental, and securities investment business through its subsidiaries.

Hyundai Marine & Fire Insurance Co., Ltd. (HDMF) is a property and casualty insurer.  The Company's products include auto, fire, marine, general liability, leisure, travel, pension, and medical insurances.

Hyundai Marine & Fire Insurance Co., Ltd (001450 KS)

Korean Reinsurance Company is a reinsurer which underwrites life and non-life insurance.  The Company's products include life, fire, marine, auto, casualty, guarantee, pension, long-term, and foreign reinsurance.

Tongyang Life Insurance offers life insurance services. The Company markets its products through individuals and groups.

Lotte Non-Life Insurance Company Ltd. provides a variety of non-life insurance services, such as auto, fire, marine, long-term casualty and property, pension, and retirement insurance products. The Company also operates a foreign reinsurance business.

Mirae Asset Life Insurance Co., Ltd. provides life insurance and related products.  The Company offers a wide range of services including retirement pension, non-saving products, individual savings, bank assurance, and other financial consulting services.

Mirae Asset Life Insurance Co., (085620 KS)

Hanwha General Insurance Co., Ltd. provides a variety of non-life insurance services, such as fire, marine, auto, long term casualty and property, pension and retirement, leisure, and air products.

HungKuk Fire & Marine Insurance Co., Ltd. provides a variety of non-life insurance services, such as fire, marine, long term casualty and property, auto, pension and retirement, and leisure insurance.

Heungkuk Fire & Marine Insurance (000540 KS)

New China Life Insurance Company Limited provides life insurance in local and foreign currencies, acts as an insurance agent, provides checks, claims and insurance consulting. The Company's main products include life insurance, accident insurance, health insurance products and services.

The People's Insurance Company (Group) of China Limited, through its subsidiaries, offers a range of property and casualty insurance products. The Company also offers asset management services for a variety of customers throughout China.

Insurance Australia Group Limited (IAG) is an Australian-based international general insurance group with operations in Australia, New Zealand, and Asia. The Group provides a range of personal and commercial insurance products, primarily motor vehicle and home insurance.

Unum Group provides group disability and special risk insurance.  The Company provides disability insurance, group life insurance, and payroll-deducted voluntary benefits offered to employees at their worksites.

T&D Holdings, Inc. is a holding company established through the merger of Taiyo Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance. The Company manages life insurance operations for its subsidiaries.

Suncorp Group Ltd. offers retail and business banking, life and general insurance, superannuation and funds management services.  The Company's services include personal banking and loans, personal insurance products, credit cards, pension savings accounts, term deposits, property development finance, commercial lending, investments and lease financing.

CNA Financial Corporation operates as an insurance holding company. The Company, through its subsidiaries, provides commercial property and casualty coverages such as risk management, information services, warranty, and claims administration. CNA Financial serves clients throughout the United States.

American Financial Group, Inc. provides multi-line property and casualty insurance.  The Company also sells tax-deferred annuities and certain life and supplemental health insurance products.  American Financial operates in the United States.

Great Eastern Holdings Limited operates in the life insurance business. The Company provides fund management services including retirement plans and endowments as well as life and health insurance, personal accident insurance, and general insurance

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company's business primarily consists of catastrophe reinsurance, specialty reinsurance, and individual risk business.

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

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Samsung Life Insurance (032830 KS)

2023 High Conviction: Samsung Life - A Play On Korea’s Rising Yields

Samsung Life offers a good way to play out the thesis of rising yield environment in Korea into 2023, which is the only major East Asian country...

Alec Tseung

Meritz Financial Group: Comprehensive Stock Swap + Delisting of Meritz Sec. And Meritz F&M Insurance

Meritz Financial Group (MFG) is making a real positive change through the share swaps among the three Meritz companies. This will likely have the...

Douglas Kim

JY Lee Pardoned; What Should He Do Next?

What is good for JY Lee could be good for minority shareholders of Samsung Electronics. How to get 2 birds with one stone.

Ken S. Kim

Another Flow Event Coming: Samsung Life Converting Equity Index Funds into EMPs

This post investigates one of the most noteworthy flow events in the upcoming months, Samsung Life Insurance's shifting from index fund-focused...

Sanghyun Park

Thai Life Insurance IPO: Trading Debut

The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair.

Arun George

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