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 open its book for a US$1 billion raise from 29 June to 14 July. The IPO price has been set at 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> and <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>. </li>
<li>Peer analysis suggests that Thai Life should trade at a modest premium to Bangkok Life but at a material discount to AIA. Consequently, the IPO valuation is full. </li>
</ul>



Thai Life Insurance (TLI TB) will open its book for a US$1 billion raise from 29 June to 14 July. The IPO price has been set at THB16.00 per share.
We previously discussed the IPO in Thai Life Insurance IPO: The Bull Case and Thai Life Insurance IPO: The Bear Case. 
Peer analysis suggests that Thai Life should trade at a modest premium to Bangkok Life but at a material discount to AIA. Consequently, the IPO valuation is full. 


Thai Life Insurance IPO: Valuation Insights

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 17th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short interest increases in JD.com and Great Wall Motor. </li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 17th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short interest increases in JD.com and Great Wall Motor. 


HK Short Interest: Short Spiked for JD.com, Great Wall Motor

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 24th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Great Wall Motor (2333 HK), Ck Asset (1113 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Great Wall Motor (2333 HK), Ck Asset (1113 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 24th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Great Wall Motor (2333 HK), Ck Asset (1113 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Great Wall Motor (2333 HK), Ck Asset (1113 HK).


Hong Kong Buybacks: AIA, Great Wall Motor, CK Asset

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note, we will talk about valuations and undertake a peer comparison versus its international peers.</li>
</ul>


Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we will talk about valuations and undertake a peer comparison versus its international peers.


Thai Life Insurance Pre-IPO - Thoughts on Valuation and International Peer Comparison

<ul>
<li>Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note, we will talk about the industry dynamics and undertake a peer comparison versus its domestic peers.</li>
</ul>


Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we will talk about the industry dynamics and undertake a peer comparison versus its domestic peers.


Thai Life Insurance Pre-IPO - Industry Dynamics and Domestic Peer Comparison Aren't Very Encouraging

Hong Kong

AIA Group Limited offers insurance and financial services. The Company writes life insurance for individuals, businesses, accident, and health insurance, as well as retirement planning and wealth management services.

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AIA Group Ltd (1299 HK)

Thai Life Insurance IPO: Valuation Insights

Peer analysis suggests that Thai Life should trade at a modest premium to Bangkok Life but at a material discount to AIA. Consequently, the IPO...

Arun George

HK Short Interest: Short Spiked for JD.com, Great Wall Motor

We highlight week-on-week short interest increases in JD.com and Great Wall Motor in the Hong Kong market based on the latest SFC short aggregate...

Ke Yan, CFA, FRM

Hong Kong Buybacks: AIA, Great Wall Motor, CK Asset

We highlight the top 3 companies that repurchased the most shares from the market in the last 7 days: Aia (1299 HK), Great Wall Motor (2333 HK), Ck...

Ke Yan, CFA, FRM

Thai Life Insurance Pre-IPO - Thoughts on Valuation and International Peer Comparison

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. In this note, we talk about valuations.

Sumeet Singh

Thai Life Insurance Pre-IPO - Industry Dynamics and Domestic Peer Comparison Aren't Very Encouraging

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. In this note, we talk about the industry dynamics and undertake...

Sumeet Singh

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52-week Range

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