APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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.

Equity Capital Markets

Seoul Guarantee Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a> is looking to raise around US$270m in its Korean IPO.</li>
<li>Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.</li>
<li>We have looked at the firm’s past performance and undertaken a peer comparison in earlier notes. In this note, we discuss our thoughts on valuation.</li>
</ul>



Seoul Guarantee Insurance (031210 KS) is looking to raise around US$270m in its Korean IPO.
Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
We have looked at the firm’s past performance and undertaken a peer comparison in earlier notes. In this note, we discuss our thoughts on valuation.


Seoul Guarantee Insurance Pre-IPO Thoughts on Valuation - Needs a Discount to Its Larger Peers

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>, a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/seoul-guarantee-insurance-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:113213" rel="noopener">Seoul Guarantee Insurance IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/seoul-guarantee-insurance-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:113296" rel="noopener">Seoul Guarantee Insurance IPO: The Bear Case</a>. </li>
<li>In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.</li>
</ul>



Seoul Guarantee Insurance (031210 KS), a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).
We previously discussed the IPO in Seoul Guarantee Insurance IPO: The Bull Case and Seoul Guarantee Insurance IPO: The Bear Case. 
In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.


Seoul Guarantee Insurance IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a> is looking to raise around US$270m in its Korean IPO.</li>
<li>Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.</li>
<li>We have looked at the firm’s past performance in earlier notes. In this note, we undertake a peer comparison.</li>
</ul>



Seoul Guarantee Insurance (031210 KS) is looking to raise around US$270m in its Korean IPO.
Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
We have looked at the firm’s past performance in earlier notes. In this note, we undertake a peer comparison.


Seoul Guarantee Insurance Pre-IPO Peer Comparison - While ROE Lagged, Has Been Overcapitalised

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>, a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).</li>
<li>In <a href="https://www.smartkarma.com/insights/seoul-guarantee-insurance-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:113213" rel="noopener">Seoul Guarantee Insurance IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on ongoing market share losses, weak performing credit insurance business, a 1H23 increase in the combined ratio and a decline in ROA/ROE metrics. </li>
</ul>



Seoul Guarantee Insurance (031210 KS), a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).
In Seoul Guarantee Insurance IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on ongoing market share losses, weak performing credit insurance business, a 1H23 increase in the combined ratio and a decline in ROA/ROE metrics. 


Seoul Guarantee Insurance IPO: The Bear Case

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a> is looking to raise around US$270m in its Korean IPO.</li>
<li>Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Seoul Guarantee Insurance (031210 KS) is looking to raise around US$270m in its Korean IPO.
Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
In this note, we will talk about the not so positive aspects of the deal.


Seoul Guarantee Insurance Pre-IPO - The Negatives - The Tide Could Be Turning. Overhang Looms

France

Coface SA offers financial services. The Company specializes in trade risk and also offers other financial services including credit insurance, receivable management, debt collection, factoring and business information solutions. Coface SA serves customers around the world.

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Coface SA (COFA FP)

Seoul Guarantee Insurance Pre-IPO Thoughts on Valuation - Needs a Discount to Its Larger Peers

SGI has opened the books for its US$268m IPO. Bookbuild is expected to run till 19th October with pricing slated for 23rd October.

Clarence Chu

Seoul Guarantee Insurance IPO: Valuation Insights

In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we...

Arun George

Seoul Guarantee Insurance Pre-IPO Peer Comparison - While ROE Lagged, Has Been Overcapitalised

Seoul Guarantee Insurance (031210 KS) is looking to raise US$270m in its Korean IPO. We have looked at the firm’s past performance in earlier...

Clarence Chu

Seoul Guarantee Insurance IPO: The Bear Case

The bear case rests on ongoing market share losses, weak performing credit insurance business, a 1H23 increase in the combined ratio and a decline...

Arun George

Seoul Guarantee Insurance Pre-IPO - The Negatives - The Tide Could Be Turning. Overhang Looms

Seoul Guarantee Insurance (031210 KS) is looking to raise around US$270m in its Korean IPO. In this note, we will talk about the not so positive...

Clarence Chu

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