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...
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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...
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Seoul Guarantee Insurance IPO: The Bull Case
The bull case rests on a leading market share, solid premium growth, the highest industry margins, a high solvency ratio and a high dividend payout.
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Indonesia - Rising Bad Loans Not as Dire as Some Make Out
For sure NPLs are up in 1Q16 for Indonesia’s banks. But we are sanguine about the outlook for these banks, which rank well on most every measure in...
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Mirae Asset Securities + Hyundai Securities = Genghis Khan of Korea Securities Sector
Mirae Asset Securities Co., Ltd. has emerged as the third major financial consortium to be interested in potentially acquiring Hyundai Securities...
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