Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Thai Life Insurance  / Equity Capital Markets

<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

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>The company expects share of retail protection to increase in FY23 driven by low base of last year and strong demand.</li></ul><div><div><div><ul><li>Targeted VNB of Rs26.5bn will be achieved by (1) topline growth (2) margin expansion.</li></ul><div><div><div><div><ul><li>Beyond FY23, the company expects savings to grow in line with the nominal GDP growth.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The company expects share of retail protection to increase in FY23 driven by low base of last year and strong demand.Targeted VNB of Rs26.5bn will be achieved by (1) topline growth (2) margin expansion.Beyond FY23, the company expects savings to grow in line with the nominal GDP growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Life Insurance Sector - Key Takeaways from Conference Meetings

<div><div><div><div><ul><li>ICICI Pru Life – tracking well: For May’22, the company reported 36.2% YoY growth in individual APE. In FY22, its individual APE was up 15.5%.</li></ul><div><div><div><div><ul><li>HDFC Life – upbeat on protection: In May’22, the no. of individual policies sold increased by 13.7% YoY. Individual APE for May’22 was up 51.8% YoY (up 16.4% in FY22).</li></ul><div><div><div><div><ul><li>SBI Life – outperformer: SBI Life has reported individual APE growth of 193.6% YoY for May’22, aided by a low base.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ICICI Pru Life – tracking well: For May’22, the company reported 36.2% YoY growth in individual APE. In FY22, its individual APE was up 15.5%.HDFC Life – upbeat on protection: In May’22, the no. of individual policies sold increased by 13.7% YoY. Individual APE for May’22 was up 51.8% YoY (up 16.4% in FY22).SBI Life – outperformer: SBI Life has reported individual APE growth of 193.6% YoY for May’22, aided by a low base.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Life Insurance Sector - Strong Momentum Aided by Low Base; SBI Life Ups Market Share

<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 not so positive aspects of the deal.</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 not so positive aspects of the deal.


Thai Life Insurance Pre-IPO - The Negatives - Lacks Growth

<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 talk about the positive aspects of the deal.</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 talk about the positive aspects of the deal.


Thai Life Insurance Pre-IPO - The Positives - Resilient Performance with a Changing Product Mix

India

ICICI Prudential Life Insurance Company Limited of India provides life insurance services. The Company offers claim processing, electronic insurance accounts, and other services. ICICI Prudential Life Insurance conducts its business in India.

ICICI Prudential Life Insurance (IPRU IN)

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ICICI Prudential Life Insurance (IPRU IN)

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

Life Insurance Sector - Key Takeaways from Conference Meetings

Our recent interaction with two life insurance companies indicates strong growth outlook for the life insurance sector. FY23 growth is expected to...

Nirmal Bang

Thai Life Insurance Pre-IPO - The Negatives - Lacks Growth

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. In this note, we talk about the not so positive aspects of the...

Sumeet Singh

Thai Life Insurance Pre-IPO - The Positives - Resilient Performance with a Changing Product Mix

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. It is one of the largest Life Insurance companies in Thailand,...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Life Insurance Sector - Key Takeaways from Conference Meetings

Our recent interaction with two life insurance companies indicates strong growth outlook for the life insurance sector. FY23 growth is expected to...

Nirmal Bang

Life Insurance Sector - Strong Momentum Aided by Low Base; SBI Life Ups Market Share

May’22 life insurance industry numbers indicate strong momentum in sales, aided by a favorable base. YTD sales are up 72.6% YoY for the insurance...

Nirmal Bang

Thai Life Insurance Pre-IPO - The Negatives - Lacks Growth

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. In this note, we talk about the not so positive aspects of the...

Sumeet Singh

Thai Life Insurance Pre-IPO - The Positives - Resilient Performance with a Changing Product Mix

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. It is one of the largest Life Insurance companies in Thailand,...

Sumeet Singh