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

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP).</li>
<li>In this note, we will talk about the demand and trading dynamics.</li>
</ul>


Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP).
In this note, we will talk about the demand and trading dynamics.


Life Insurance Corporation IPO Trading - Demand Shored up by Policyholders, Trading Won’t Be

<ul>
<li>Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>We have looked at various aspects of the deal in our earlier notes. In this note, we compare it to its international peers and talk about valuations.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
We have looked at various aspects of the deal in our earlier notes. In this note, we compare it to its international peers and talk about valuations.


Life Insurance Corporation of India IPO - Regional Peer Comparison

<ul>
<li>Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.</li>
<li>In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.</li>
</ul>


Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.
In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.


Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

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.

FWD Group Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (FWD US)</a> is seeking to raise $2 billion. We outlined the fundamentals in <a href="https://www.smartkarma.com/insights/fwd-group-ipo-forward-march" target="_blank" data-smartkarma-citation="insights:58263" rel="noopener">FWD Group IPO: Forward March</a> and <a href="https://www.smartkarma.com/insights/fwd-group-vs-aia-vs-prudential" target="_blank" data-smartkarma-citation="insights:58967" rel="noopener">FWD Group Vs AIA Vs Prudential</a>. </li>
<li>FWD has released its 9M21 results. Like <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a>, the Delta variant had an impact resulting in a lower APE and VNB growth in 3Q21 vs 1H21.  </li>
<li>In light of the weak sentiment for Chinese ADRs, we err on the side of caution and need to see evidence of a return to normalcy to recommend the IPO.</li>
</ul>



FWD Group Holdings (FWD US) is seeking to raise $2 billion. We outlined the fundamentals in FWD Group IPO: Forward March and FWD Group Vs AIA Vs Prudential. 
FWD has released its 9M21 results. Like AIA Group Ltd (1299 HK), the Delta variant had an impact resulting in a lower APE and VNB growth in 3Q21 vs 1H21.  
In light of the weak sentiment for Chinese ADRs, we err on the side of caution and need to see evidence of a return to normalcy to recommend the IPO.


FWD Group IPO: Slow 3Q Due to COVID-19 Disruptions

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

China Pacific Insurance / Equity Bottom-Up

*Weak 3Q21 Results: China Pacific Insurance (2601.HK) (CPIC) reported 3Q21 results of CNY 5.4 bn, declining CNY 3.4 bn (38.5%) linked quarter. Profitability was hurt by both the Life and P&amp;C units, which declined CNY 3.9 bn (52.4%) and CNY 156 mn (10.6%), respectively, to CNY 3.6 bn and CNY 1.3 bn; and*Troubles Continue In Life: During 3Q21, first year premium (FYP) agent per month declined by 41.0% linked quarter largely due to CPIC relying more on online channels to conduct new sales, and intimating agency distribution remained a challenge.The new CEO of CPIC Life mentioned that a new agency restructure will be implemented beginning January 1, 2022.

*Weak 3Q21 Results: China Pacific Insurance (2601.HK) (CPIC) reported 3Q21 results of CNY 5.4 bn, declining CNY 3.4 bn (38.5%) linked quarter. Profitability was hurt by both the Life and P&amp;C units, which declined CNY 3.9 bn (52.4%) and CNY 156 mn (10.6%), respectively, to CNY 3.6 bn and CNY 1.3 bn; and*Troubles Continue In Life: During 3Q21, first year premium (FYP) agent per month declined by 41.0% linked quarter largely due to CPIC relying more on online channels to conduct new sales, and intimating agency distribution remained a challenge.The new CEO of CPIC Life mentioned that a new agency restructure will be implemented beginning January 1, 2022.

China Pacific Insurance – Life Troubles

China

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.

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New China Life Insurance (601336 CH)

Life Insurance Corporation IPO Trading - Demand Shored up by Policyholders, Trading Won’t Be

Government of India raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India in its India IPO. In this note, we will...

Sumeet Singh

Life Insurance Corporation of India IPO - Regional Peer Comparison

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India in its upcoming India IPO....

Sumeet Singh

Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

Government of India is now said to be looking to raise around US$6-7bn via selling a stake in LIC in its upcoming India IPO. In this deal, we talk...

Sumeet Singh

FWD Group IPO: Slow 3Q Due to COVID-19 Disruptions

The Delta variant had an impact resulting in a lower APE and VNB growth in 3Q21 vs 1H21. We err on the side of caution and need to see evidence of...

Arun George

China Pacific Insurance – Life Troubles

CHINA PACIFIC: CPIC reported a 3Q21 QOQ results decline of 38.5%, driven by both the Life and P&C units. The new CEO of CPIC Life mentioned that a...

Thomas J. Monaco

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