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

<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> 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

<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 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 positive aspects of the deal.


Seoul Guarantee Insurance Pre-IPO - The Positives - Broad Coverage Across Guarantee Insurance

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>With an initial AUM of US$426 million (S$580 million), the iShares MSCI Asia ex Japan Climate Action ETF commenced trading today, marking the largest equities ETF at launch on SGX with Prudential as its key anchor investor.</li><li>The iShares MSCI Asia ex-Japan Climate Action ETF offers investors access to companies that are deemed to be better positioned for the transition to a low-carbon economy.</li><li>Of the 605 MSCI Asia ex Japan Climate Action Index constituents, its top 10 constituents represent roughly 28% of the total market capitalization, based on total shares in issue of the underlying index as at 31 August 2023.</li></ul>

With an initial AUM of US$426 million (S$580 million), the iShares MSCI Asia ex Japan Climate Action ETF commenced trading today, marking the largest equities ETF at launch on SGX with Prudential as its key anchor investor.The iShares MSCI Asia ex-Japan Climate Action ETF offers investors access to companies that are deemed to be better positioned for the transition to a low-carbon economy.Of the 605 MSCI Asia ex Japan Climate Action Index constituents, its top 10 constituents represent roughly 28% of the total market capitalization, based on total shares in issue of the underlying index as at 31 August 2023.

MSCI Asia Climate ETF Debuts as Green Investment Gains Momentum

United Kingdom

Prudential plc is an international company which provides a wide assortment of insurance and investment products and services. Insurance products include life, accident and health, property and casualty insurance, as well as fixed and variable annuities.  Financial and investment services include personal and group pensions, equity plans, mortgages and deposit accounts.

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Prudential PLC (PRU LN)

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 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 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

Seoul Guarantee Insurance Pre-IPO - The Positives - Broad Coverage Across Guarantee Insurance

Seoul Guarantee Insurance (031210 KS) is looking to raise around US$270m in its Korean IPO. In this note, we will talk about the positive aspects...

Clarence Chu

MSCI Asia Climate ETF Debuts as Green Investment Gains Momentum

With an initial AUM of US$426 million (S$580 million), the iShares MSCI Asia ex Japan Climate Action ETF commenced trading today, marking the...

Singapore Exchange Ltd (SGX)

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52-week Range

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