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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.</li>
<li>Given the recent market volatility, there were no large placements this week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.
Given the recent market volatility, there were no large placements this week.


ECM Weekly (19th June 2022) - Tianqi, GoAir, China United, Hongjiu Fruit, Airtel/Singtel, ExaWizards

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.

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (124744Z TB)</a> has started to meet investors ahead of its $1 billion IPO. The roadshow will run till early July with a listing targeted later in July.</li>
<li>In <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:71653" rel="noopener">Thai Life 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 key elements of the bear case rest on market share pressure, tepid total premium performance, a checkered record in sales channel diversification, stagnating agent growth and inconsistent agent productivity.</li>
</ul>



Thai Life Insurance (124744Z TB) has started to meet investors ahead of its $1 billion IPO. The roadshow will run till early July with a listing targeted later in July.
In Thai Life Insurance IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case. 
The key elements of the bear case rest on market share pressure, tepid total premium performance, a checkered record in sales channel diversification, stagnating agent growth and inconsistent agent productivity.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (124744Z TB)</a> has started to meet investors ahead of its $1 billion IPO. The roadshow will run till early July with a listing targeted later in July.</li>
<li>Thai Life is the third-largest life insurer in Thailand with a 12.9% market share as measured by gross premium income in 1Q22.</li>
<li>The key elements of the bull case rest on a strong brand, the largest agent network, return to APE growth, high persistency ratio and improving VONB margin.</li>
</ul>



Thai Life Insurance (124744Z TB) has started to meet investors ahead of its $1 billion IPO. The roadshow will run till early July with a listing targeted later in July.
Thai Life is the third-largest life insurer in Thailand with a 12.9% market share as measured by gross premium income in 1Q22.
The key elements of the bull case rest on a strong brand, the largest agent network, return to APE growth, high persistency ratio and improving VONB margin.


Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (124744Z TB)</a> is premarketing a US$1bn SET listing and <a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> has won approval for a US$100-150m HKEx IPO.</li>
<li>On the Event-Driven front, there were developments at <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">China Vast Industrial Urban Development (6166 HK)</a>, <a href="https://www.smartkarma.com/entities/suchuang-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:304:1" rel="noopener">Suchuang Gas Corp (1430 HK)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, Ramsay, Crown.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
On the ECM front, Thai Life Insurance (124744Z TB) is premarketing a US$1bn SET listing and GoGoX Holdings (GOGO HK) has won approval for a US$100-150m HKEx IPO.
On the Event-Driven front, there were developments at China Vast Industrial Urban Development (6166 HK), Suchuang Gas Corp (1430 HK), Link Net (LINK IJ), Atlas Arteria (ALX AU), Ramsay, Crown.


Weekly Deals Digest (12 Jun): Thai Life, Link Admin, Ramsay, Link Net, China VAST, Suchuang Gas

<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

Thailand

Bangkok Life Assurance PCL offers life insurance services.

Bangkok Insurance Public Company Limited provides non-life insurance including fire, hull, marine, automobile, property, as well as other miscellaneous insurance.

Allianz Ayudhya General Insurance Public Company Limited operates as a non-life insurance company. The Company offers claim for individual, business, and package insurance coverage. Allianz Ayudhya General Insurance serves customers in Thailand.

Muang Thai Insurance PCL is a non-life insurance company. The company main products include fire insurance, marine insurance, motor insurance, and miscellaneous insurance.

Nam Seng Insurance Public Company Limited provides non-life insurance including fire, marine, motor and miscellaneous insurance.

Thaivivat Insurance Public Company Limited provides non-life insurance including fire, marine, automobile, and miscellaneous insurance to its customers in Thailand.

Thai Reinsurance Public Company Limited provides reinsurance services for both life and non-life insurance with concentration on property, casualty, marine, engineering, automobile, and life insurance.

Navakij Insurance Public Company Limited provides a variety of non-life insurance including fire, marine, automobile and miscellaneous insurance.

Thaire Life Assurance PCL provides a range of reinsurance products and services. The Company offers reinsurance coverage for business, individual, group, mortgage, credit, life, personal accident, critical illness and health.

Indara Insurance Public Company Limited provides non-life insurance including fire, marine, automobile,  and miscellaneous insurance.

SiriusPoint Ltd. operates as a global insurance and reinsurance company. The Company offers services in insurance lines which includes environmental, property, energy, workers compensation, and aviation and space, and reinsurance lines includes life, accident and health, property, marine and energy, casualty, and credit and bond. SiriusPoint serves customers worldwide.

NIB Holdings Ltd. offers health insurance products.  Depending on the specific product, the Company covers ambulance costs; and reimburses for costs not covered by Medicare including dental, optical, physiotherapy and natural therapies; and some hospitalization costs.

AUB Group Limited provides financial services. The Company offers equity-based risk management, insurance broking, and specialist underwriting agencies, as well as focuses on risk solutions for clients and strengthening our partners risk advisory capabilities.

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.

ZhongAn Online P & C Insurance Co., Ltd. operates as an insurance company. The Company develops and sells health, airline, and automotive insurance, and other products. ZhongAn Online P & C Insurance also offers online consumer finance services.

Palomar Holdings, Inc. provides insurance services. The Company offers legal protection for properties damaged from earthquake, wind, and flood. Palomar Holdings serves customers in the United Sates.

China Reinsurance (Group) Corporation is a reinsurance company. The company operates four principal business segments, consisting of P&C reinsurance, life and health reinsurance, primary P&C insurance and asset management businesses.

Stewart Information Services Corporation provides title insurance and related services through locations in the United States and several international markets. The Company meets the needs of real estate and mortgage industries through the electronic delivery of services required for settlement. Stewart's services include title reports, flood determinations, and credit reports.

Hanwha Life Insurance Co., Ltd. offers life insurance services and reinsurance services.  The Company also does insurance against loss business, beverages business, real estate rental, and securities investment business through its subsidiaries.

Genworth Financial Inc. offers insurance, wealth management, investment and financial solutions   The Company offers products that include life insurance products, long-term care insurance, and mortgage guarantee insurance coverage on residential mortgage loans.  Genworth is active in the United States, Canada, Australia, New Zealand, Mexico and multiple European countries.

Thai Life Insurance Public Company Limited operates as an insurance company. The Company offers life, investment, health, accident, elderly, critical illness, and retail insurance services. Thai Life Insurance serves customers in Thailand.

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Thai Life Insurance (TLI TB)

ECM Weekly (19th June 2022) - Tianqi, GoAir, China United, Hongjiu Fruit, Airtel/Singtel, ExaWizards

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Thai Life Insurance IPO: The Bear Case

The key elements of the bear case rest on market share pressure, tepid premium performance, a checkered record in channel diversification,...

Arun George

Thai Life Insurance IPO: The Bull Case

The key elements of the bull case rest on a strong brand, the largest agent network, return to APE growth, high persistency ratio and improving...

Arun George

Weekly Deals Digest (12 Jun): Thai Life, Link Admin, Ramsay, Link Net, China VAST, Suchuang Gas

Last week, notable developments occurred in Event-Driven (China VAST, Link Net, Suchuang Gas, Yancoal, Link, Atlas Arteria, Ramsay, Crown, True...

Arun George

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

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