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>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

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.

<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>, a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).</li>
<li>The IPO price range is KRW39,500-51,800 per share. The bookbuilding will run from 13 to 19 October, with pricing on 25 October. The shares will be listed in November.</li>
<li>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. </li>
</ul>



Seoul Guarantee Insurance (031210 KS), a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).
The IPO price range is KRW39,500-51,800 per share. The bookbuilding will run from 13 to 19 October, with pricing on 25 October. The shares will be listed in November.
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. 


Seoul Guarantee Insurance IPO: The Bull Case

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Seoul Guarantee Insurance Corp is getting ready to complete its IPO in Korea in the next several weeks. The IPO price range is from 39,500 won to 51,800 won. </li>
<li>Market cap is from 2.8 trillion won to 3.6 trillion won. At the high end of the IPO price range, this could be the biggest IPO in Korea in 2023.</li>
<li>Many investors will be skeptical on the bankers including two overseas comps (Travelers and Coface) which have much higher valuations.</li>
</ul>


Seoul Guarantee Insurance Corp is getting ready to complete its IPO in Korea in the next several weeks. The IPO price range is from 39,500 won to 51,800 won. 
Market cap is from 2.8 trillion won to 3.6 trillion won. At the high end of the IPO price range, this could be the biggest IPO in Korea in 2023.
Many investors will be skeptical on the bankers including two overseas comps (Travelers and Coface) which have much higher valuations.


Seoul Guarantee Insurance Corp IPO Preview

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>This is our first report on The Travelers Companies, a well-known property and casualty insurance provider.</li><li>The Travelers Companies kicked off the year on a high note, boasting impressive bottom-line results for the first quarter despite the surge of severe weather events across the United States.</li><li>The Business Insurance segment particularly stood out with its strong profitability and growth.</li></ul>

This is our first report on The Travelers Companies, a well-known property and casualty insurance provider.The Travelers Companies kicked off the year on a high note, boasting impressive bottom-line results for the first quarter despite the surge of severe weather events across the United States.The Business Insurance segment particularly stood out with its strong profitability and growth.

The Travelers Companies Inc.: Initiation of Coverage – Business Strategy & Other Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We currently see the market indexes as consolidating within broad horizontal trading ranges, and we expect these ranges to continue for months, and quite possibly for the entirety of 2023.</li>
<li>We see the top-end of the range at 4100-4165 on the S&amp;P 500, while the bottom-end is at the 2022 lows (3490).</li>
<li>With yesterday's break above 3910 it tells us a tradable rally has begun, with 4100-4165 our target</li>
</ul>


We currently see the market indexes as consolidating within broad horizontal trading ranges, and we expect these ranges to continue for months, and quite possibly for the entirety of 2023.
We see the top-end of the range at 4100-4165 on the S&amp;P 500, while the bottom-end is at the 2022 lows (3490).
With yesterday's break above 3910 it tells us a tradable rally has begun, with 4100-4165 our target


Awaiting CPI Thursday; Expect 4100-4165 SPX to Cap Upside; Buy Ideas Within Gold Miners, Insurance

United States

Arch Capital Group Ltd. is a Bermuda-based insurance and financial services company that provides reinsurance and insurance products on a worldwide basis.

American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. AIG provides property-casualty insurance, life insurance and retirement services.

MetLife, Inc. provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

Arthur J. Gallagher & Co. and its subsidiaries provide insurance brokerage, risk management, employee benefit, and other related services to clients in the United States and abroad. The Company's principal activity is the negotiation and placement of insurance for its clients. Gallagher also specializes in furnishing risk management services.

Aon PLC is a professional services provider. The Company is comprised of risk and insurance brokerage consulting. Aon's services include helping manage risk for clients, negotiating and placing insurance risk with other carriers, and advising clients related to health and benefits, retirement, compensation, strategic human capital, and human resource outsourcing.

Prudential Financial, Inc. provides financial services throughout the United States and several locations worldwide. The Company offers a variety of products and services, including life insurance, mutual funds, annuities, pension, and retirement related services, as well as administration and asset management.

Aflac, Inc. is a general business holding company. The Company, through its subsidiaries, provides supplemental insurance to individuals in the United States and Japan.  Aflac's products include accident/disability plans, cancer expense plans, short-term disability plans, sickness and hospital indemnity plans, hospital intensive care plans, and fixed-benefit dental plans.

The Allstate Corporation, through its subsidiaries, provides property-liability insurance, as well as other types of insurance in the United States and Canada. The Company primarily sells private passenger automobile and homeowners insurance through independent and specialized brokers. Allstate also sells life insurance, annuity, and group pension products through agents.

The Hartford Financial Services Group, Inc. provides a range of insurance products.  The Company's products include property and casualty insurance, group benefits and mutual funds.  Hartford Financial is based and operates in the U.S.

Erie Indemnity Company is the management company for the Erie Insurance Exchange. The Company is also involved in the property and casualty insurance business through its wholly-owned subsidiaries and through its management of Flagship City Insurance Company. Erie Indemnity sells auto, home, life and business insurance in the United States.

MS&AD Insurance Group Holdings, Inc. is a holding company established through reorganization of Mitsui Sumitomo Insurance Company, Limited.  The Group writes marine, fire, casualty, automobile, life, and allied insurance policies. MS&AD Insurance Group also operates financial services and agencies.

The Dai-ichi Life Insurance Company Ltd. underwrites and sells life, health and annuity insurance to groups and individuals. The Company offers a wide variety of insurance products to suit different needs, ranging from children's school tuition to emergency funds for the elderly.

China Life Insurance Company Ltd. offers a wide range of life, accident, and health insurance products and services.

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.

Cathay Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company provides traditional life, health care, and accident insurances, as well as banking, security underwriting, and brokerage services.

Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance throughout the world.  The Company offers life, health, accident, automobile, marine, aviation, transport, fire, general liability, and credit insurance and reinsurance.

Hannover Rueck SE provides reinsurance services.  The Company offers life, health, accident, damage, property, and high risk specialty reinsurance.

Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Swiss Re AG offers reinsurance, insurance and insurance linked financial market products. The Company offers automobile, liability, accident, engineering, marine, aviation, life, and health insurance. Swiss Re also manages fixed-income and equity investments for itself and other insurance companies.

Sun Life Financial Inc. is an international financial services organization providing a diverse range of wealth accumulation and protection products and services.  The Company provides insurance, mutual funds, annuities, pensions, investment management, trust services, and banking services.  Sun Life serves individuals and corporate customers worldwide.

The Travelers Companies, Inc. provides commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals.

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Travelers Cos (TRV US)

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

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.

Arun George

Seoul Guarantee Insurance Corp IPO Preview

Seoul Guarantee Insurance Corp is getting ready to complete its IPO in Korea in the next several weeks. At the high end of the IPO price range,...

Douglas Kim

The Travelers Companies Inc.: Initiation of Coverage – Business Strategy & Other Drivers

This is our first report on The Travelers Companies, a well-known property and casualty insurance provider. The Travelers Companies kicked off the...

Baptista Research

Awaiting CPI Thursday; Expect 4100-4165 SPX to Cap Upside; Buy Ideas Within Gold Miners, Insurance

With yesterday's break above 3910 in $SPX we see a tradable rally, but 4100-4165 is likely to cap upside; reduce risk into that area. Buy ideas...

Vermilion Research

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