Daily Brief Financials: Aflac Inc, Muthoot Microfin, Sino-Ocean Group and more

• This is our first report on Aflac Incorporated, a prominent player in the American insurance industry.
• The year’s first quarter proved promising for Aflac, as the company reported solid earnings results despite a material yen weakening.
• The operations in Japan saw continued sales improvements, driven by the rollout of new and refreshed products, particularly the cancer insurance policy.

• Muthoot Microfin (1363943D IN) is looking to raise up to US$163m in its upcoming India IPO. The deal will be run by ICICI-Sec, Axis Capital, JM Financial and SBI Capital.  
• Muthoot Microfin is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India. 
• It is the fourth largest NBFC-MFI in India in terms of gross loan portfolio as of 9M23 (ending 31st Dec 2022). It is part of the Muthoot Group.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• China Vanke
• Greenland Holdings Corp
• Sino-Ocean Service