In today’s briefing:
- PICC’s (1339 HK) Lifetime Low Implied Stub
- Tian Tu Capital IPO Trading – Subscription Rates Were Lukewarm
- SBI Holdings – Pages of Affiliates | Strong Securities | Banks Doing Well | Accelerating Profit
PICC’s (1339 HK) Lifetime Low Implied Stub
- People’s Insurance (PICC) (1339 HK) is currently trading at an all-time low implied stub.
- Stripping out PICC’s 68.98% stake in PICC Property & Casualty H (2328 HK), the market is assigning HK$35.6bn less for its steady and profitable life/health insurance stub ops, year-to-date.
- PICC is outperforming the HSI. It’s just that PICC P&C is on a hot streak, possibly driven (pun intended) by EV insurance.
Tian Tu Capital IPO Trading – Subscription Rates Were Lukewarm
- Tian Tu Capital (1390587D CH) raised around US$144m in its Hong Kong IPO.
- Tian Tu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.
- We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.
SBI Holdings – Pages of Affiliates | Strong Securities | Banks Doing Well | Accelerating Profit
- SBI Holdings (8473 JP) may not be the easiest company to analyze with its many pages of affiliates, but at the least, it’s profit momentum is strong.
- Securities Group profit is key to the company where growth is excellent in earnings and in the number of new accounts, across many businesses.
- Its two banks in Japan are doing well, growing faster than others, but still SBI Holdings (8473 JP) is more of an alternative financial company to a traditional bank.
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