In today’s briefing:
- HPSP IPO Valuation Analysis
- Thai Life Insurance Pre-IPO – The Positives – Resilient Performance with a Changing Product Mix
HPSP IPO Valuation Analysis
- Our base case valuation of HPSP is implied market cap of 810 billion won or target price of 38,228 won per share.
- This is 53% higher than the high end of the IPO price range of 25,000 won. Given the solid upside, we have a POSITIVE view of the HPSP IPO.
- Our base case valuation uses our estimated net profit of 79.8 billion won in 2022 and P/E of 10.2x which is the median valuation multiple of its peers.
Thai Life Insurance Pre-IPO – The Positives – Resilient Performance with a Changing Product Mix
- 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 talk about the positive aspects of the deal.
Before it’s here, it’s on Smartkarma
