Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Alec is a partner in KT Capital Group and has acted as the interim CFO for a few Fintech and Web 3 companies.

He currently also serves the Research & Investments Partner at Re:base Ventures (rebase.vc), a Web3 and DeFi investment firm with a strong focus on building and incubation. 

Previously, he spent time with Tencent, where he was responsible for the group's investments in the overseas markets (Southeast Asia, the Middle East, and Europe). 

Prior to Tencent, he was in the Principal Investments team at Swiss Re, where he focused on driving the group's investments into financial services and Fintech sectors in APAC. 

He has been responsible for a wide range of investments and transactions (venture/growth, buyout, direct secondaries, etc.) totaling >$5 billion. Alec started his career with Bank of America Merrill Lynch.

Fintech & EM-focused Analyst

New China Life: The Company’s Latest Strategy Is Taking It Nowhere

Equity Bottom-Up

China Life Insurance Co H / Equity Bottom-Up

The article used 5 charts to showcase the progress of the "revitalization" strategy launched by <a href="https://www.smartkarma.com/entities/china-life-insurance-co-ltd-9f877d22-7cf7-4b00-b525-cec71139f369" target="_blank" data-smartkarma-citation="entities:5794:1" rel="noopener">China Life Insurance Co H (2628 HK)</a> in 2019.These charts indicated that China Life is on the right track of executing its transformation and has seen improving growth profile and margin since then. However, such improvement in its fundamentals has unlikely been priced in yet, as evidenced by the company's sluggish share price performance since the end of 2019.Regression analysis using regional peers indicated that the company is currently undervalued and has a potential upside of around 20% if its current P/B is to trade in line with the justifiable P/B.

The article used 5 charts to showcase the progress of the "revitalization" strategy launched by China Life Insurance Co H (2628 HK) in 2019.These charts indicated that China Life is on the right track of executing its transformation and has seen improving growth profile and margin since then. However, such improvement in its fundamentals has unlikely been priced in yet, as evidenced by the company's sluggish share price performance since the end of 2019.Regression analysis using regional peers indicated that the company is currently undervalued and has a potential upside of around 20% if its current P/B is to trade in line with the justifiable P/B. 

5 Charts to Gauge the Progress of China Life's "Revitalization" Strategy