Hanwha Life Insurance - US$1bil Hybrid Securities Issuance Summary

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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Hanwha Life Insurance / Equity Capital Markets

<p>Korea Deposit Insurance Corporation (KDIC) selling 23.8m shares of <a href="https://www.smartkarma.com/entities/2163" target="_blank" data-smartkarma-citation="entities:2163:1">Hanwha Life Insurance Co Ltd (088350 KS)</a> for approximately US$152m. Post sale, KDIC will still have about 12.5% of Hanwha Life.</p><p>The deal scores marginally positive on our framework owing to a strong earnings momentum and inexpensive valuation. The company recently reported its 2Q 2017 results which have beaten consensus estimates. Much of the positive news flow has likely been priced in, however, KDIC's remaining 12.5% stake will…</p>

Korea Deposit Insurance Corporation (KDIC) selling 23.8m shares of Hanwha Life Insurance Co Ltd (088350 KS) for approximately US$152m. Post sale, KDIC will still have about 12.5% of Hanwha Life.The deal scores marginally positive on our framework owing to a strong earnings momentum and inexpensive valuation. The company recently reported its 2Q 2017 results which have beaten consensus estimates. Much of the positive news flow has likely been priced in, however, KDIC's remaining 12.5% stake will…

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