IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Seoul Guarantee Insurance IPO: Valuation Insights

Seoul Guarantee Insurance IPO: The Bull Case

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Seoul Guarantee Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>, a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/seoul-guarantee-insurance-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:113213" rel="noopener">Seoul Guarantee Insurance IPO: The Bull Case</a></em></strong>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on ongoing market share losses, weak performing credit insurance business, a 1H23 increase in the combined ratio and a decline in ROA/ROE metrics. </li>
</ul>



Seoul Guarantee Insurance (031210 KS), a leading guarantee provider in Korea, is pre-marketing an IPO to raise up to KRW362 billion (US$272 million).
In Seoul Guarantee Insurance IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on ongoing market share losses, weak performing credit insurance business, a 1H23 increase in the combined ratio and a decline in ROA/ROE metrics. 


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Heungkuk Fire & Marine Insurance (000540 KS)

Seoul Guarantee Insurance IPO: The Bear Case