ALV.F - Allianz SE

Frankfurt - Frankfurt Delayed Price. Currency in EUR
211.80
+1.95 (+0.93%)
At close: 7:31PM CEST
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Previous Close209.85
Open210.90
Bid211.45 x 100000
Ask211.75 x 100000
Day's Range210.25 - 212.05
52 Week Range170.50 - 218.70
Volume1,587
Avg. Volume2,659
Market Cap89.825B
Beta (3Y Monthly)0.80
PE Ratio (TTM)11.60
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield9.00 (4.29%)
Ex-Dividend Date2019-05-09
1y Target EstN/A
  • What Makes Allianz SE (ETR:ALV) A Great Dividend Stock?
    Simply Wall St.

    What Makes Allianz SE (ETR:ALV) A Great Dividend Stock?

    Allianz SE (ETR:ALV) is a true Dividend Rock Star. Its yield of 4.2% makes it one of the market's top dividend payer...

  • WeWork Mystery: Who Owns 75% of Its Junk Bonds?
    Bloomberg

    WeWork Mystery: Who Owns 75% of Its Junk Bonds?

    (Bloomberg Opinion) -- To get a sense of how the market feels about the day-to-day drama coming out of WeWork, investors have little choice but to turn to its bonds.After all, the company has no publicly traded shares — and, if the latest twist in its saga is to be believed, that might be the case for longer than anticipated. Executives of WeWork and its largest investor, SoftBank Group Corp., are discussing whether to shelve plans for an initial public offering, people with knowledge of the talks told Bloomberg News. On top of that, the office-rental company may rely on junk bonds for funding for the foreseeable future or even explore a whole-business securitization, a WeWork executive said, according to a person familiar with the matter.Not surprisingly, WeWork’s junk bonds are tumbling. They fell below 100 cents on the dollar on Tuesday for the first time since the company filed to go public last month, with both the number of trades and overall volume reaching the highest in about a month. While a dip below face value doesn’t inherently spell doom, it’s nevertheless a sign that the bad news is starting to take its toll on investors.But here’s the mystery: Who exactly are those investors?We know who holds about 25% of WeWork’s $669 million in high-yield debt due 2025 because Bloomberg aggregates data from the most recent public filings. So, for instance, Lord Abbett & Co. held about $43.8 million as of May 31, or about 6.5%. The second-largest holder is Allianz SE, which includes funds from Pacific Investment Management Co.; grouped together, it owns about $21 million, or a bit more than 3%. Three State Street Corp. exchange-traded funds hold a combined $9.6 million, or 1.44%. In the period through July 31, funds from TIAA-CREF and Ameriprise Financial Inc. pared back their exposure. Still, that’s far from a complete picture. Only knowing who owns 25% of a company’s bonds is minuscule, even for the high-yield market. WeWork makes up about 0.05% of the Bloomberg Barclays U.S. Corporate High Yield Index. Here’s a sampling of other debt with nearly identical weightings and comparable maturities, and how much of its ownership is public:Lamar Media Corp. bond maturing in 2026: 47% known Seven Generations Energy bond maturing in 2025: 72% known J2 Global bond maturing in 2025: 51% known Navient Corp. bond maturing in 2021: 57% known Antero Resources Corp. bond maturing in 2023: 67% known CVR Partners LP bond maturing in 2023: 64% knownSuffice it to say, bonds in the high-yield index with lower publicly reported ownership than WeWork are few and far between. So if active money managers, ETFs, pensions(1) and life insurers make up only a quarter of investors, who else is left?  Hedge funds would be a likely place to start looking. WeWork’s bond matures in less than six years and offers a yield of more than 8%. (At the height of the rally last month, it yielded closer to 7%.) The Bloomberg Barclays high-yield index has a comparable average maturity of 5.76 years, but its yield is just 5.6%. There’s been no indication that SoftBank and its affiliates own any of the securities, but they do own about 29% of WeWork stock, which shows just how much the Japanese conglomerate has riding on the company’s success. Opportunistic investors appear to have jumped into WeWork’s bond at least twice this year. The bond soared after the company’s April 29 announcement that it filed paperwork confidentially with the Securities and Exchange Commission to hold an IPO and then again after it filed its S-1 prospectus in August. As I wrote in May, an IPO could give WeWork a cash injection that ought to cover interest for a while. It would also give bondholders a layer of protection in the capital structure because public shareholders would take the biggest hit if WeWork fizzles.These big investors, whoever they may be, can’t be feeling too comfortable right now, given the state of the IPO. As for We Co., the parent of WeWork, becoming a regular presence in the capital markets, I’ll just say this: It’s one thing to be Netflix Inc. — whose stock price has more than doubled since the start of 2017 — and tap the high-yield bond market again and again (its bonds maturing in 2026 have 73.5% public ownership). It’s quite another to be WeWork, given that its IPO range could wind up closer to $20 billion, compared with the $47 billion valuation it had earlier this year. There is no shortage of investors, analysts and commentators who see WeWork as the height of market folly. It’s a company with an unusual corporate structure and a business model that seems destined to implode when the economic cycle turns.So far, the bond market isn’t convinced that WeWork is about to crash and burn. That is, if anyone can trust trading among investors who are largely unknown.(1) The California Public Employees' Retirement System, or Calpers, held about $2.6 million of the bond as of June 30, data compiled by Bloomberg show. It's possible other pension funds don't disclose such precise figures.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters

    UPDATE 3-Merkel hopes China-U.S. trade problems will be over soon

    German Chancellor Angela Merkel said at the start of a visit to Beijing on Friday that the China-U.S. trade war was affecting the whole world and she hoped it would be resolved soon. Germany's firms have been caught in the crossfire of a U.S.-China trade conflict, its economy - Europe's largest - contracted on weaker exports in the second quarter, and leading economists say it is facing a recession, especially after weak industrial data published this week.

  • Grab Allianz SE (FRA:ALV) Today With A Solid 4.5% Dividend Yield
    Simply Wall St.

    Grab Allianz SE (FRA:ALV) Today With A Solid 4.5% Dividend Yield

    Allianz SE (FRA:ALV) is a true Dividend Rock Star. Its yield of 4.5% makes it one of the market's top dividend payer...

  • Reuters

    UPDATE 1-Germany's Allianz grows in Brazil with $734 mln deal

    BRASILIA/SAO PAULO, Aug 23 (Reuters) - Germany's insurer Allianz SE will acquire Brazil's Sul America SA auto and property insurance portfolio for 3 billion reais ($734 million) in its largest push into Latin America's biggest economy, it said in a statement on Friday. The deal represents Allianz' largest investment ever in Brazil, the insurer said.

  • Allianz SE (FRA:ALV): Poised For Long Term Success?
    Simply Wall St.

    Allianz SE (FRA:ALV): Poised For Long Term Success?

    On 30 June 2019, Allianz SE (FRA:ALV) announced its earnings update. Overall, it seems that analyst forecasts are...

  • This Alpine Lighting Deal Brings an Avalanche of Risk
    Bloomberg

    This Alpine Lighting Deal Brings an Avalanche of Risk

    (Bloomberg Opinion) -- A 12,000-foot-high Alpine mountain range and 250 miles separate AMS AG’s base in the Austrian town of Premstaetten and Osram Licht AG’s Munich headquarters. The Austrian firm must overcome much bigger obstacles in its attempted takeover of the German lighting-maker. After months of toing and froing, AMS finally tabled a 3.7 billion-euro ($4.1 billion) approach for Osram late on Sunday. The deal would trump a 3.4 billion-euro bid from Bain Capital and Carlyle Group LP that Osram has already accepted. From that perspective, it looks very attractive to the German company’s investors. The approach offers a glimmer of hope: the Bain-Carlyle bid appears dead in the water after being rejected by Allianz Global Investors, Osram’s biggest shareholder, last week.The difficulty is on the AMS side. Chief Executive Officer Alexander Everke hasn’t yet done enough to warrant lifting the company’s debt ratios to levels well above most peers in exchange for returns in the near term that are likely to be below capital costs, based on planned synergies and analyst earnings forecasts. The company is confident returns will exceed costs in the second year after the deal completes. That will be contingent on hitting some ambitious savings targets. In Everke’s three years at the helm, AMS has generated significantly lower returns for shareholders than the Philadelphia Stock Exchange Semiconductor Index, despite major outlays on acquisitions and manufacturing capacity. Sure, AMS has improved its sensor offering and, after a bumpy few years, might finally be starting to demonstrate returns on that spending.But integrating Osram, with its 24,300 employees globally, is a significantly greater challenge than AMS’s biggest acquisition to date: The 2016 deal to buy Heptagon, with just 830 employees, for $570 million.To fund the takeover, AMS plans a 1.5 billion-euro equity increase, underwritten by UBS Group AG and HSBC Holdings Plc, which 50% of shareholders will need to approve at an extraordinary general meeting in the fourth quarter. In return, it will get a company whose core automotive market is shrinking.The offer is a gamble on carmakers adopting more and smarter sensor technology for the vehicles they are still able to sell. Osram’s strongest business has traditionally been car headlamps, but in recent years it has expanded into different parts of the optical spectrum, such as infra-red. AMS is optimistic that it can package those products with its sensors to work in autonomous cars (which might need laser-based environmental sensors) and for in-cabin sensing (to tell, for example, if the driver has fallen asleep).It seems a hell of a lot of upfront risk given that it’s unclear what kind of sensors autonomous cars will need when they hit the roads on a significant scale in perhaps a decade’s time. AMS was unwise to invest so heavily in smartphone sensors when it did. But the automotive sensor market is not the best way to diversify.\--With assistance from Chris Hughes.To contact the author of this story: Alex Webb at awebb25@bloomberg.netTo contact the editor responsible for this story: Stephanie Baker at stebaker@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • AMS Ignites Battle for Osram With $4.1 Billion Rival Offer
    Bloomberg

    AMS Ignites Battle for Osram With $4.1 Billion Rival Offer

    (Bloomberg) -- AMS AG re-entered the battle for Osram Licht AG with a 3.7 billion euros ($4.1 billion) offer, days after a major shareholder rejected a lower bid by rivals for the German light and sensor maker.Osram soared as much as 11% Monday, following the weekend approach from AMS that values the target at 38.50 euros a share. That compares with the 35 euros-a-share from private-equity firms Bain Capital and Carlyle Group, thrown into jeopardy last week when top investor, Allianz Global Investors, rejected it as too low.The new offer is in line with an earlier bid that Austrian sensor maker AMS mooted but then withdrew almost a month ago.Osram “raised valid concerns in the past, and I think with the offer we provided them yesterday, we answered all their concerns,” AMS Chief Executive Officer Alexander Everke said in a call with reporters on Monday. “We have been looking at Osram for a long time.”AMS shares fell 8.7% in Zurich. Osram traded at 35.09 euros as of 9:07 a.m. in Frankfurt.AMS is in regular contact with investors, including Allianz, Everke said on the call. Allianz is a shareholder of both companies, holding about 0.38% in AMS and 9.3% of Osram, according to data compiled by Bloomberg.Osram became a takeover target after a series of profit warnings and a public spat over strategy with Siemens AG, which spun off the division in 2013. Its earnings have suffered because of the company’s exposure to the automotive industry, which accounts for over half of its revenue.Carmakers and suppliers are grappling with shrinking demand in China and Europe and the expensive transition to electric cars. Investors also lost confidence in the ability of CEO Olaf Berlien and management to turn the company around. The stock has lost more than half its value since peaking in early 2018.“This counter bid will test how keen the private-equity consortium is for the Osram asset as AMS has now secured financing to offer 10% more per share,” Morgan Stanley analyst Lucie Carrier said in a note.If AMS were successful in its takeover attempt, it would sell off Osram’s digital division that makes lighting controls for use in horticultural and medical systems, among others. The company would also not touch Osram’s collective bargaining agreements for five years, according to the statement.(Updates with AMS CEO comment in sixth paragraph)\--With assistance from Eyk Henning.To contact the reporter on this story: Oliver Sachgau in Munich at osachgau@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, John BowkerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    Private equity offer for Osram is too low, small shareholder group says

    A takeover offer from private equity firms Bain and Carlyle for Germany's Osram is too low, the SdK group representing small shareholders said on Friday. The SdK said it also held shares in Osram and would not tender them.

  • Would You Bet Against Bain, Carlyle and a Trade War?
    Bloomberg

    Would You Bet Against Bain, Carlyle and a Trade War?

    (Bloomberg Opinion) -- The news about the trade war gets worse by the day. The same goes for the auto industry. That makes the attempt to squeeze a higher price for automotive lighting group Osram Licht AG one of the boldest activist interventions in recent M&A history.Allianz Global Investors thinks the 4 billion-euro ($4.5 billion) offer is at a “knock-down” price and says it is minded to reject it. The technicalities of this transaction mean the refusenik, with a 10% holding, is in a strong position to kill the deal. Bain Capital and Carlyle Group need owners of 70% of Osram’s shares to accept to get the takeover financed. The large cohort of individual investors and passive funds on the register had already made that a challenging hurdle.The price is certainly underwhelming. Between late March, when Osram issued a profit warning, and the deal being agreed in July, the shares traded at an average of 28.81 euros. The offer is 22% more than that. Allow for the bid speculation that was supporting the stock, and the premium is more like 30%, a more typical top-up. But the shares were trading for far more two years ago.The offer values Osram at almost 10 times estimated Ebitda for 2020, a valuation it last commanded in 2017. The snag is that the weather today is a better indicator of the weather tomorrow than the weather two years ago. Other suppliers to the auto industry, such as Germany’s Contintental AG, have been reeling from slowing demand.Osram’s managers don’t have a plan of their own to lift the stock to the offer level. If the bid fails, they would have a major task on their hands to rebuild credibility. There would have to be a new management team and an attempt to form a new strategy.It is quite something that Allianz is prepared to risk that outcome. This may be a ploy to get Bain and Carlyle to raise their offer despite the fact that the case for buying Osram seems, if anything, to have weakened in recent weeks. It’s possible that they could pay a higher price and still reap double-digit returns by restructuring Osram out of the public eye. But those profits would be less certain.Bain and Carlyle cannot lower the acceptance threshold to get the deal over the line without having to fund the whole thing in equity. That would defeat the whole idea of a leverage buyout. So they will have to pay more for an asset that has become more risky. Rival suitor AMS AG has yet to lay down an offer that would force the issue. Private equity might blink first – but it is a big gamble.To contact the author of this story: Chris Hughes at chughes89@bloomberg.netTo contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters

    Top Osram investor rejects takeover offer at "knock-down" price

    The biggest shareholder in German lighting group Osram Allianz Global Investors, has rejected a 3.4 billion euro ($3.8 billion) takeover offer from private equity firms Bain and Carlyle, saying the shares were worth more. Bain Capital declined to comment. The AllianzGI statement is a setback for Bain and Carlyle, which will want a minimum acceptance of 70 percent of the outstanding shares when the offer period is expected to conclude on Sept. 5.

  • Reuters

    UPDATE 2-Negative U.S. bond yields may become reality - PIMCO

    Investors may have to grapple with the possibility of the once-unthinkable becoming reality - negative U.S. Treasury bond yields, according to money manager Pacific Investment Management Co (PIMCO). Despite their dramatic drop since last week, U.S. Treasury yields remain among the highest for developed economies as the United States continues to enjoy its longest-ever expansion. Most German and Japanese bond yields are currently in negative territory.

  • Allianz second-quarter profit up 13.5%, better than expected; confirms 2019 target
    Reuters

    Allianz second-quarter profit up 13.5%, better than expected; confirms 2019 target

    German insurer Allianz on Friday posted a better-than-expected 13.5% rise in net profit in the second quarter from a year earlier and confirmed its full-year profit target. Net profit of 2.265 billion euros ($2.51 billion) compared with the 2.03 billion euro profit forecast by analysts in a Refinitiv poll and is up from 1.995 billion euros a year ago. Results were helped by a one-off effect in Allianz's life and health division, namely the deferring of expenses incurred for new or renewed policies in the U.S.

  • Reuters

    AXA's H1 profit falls after writing down value of Equitable Holdings

    French insurer AXA said its net profit fell 17% in the first half of the year after booking charges related to the valuation of its remaining stake in Axa Equitable Holdings and the mark-to-market valuation of derivatives. AXA, the second-largest European insurer after Allianz , said its net profit fell to 2.33 billion euros ($2.6 billion) from 2.8 billion during the same period a year ago. Analysts polled by Refinitiv expected a net profit of 3.81 billion euros and a mean revenue of 55.21 billion euros.

  • Bill Gates and Former Bass Guitarist Aim to Change Health Care
    Bloomberg

    Bill Gates and Former Bass Guitarist Aim to Change Health Care

    (Bloomberg) -- Jonathan Sudharta was a brawl-prone, unremarkable student who played in a rock band. Friends of his father, a self-made tycoon, feared he’d one day take over the family medical business and ruin it.Instead, in 2016, at the age of 34, Sudharta co-founded a startup that attracted the interest of the Bill & Melinda Gates Foundation and today becomes the organization’s first ever equity investment in an online health-care platform.His creation, Halodoc, is trying to address one of the biggest problems in medicine: In a world with too few doctors and hundreds of millions of people without proper access to clinics, how can people get the diagnosis and drugs they need quickly and cheaply?“Someone is going to solve patient-centric, 21st century, primary health care and we think that Halodoc has a huge potential to do that,” said David Rossow, London-based founding partner of the Gates Foundation’s Strategic Investment Fund.Microsoft Corp.’s co-founder has invested heavily to fight specific diseases, including a pledge of $1 billion to end malaria. Yet the challenge for much of the developing world is how to get health care day to day, not just for a single illness. About 40 million people use Halodoc’s app or website to connect with more than 22,000 licensed doctors in Indonesia for an online consultation. Sudharta said in an interview he is aiming to expand that by 2020 to 100 million people -- more than one in three Indonesians. Once they have a diagnosis, patients can buy medicine through the app from one of more than 1,000 pharmacies and get it speedily delivered by motorcycle or scooter.Halodoc, valued at about $350 million according to people familiar with its accounts, also offers home blood and urine tests by a visiting medical attendant, with the result sent via the app. Patients can use the website if needed to book face-to-face appointments with a doctor at a hospital.Few places could get more benefit from a new mobile-based health care system than Indonesia. With a population of 260 million spread across more than 17,000 islands, it has only two physicians for every 10,000 people, behind the 8 in India, and 26 in the U.S., according to the World Bank.Despite efforts by the government, infrastructure and services remain largely overwhelmed, with traffic snarls in major cities like Jakarta and public facilities often operating beyond capacity. People can make a living by queuing for others.A 20-minute drive from Halodoc’s offices, in the Apotik Mahakam pharmacy, customers are either elderly or deliverymen waiting to whisk orders on scooters through the narrow alleys and clogged arteries of the capital. Even with peak-hour traffic crawling at an average 6.2 miles an hour, Halodoc customers can get their pills in a little over half an hour.In the nerve center of the Halodoc operation in central Jakarta one morning this month, some 400 young employees worked in the kind of featureless, chaotic, laptop-filled rooms that are the hallmark of a tech startup. Men in T-shirts and women in headscarves tapped away at keyboards, surrounded by piles of cardboard boxes, medicine delivery bags, flipcharts and stacks of bubble-wrapped chairs that were awaiting a move to larger premises. Below a giant pinboard of staff photos, an unused ping-pong table presented a plateful of snacks.In the next room, half a dozen doctors in white coats sat round a table diagnosing the populace via laptops and mobile phones.The face of a young man with round spectacles and a scar on his right cheek appeared on the phone of Dr. Alia Kusuma, one of the front line GPs. He had fallen from his motorcycle a month ago and was worried about the lasting effect. After a short consultation, Kusuma referred him to a laser treatment specialist.Across the table, Dr. Devi Anneta was following up on the progress of a 51-year-old man who had been hospitalized for high cholesterol, hypertension and joint problems.Halodoc covers the cost of the medical advice from its capital and from commissions on drug sales, lab tests and hospital referrals. A prominent, crossed-out label on the app shows that it will eventually charge upwards of 20,000 rupiah ($1.40) per consultation.Halodoc’s rise reflects the pace of change in Indonesia, the world’s fastest-growing internet economy. Sudharta’s father founded a pharmaceutical materials trading house in 1975 that’s now called Mensa Group and has businesses from making drug ingredients to supplying medical equipment to hospitals. The conglomerate gave the young Sudharta connections to doctors, hospitals and pharmacies, and contacts at the health regulator with whom he could discuss new ideas. While his father’s company didn’t fund Halodoc directly, the startup rents offices in one of Mensa’s buildings.One of Sudharta’s early encounters with medical care was at 13, when he and some school friends got into a fight with kids at a senior school and were beaten mercilessly. The pugilistic boy was sent to the prestigious Hale School in Perth, Australia, before studying commerce at Curtin University, filling the time by playing bass in a band and producing films and concerts for Indonesian diaspora.Back in Indonesia he joined his father’s firm as a trainee, and was sent on his first day to the port with a stack of cash. His job was to hand out a 1,000 rupiah note bonus (about 10 U.S. cents) to each worker carrying a load of shipment.He was upset to see an elderly worker carrying a heavy load, and wanted to give him 5,000 rupiah, but the manager stopped him, saying his action would be detrimental for the company. When the old man wholeheartedly thanked him for the tiny tip, Sudharta realized how privileged he was. He vowed never to take it for granted again.“It was a big slap in my face,” Sudharta, now 37, said in a conference room with a broken red sofa in Halodoc’s offices in Jakarta. “That changed my life.”He went to see Ferry Soetikno, a successful second-generation scion who had expanded his family’s health-care business, PT Dexa Medica. Soetikno, 12 years his senior, told him: focus, start from the beginning and always measure your performance.Sudharta adopted the pseudonym Budi Jonathan to hide his identity and began as a junior medical representative at Mensa, often waiting until past midnight for a chance to pitch drugs to overworked doctors. Over the next 13 years he rose through the company ranks.He didn’t think of starting his own medical business, but would talk to friends about the gaps he saw in Indonesia’s system. One of those friends, Gojek co-founder Nadiem Makarim, pulled him aside one day and said: “‘Why don’t you do it yourself? A startup. Fundraise. Do it properly.’”Gojek, Indonesia’s answer to Uber Technologies Inc., went on to become the country’s most valuable startup, with ride-hailing, food delivery and payments services across the country and now spreading elsewhere in Southeast Asia. It also became a key strategic backer for Halodoc, integrating the app in 2017 into its platform.Makarim’s advice was to focus on helping people where they felt the greatest pain, and Sudharta thought of the countless times he’d seen patients camped out in hospitals to see a doctor for a few minutes and then wait another two hours to get medicine.A year after Halodoc started, Sudharta had another pivotal introduction when he was part of a group of young leaders invited to a lunch with Bill Gates in Seattle. The invitees were asked to dress formally. Sudharta arrived in a business shirt, but removed it just before the meeting with Gates to reveal a red T-shirt emblazoned with Halodoc’s logo.Sudharta left the meeting with the message that if you’re lucky enough to be able to change the world, do good, stay on course and don’t get distracted by the financial rewards.Meanwhile, the Gates’ foundation, which distributes billions of dollars in grants to improve living conditions in developing countries, had been increasingly looking to make direct investments in companies that could help advance its goals. One of its target countries was Indonesia and the investment arm zeroed in on Halodoc.The foundation is joining Halodoc’s so-called extended Series B round of funding with other new contributors Prudential Plc and Allianz SE. They will add to the $65 million Halodoc secured from UOB Venture Management, Singtel Innov8 and Korea Investment Partners in March. Halodoc is only one of dozens of health-tech startups developing apps. Gojek rival Grab has a joint venture with China’s Ping An Good Doctor to provide online services in Southeast Asia, while Indonesian rivals include Alodoktor.What helps Halodoc stand out is the breadth of Sudharta’s vision to cover all aspects of the patient’s experience, all wrapped together with digital payment, said Shane Chesson, founding partner at Singapore-based Openspace Ventures and an early backer of Halodoc.“In rapid time, Haldoc has moved to be one of the best at product development in Indonesia,” he said. For the Gates Foundation, Halodoc is part of its belief that technology can improve access to quality health-care for low-income groups, said the strategic investment fund’s Rossow.“Whether it’s a midwife on a remote island or a pharmacy in a major city or a hospital system, Halodoc’s approach of closing that online-to-offline loop is rare,” he said. “There is huge opportunity for Indonesia to lead the world with some of these innovations.”To contact the authors of this story: Yoolim Lee in Singapore at yoolim@bloomberg.netDavid Ramli in Singapore at dramli1@bloomberg.netTo contact the editor responsible for this story: Adam Majendie at adammajendie@bloomberg.net, Peter ElstromFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Should You Consider Allianz SE (FRA:ALV)?
    Simply Wall St.

    Should You Consider Allianz SE (FRA:ALV)?

    Attractive stocks have exceptional fundamentals. In the case of Allianz SE (FRA:ALV), there's is a well-regarded...

  • Deutsche Bank's $788 Billion Missed Opportunity
    Bloomberg

    Deutsche Bank's $788 Billion Missed Opportunity

    (Bloomberg Opinion) -- Deutsche Bank AG’s big shrinkage plan runs to more than 4,700 words over 47 pages. Apart from a few passing references sprinkled throughout the announcement, the document devotes just half a page and 115 words to the asset management business specifically. That feels like a missed opportunity.Germany’s biggest bank still owns about 80% of DWS Group GmbH after the fund manager’s initial public offering in March last year. The division is still Deutsche Bank’s most profitable and is expected to remain so in coming years. It expects to make a return on tangible equity of at least 20% by 2022, compared with the 8% target for Deutsche Bank as a whole.DWS, though, has had to trim its ambitions for growing assets under management. Its initial target was for net new money inflows of 3% to 5% annually. After clients pulled money in every quarter of 2018, even a 6% rebound in the first three months of this year leaves the business expecting growth of just 2% to 3% for 2019 as a whole, according to the restructuring plan.If Deutsche Bank is serious in its stated aim of growing DWS into one of the world’s 10 top global asset managers, organic growth will be insufficient. With 704 billion euros ($788 billion) of assets, it doesn’t even make the top 15.The 10% drop in Deutsche Bank’s stock price since the revamp was unveiled shows how skeptical investors remain about the lender’s ability to execute on a plan that will see 18,000 jobs go and cost 7.4 billion euros. So it needs its fund management business to sparkle.For that to happen, DWS needs to bulk up. Talk earlier this year that UBS Group AG was considering a plan to combine DWS with its fund unit before spinning the pair off as a separate entity has helped to fuel a 32% rally in DWS’s shares this year. It appeared that the Swiss bank was willing to let Deutsche Bank control enough of the venture to allow it to continue consolidating the unit’s earnings rather than just its dividends, at least at the outset. Other mooted suitors include German insurer Allianz AG, which could combine DWS with its Pimco business, and Amundi SA, currently Europe’s largest independent asset manager with about $1.7 trillion of assets.But as I wrote in April, the point of listing DWS last year was to free it to make acquisitions using its shares as currency. And in June, DWS Chief Executive Officer Asoka Woehrmann said playing an “active role” in the long-awaited consolidation of the fund management industry was a “personal ambition.”Even as it shrinks its banking footprint, the fund management division is the one part of Deutsche Bank that needs to grow through acquisition. If it wants to achieve its ambitions for DWS, the German lender needs to free the business to embark on a shopping spree. Otherwise, the dream of joining the trillion-dollar club of top 10 asset managers will remain just that – a dream.To contact the author of this story: Mark Gilbert at magilbert@bloomberg.netTo contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • AllianzGI launches Hong Kong hackathon; nine global start-ups will pitch their AI strategies to fund management executives
    South China Morning Post

    AllianzGI launches Hong Kong hackathon; nine global start-ups will pitch their AI strategies to fund management executives

    Allianz Global Investors, one of the largest asset managers in Europe, plans to partner with global start-ups in Hong Kong to expand use of artificial intelligence (AI) in its Asian operations to enhance fund returns, a move in line with government efforts to boost the city's reputation as an innovation hub.AllianzGI's three-day AI Hackathon, held from Tuesday to Thursday in partnership with Cyberport, will allow nine start-ups to pitch to fund management executives on AI solutions to enhance fund investment performance, improve sales and support services.Hong Kong Investment Funds Association chief executive Sally Wong said many fund houses in the city have adopted AI, which is helping to create a growing base of demand for start-ups focused on the fund management industry."More and more fund houses have been deploying AI and big data in the investment management process. It can greatly enhance the ability to analyse a large pool of data from more sources in a more timely fashion. But many key aspects still require human intellectual inputs," Wong said.The winners of the hackathon will be invited to use Hong Kong as a base to help develop AllianzGI's AI platform in Asia. The qualifying start-ups are from New York, London, Paris, Shanghai, Beijing, Poland, Uruguay, and India. One team is from Hong Kong.Desmond Ng Ka-yiu, Asia-Pacific head of Allianz Global Investors. Photo: Xiaomei Chen alt=Desmond Ng Ka-yiu, Asia-Pacific head of Allianz Global Investors. Photo: Xiaomei ChenFinancial Secretary Paul Chan Mo-po said in April that the government would amend the law to make it easier for angel funds and start-ups to set up in Hong Kong."We think AI and disruptive technology will radically change the asset management industry," said Desmond Ng Ka-yiu, Asia-Pacific head of AllianzGI."We are keen to enhance our AI platform with new approaches and strategies. Hosting hackathons is one way we can source solutions and build long-term partnerships with some of the world's leading technology talents," Ng said."We are committed to helping tech start-ups worldwide achieve their ambitions and make a contribution to the asset management industry."George Lam, chairman of the Hong Kong Cyberport Management Company, said international start-ups would have many opportunities in Hong Kong."Hong Kong is an international financial centre so there is a lot of demand for fintech solutions from banks, insurance companies and fund houses. Besides, start-ups can use Hong Kong as a base to expand into the Greater Bay Area and other Asian countries," Lam said at the Hong Kong " Asean Summit 2019 on Monday.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • Is Allianz SE's (FRA:ALV) P/E Ratio Really That Good?
    Simply Wall St.

    Is Allianz SE's (FRA:ALV) P/E Ratio Really That Good?

    This article is written for those who want to get better at using price to earnings ratios (P/E ratios). To keep it...