现价:RM3.37
信心指数:60%
投资期限:长期
目标价:RM4.5
建议:逢跌买入
投资原因:
1)目前保险业,average pe为12左右,MNRB本益比:7
也意味着目前mnrb以折价60%的水平交易
2)股息渐渐提高,2013年,net dividend per share 为RM0.24,net dividend yield 为7%
3)净利不断成长,五年内,公司净利CAGR 超过50%
4)大马保险业旋起并购热潮,现金丰厚的sanlam 购49%P&O insurance 后,目前还在寻找购入更多保险业公司,预料大马保险业有望获得重
5)目前MNRB price to book value为0.6左右(严重低估)
6)公司有能力1发3红股
7)从5个年度财报,看出管理层成功带领MNRB走出2009年
诺有兴趣研究大马保险业的投资者,可研究以下保险公司:
1)LPI
2)ALLIANZ
3)TAKAFUL
4)TUNEINSURANCE
5)P&O
**各保险公司简约:
1)LPI
优势:单季和年度业绩都很稳定,股息高,金融杠杆率低
劣势:本益比高
2)ALLIANZ
优势:单季和年度业绩都很稳定,本益比低
劣势:股息低
3)MNRB
优势:股息高,本益比低
劣势:单季业绩漂浮,但年度业绩较稳定
4)TUNEINSURANCE
优势:母公司不断跨大航线,作为网购保险的TUNEINS间接受
劣势:本益比高,股息低
*诺想了解为何MNRB的业绩如此波动,可以翻查MNRB年报
*当然很多投资者都会认为LPI以及ALLIANZ较为优秀
但从MNRB的年报看出,MNRB基本面一点都不差
个人认为MNRB是续takaful后,另一只保险业的黑马
*股息高,本益比低,成长型保险公司,下跌空间不大,MNRB会
共勉之
Chart | Stock Name | Last | Change | Volume |
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Created by Tan KW | Dec 23, 2024
Created by Tan KW | Dec 23, 2024
Created by Tan KW | Dec 23, 2024
Created by Tan KW | Dec 23, 2024
That is the reason why I said ICap fund managers are sleeping and yet receving unjustifiable fees.
2013-10-21 17:24
Before accusing Mr TTB please check their previous annual report and new policy implemented by BNM. There will be liberalization of reinsurance fees. Insurance companies no longer pay fixed amount of reinsurance fees the reinsurance fees will be subjected to their own judgement on risk. No doubt the dividend yield is high but it can suspend payment when result is not favourable. It is deeply undervalue as it is traded way below book value but the business is very volatile. Previously its bottom line tumbled due to payment on claims for natural disasters but even without any catatrosphic events the bottom line also fell recently. Last but not least the CAGR of MNRB for last 5 years are misleading. The latest result was adjusted to include surplus or deficit of retakaful and takaful funds. Previously the net profit will exclude the surplus or deficit of the funds. Please note that the money doesn't belong to shareholders. If the surplus of the funds were excluded from the last 2 financial years bottom line you will notice how volatile the earnings of MNRB. I agree that MNRB might dispose off its takaful business due to new policies and it is deeply undervalue base on its book but calling Mr TTB sleeping base on MNRB is way too over. No doubt there are quite a numbers of undervalue good counters in Malaysia for the last two years but after the recent spike it is harder to find compared to last few years. I agree that TTB is way over on Malaysia market. For anyone following coldeye's article he had managed to find more than a dozens of high quality undervalue counters. TTB should be criticized but not using MNRB as a reason.
2013-10-22 13:51
Come to think of it why i think ICap is well far too conservative. From 2009, we have HLbank - cap around RM5.50, HLcap at RM1.1, HDBS at RM1.60, Maybank at RM3.9, Kseng at RM3.8 etc. I have been watching Icap cos I was thinking of having Icap in my portfolio. On secong thought, I decided no.
2013-10-22 14:41
TTB is still living in an era that Malaysia stock markets are in long term depress mode (1998-2008). During that era most of the quality counters will be traded at low valuation. Some even at valuation that you can't believe. But sorry we have been in secular bull for the last few years. The bull might end but definitely not that fast. There might be some correction but it might last another 1-2 years coz our beloved Ah Jib Gor have a lot of money to spend.
2013-10-22 17:08
I am not politician. There might be leakage here and there in m'sia. However I am of the view that Khazanah and a few non-elected ministers and elected are doing the right things.
2013-10-22 17:16
90754248
totally agree.
2013-10-21 17:21