Posted by 90754248 > 2013-10-21 17:21 | Report Abuse

totally agree.

Posted by newyorkng > 2013-10-21 17:24 | Report Abuse

That is the reason why I said ICap fund managers are sleeping and yet receving unjustifiable fees.

Posted by lmenwe > 2013-10-22 13:51 | Report Abuse

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.

Posted by newyorkng > 2013-10-22 14:15 | Report Abuse

Thank you for your detailed analysis.

Posted by newyorkng > 2013-10-22 14:41 | Report Abuse

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.

Posted by lmenwe > 2013-10-22 17:08 | Report Abuse

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.

Posted by newyorkng > 2013-10-22 17:16 | Report Abuse

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.