LPI CAPITAL BHD

KLSE (MYR): LPI (8621)

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Last Price

13.22

Today's Change

-0.20 (1.49%)

Day's Change

13.22 - 13.32

Trading Volume

16,000

Financial

Show?
Last 10 FY Result
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Revenue 1,918,661 1,920,349 1,905,416 1,657,590 1,717,734 1,621,592 1,602,701 1,513,663 1,470,631 1,378,892 1,284,586 1,169,693 5.56%
PBT 504,396 481,489 394,933 373,461 437,316 433,565 414,719 405,965 403,749 518,925 393,066 341,949 1.61%
Tax -100,088 -99,678 -81,207 -96,854 -92,637 -96,837 -92,358 -91,916 -89,955 -81,702 -72,077 -58,933 3.62%
NP 404,308 381,811 313,726 276,607 344,679 336,728 322,361 314,049 313,794 437,223 320,989 283,016 1.15%
-
NP to SH 404,308 381,811 313,726 276,607 344,679 336,728 322,361 314,049 313,794 437,223 320,989 283,016 1.15%
-
Tax Rate 19.84% 20.70% 20.56% 25.93% 21.18% 22.34% 22.27% 22.64% 22.28% 15.74% 18.34% 17.23% -
Total Cost 1,514,353 1,538,538 1,591,690 1,380,983 1,373,055 1,284,864 1,280,340 1,199,614 1,156,837 941,669 963,597 886,677 6.71%
-
Net Worth 2,348,268 2,348,268 2,279,985 2,177,402 2,132,623 2,066,532 1,961,398 2,156,765 1,920,904 1,837,310 1,738,610 1,649,344 3.66%
Dividend
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Div 159,353 278,868 262,932 239,029 294,803 286,835 278,868 270,900 239,029 265,588 232,390 165,639 5.26%
Div Payout % 39.41% 73.04% 83.81% 86.41% 85.53% 85.18% 86.51% 86.26% 76.17% 60.74% 72.40% 58.53% -
Equity
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Net Worth 2,348,268 2,348,268 2,279,985 2,177,402 2,132,623 2,066,532 1,961,398 2,156,765 1,920,904 1,837,310 1,738,610 1,649,344 3.66%
NOSH 398,383 398,383 398,383 398,383 398,383 398,383 398,383 398,383 331,986 331,986 331,986 220,852 6.77%
Ratio Analysis
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
NP Margin 21.07% 19.88% 16.46% 16.69% 20.07% 20.77% 20.11% 20.75% 21.34% 31.71% 24.99% 24.20% -
ROE 17.22% 16.26% 13.76% 12.70% 16.16% 16.29% 16.44% 14.56% 16.34% 23.80% 18.46% 17.16% -
Per Share
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 481.61 482.04 478.29 416.08 431.18 407.04 402.30 379.95 442.98 415.35 386.94 529.63 -1.12%
EPS 101.49 95.84 78.75 69.43 86.52 84.52 80.92 78.83 94.52 131.70 96.69 128.33 -5.27%
DPS 40.00 70.00 66.00 60.00 74.00 72.00 70.00 68.00 72.00 80.00 70.00 75.00 -1.40%
NAPS 5.8945 5.8945 5.7231 5.4656 5.3532 5.1873 4.9234 5.4138 5.7861 5.5343 5.237 7.4681 -2.91%
Adjusted Per Share Value based on latest NOSH - 398,383
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
RPS 481.61 482.04 478.29 416.08 431.18 407.04 402.30 379.95 369.15 346.12 322.45 293.61 5.56%
EPS 101.49 95.84 78.75 69.43 86.52 84.52 80.92 78.83 78.77 109.75 80.57 71.04 1.15%
DPS 40.00 70.00 66.00 60.00 74.00 72.00 70.00 68.00 60.00 66.67 58.33 41.58 5.26%
NAPS 5.8945 5.8945 5.7231 5.4656 5.3532 5.1873 4.9234 5.4138 4.8218 4.6119 4.3642 4.1401 3.66%
Price Multiplier on Financial Quarter End Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 30/09/24 30/09/24 29/12/23 30/12/22 31/12/21 31/12/20 31/12/19 31/12/18 29/12/17 30/12/16 31/12/15 31/12/14 -
Price 12.94 12.94 11.96 12.64 14.06 13.72 15.10 15.74 18.16 16.38 16.08 18.06 -
P/RPS 2.69 2.68 2.50 3.04 3.26 3.37 3.75 4.14 4.10 3.94 4.16 3.41 -3.38%
P/EPS 12.75 13.50 15.19 18.20 16.25 16.23 18.66 19.97 19.21 12.44 16.63 14.09 0.83%
EY 7.84 7.41 6.58 5.49 6.15 6.16 5.36 5.01 5.20 8.04 6.01 7.10 -0.84%
DY 3.09 5.41 5.52 4.75 5.26 5.25 4.64 4.32 3.96 4.88 4.35 4.15 3.21%
P/NAPS 2.20 2.20 2.09 2.31 2.63 2.64 3.07 2.91 3.14 2.96 3.07 2.42 -1.61%
Price Multiplier on Announcement Date
AQR T4Q 31/12/23 31/12/22 31/12/21 31/12/20 31/12/19 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 CAGR
Date 29/10/24 29/10/24 26/02/24 07/02/23 07/02/22 03/02/21 03/02/20 29/01/19 10/01/18 06/02/17 27/01/16 28/01/15 -
Price 13.30 13.30 12.36 12.88 14.64 13.46 14.80 16.42 19.42 17.34 15.70 18.50 -
P/RPS 2.76 2.76 2.58 3.10 3.40 3.31 3.68 4.32 4.38 4.17 4.06 3.49 -3.29%
P/EPS 13.11 13.88 15.70 18.55 16.92 15.92 18.29 20.83 20.55 13.17 16.24 14.44 0.93%
EY 7.63 7.21 6.37 5.39 5.91 6.28 5.47 4.80 4.87 7.60 6.16 6.93 -0.93%
DY 3.01 5.26 5.34 4.66 5.05 5.35 4.73 4.14 3.71 4.61 4.46 4.05 3.11%
P/NAPS 2.26 2.26 2.16 2.36 2.73 2.59 3.01 3.03 3.36 3.13 3.00 2.48 -1.52%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ ⃤ & YoY ⃤ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

Discussions
3 people like this. Showing 50 of 537 comments

Raymond Tiruchelvam

wow best qtr results thus far.... breached 6 figure profit for the first time in its history.... time to buy

2024-04-29 14:41

alibiii

frankly i dunno how to judge future prospect of insurance companies as the earning is influenced greatly by investment income and claim amounts where the companies have very little control. LPI revenues seemed flattish but current quarter profit is among the highest in past few years

2024-04-29 15:02

teknikal

Strong earnings QoQ +28.9%, YoY +37.2%, just released at 1pm.

2024-04-29 15:04

Raymond Tiruchelvam

baldy hell..... right after i buy it goes down :-( hahahaha.... so thinly traded

2024-04-29 15:11

Raymond Tiruchelvam

ah great thx teknikal.... so I can hold yah

2024-04-29 15:18

dawchok

tortoise, tortoise wakes and moves up quick quick.

2024-04-29 15:23

teknikal

LPI Capital’s 1Q net profit surges 37%, shares turn positive after results

https://theedgemalaysia.com/node/709704

2024-04-29 15:44

Gun8811

The management of LPI is a group of old people who spend the rest of their lives sitting in the office, earning high salaries every month, and the stock price has nothing to do with them.

2024-04-29 20:50

teknikal

LPI’s 1QFY24 results beat expectations as net claims appeared
lower following reversal of past claims provisions, prompting us to
raise our FY24F-FY25F earnings by 13%-4%. We see that there
could be more intensive competition especially in the fire class
insurance segment, but are not overly deterred by LPI’s position,
thanks to their backing from a leading bank. We maintain
OUTPERFORM call but raise our TP to RM15.00 (from RM14.70) as
we roll over our valuations.

Kenanga Research

2024-04-30 09:14

KingKKK

This is a BORING stock with strong fundamental, dividend yield 5.5% better than keep in bank FD.

2024-04-30 10:33

Gnanasong

It's boring because it isn't meant for goreng 😁

2024-05-03 17:22

lefty88

up 90s in last 5 days, not bad for a boring stock :-)

2024-08-21 18:58

EDwarrior

How low can buy?

1 month ago

XinXin Chan

Good news to be announced?

1 month ago

dawchok

RM9.80 per share of LPI. Bully.

1 month ago

Siang9282

Acquisition by Public Bank

1 month ago

VivoPrince

At 32% discount from LPI's last traded price of RM13. Does this mean LPI's share price will collapse tomorrow (Oct 11)?

1 month ago

PASSIVESTOCK

Yes for sure
PE RATIO AT 12.50 & last trade price at 13 to 9.80 25 % discounted

1 month ago

pang72

PBBANK 这轮是什么操作？
~~~~~~~~~~~~~~~~~~~~~~
金融业重磅交易！　大众银行17.2亿收购伦平资本44.15%股权
（吉隆坡10日讯）大众银行（PBBANK，1295，主板金融股）宣布以17亿2000万令吉现金或每股9.80令吉，向已故丹斯里郑鸿标和其家族郑氏联合控股收购伦平资本（LPI，8621，主板金融股）的44.15%股权。
大众银行董事经理丹斯里郑亚历表示，此项收购将有助于强化该行的保险业务，并为客户提供更多样化的保险产品。
他指出，这次收购与大众银行的发展战略一致，并将透过该行全国范围内的分行网络，扩大伦平保险的销售渠道。
“我们有信心，这次收购将带来互补效应，并推动未来的共同增长。”
大众银行收购伦平资本，与市场预期相符。大众银行和伦平资本从周三（9日）起暂停交易，以公布上述消息。大众银行原定周五（11日）召开记者会说明这项收购与未来布局，但之后改为提前一天（9日）举行。

1 month ago

pang72

Pbb is famous for stingy.
Lpi worth 32% discount of $13? 9.80 only?

1 month ago

pang72

Then, LPI crashes to 9.80 tomorrow...?

1 month ago

alibiii

left hand right hand only, teh family gave discount to pbb, good for pbb, and lpi minority share holders just eat pop corn only, if really drop to rm9.8 i will load up a tone

1 month ago

dawchok

The bank intends to maintain LPI's listing status on the Main Market of Bursa Malaysia.

1 month ago

dawchok

As long as the dividend payout is sustained, price will not drop much as dividend buyers will come in when yield increases.

1 month ago

greenshoot

My research indicates that no current LPI owners will sell to Public Bank for RM 9.80 a share, which means that the MGO acceptance rate will be very low and that LPI will most likely stay listed once the offer closes.

It appears that Public Bank purposefully set the offer price at RM 9.80 per share in order to discourage current LPI shareholders from selling their shares to Public Bank in order to maintain LPI's listing.

1 month ago

greenshoot

My study indicates that when trading resumes tomorrow, October 11, 2024, the price of LPI shares is likely to continue its upward path.

1 month ago

mesoan

why set such low offer at 9.8? looks like they are trying to eat minority shareholder?

1 month ago

stncws

Rm9.80 ok...better than none..becos u want undur diri..pbb of course buy low.

1 month ago

ks55

How much is NTA?

1 month ago

curiousq

is good for PBB but LPI holders get nothing 😊

1 month ago

greenshoot

@mesoan

"This price of RM 9.80 was negotiated based on a willing-buyer, willing-seller basis. Additionally, money is not a factor, it's more about realigning our interests," Li Shian, the youngest daughter of the late founder, told the media after the signing ceremony.

1 month ago

mesoan

greenshoot can the price be higher? so it wont create fear in the market?

1 month ago

greenshoot

Analysts are less optimistic that LPI's remaining shareholders will be enticed to sell their stakes through the mandatory general offer at RM9.80 per share, given the steep discount

1 month ago

1pingpong

So buy in or exit now? Hooha hooha.

1 month ago

blistering

as MGO stated it's advisable to take LPi private under PBB as subsidiaries but they insist it to remain public that means LPi will be another PBB tools to raise any means of future funds such as PP , Warrants and etc instead of PBB now They can use LPi muscle to flexing more cash...I believe LPi has no value anymore 😂 selling pressure will continue next week

1 month ago

speakup

Sell. It only worth 9.80 according to public bank

1 month ago

greenshoot

TA Securities described the acquisition price of RM9.80 per share as reasonable. With a PBV of approximately 1.7x, the offer presents a slight premium compared to recent transactions in Malaysia, where average PBV multiples have been around 1.6x.

It noted that the premium appears justified, given that PBB is acquiring a controlling stake in LPI, which likely provides additional strategic benefits such as greater influence over LPI's operations and synergies within the group.

“However, the offer price represents a notable 23.7% discount to LPI’s 5-day VWAP and a discount to its current PBV of around 2.3x. Given this significant discount, we believe that minority shareholders will unlikely tender their shares under the MGO,” TA said

1 month ago

greenshoot

From MIDF Research.
KEY INVESTMENT HIGHLIGHTS
• Public Bank acquiring a 44.15% stake in LPI. This will trigger a MGO
• Offer price is unattractive – at a discount to current market price
• Still fundamentally sound with good dividend yield. Offer price is not a reflection of its fundamentals
• Forecasts unchanged
• Maintain BUY | Unchanged TP of RM14.52 | based on an unchanged FY25F P/BV of 2.42x

www.midf.com.my/sites/corporate/files/2024-10/lpi-cu-no_incentive_to_participate-midf-111024.pdf

1 month ago

greenshoot


LPI holds some 215 million PBB shares. If PBB holds LPI, these shares cannot be held by LPI and what will happen to that block? Will it be sold to the market or distributed as a dividend-in-specie?We will have 12 months from the date of completion of the proposed acquisition of LPI to address this matter.

It is still premature for us to make a decision on this matter but rest assured, we will explore all possibilities and make a decision at the appropriate time that will not be disruptive to the share price of Public Bank, whilst ensuring the interest of the shareholders of PBB and LPI is protected at all times.

https://www.thestar.com.my/business/business-news/2024/10/14/structured-success-continues-for-public-bank

1 month ago

greenshoot

Scenario 1: In the event that LPI chooses to sell 215 million PBB shares to the market, it is expected to record a substantial profit and provide windfall dividends to its shareholders.

Scenario 2, LPI shareholders would receive around 500 free PBB shares for every 1,000 LPI shares if LPI opted to distribute 215 million PBB shares as a dividend-in-specie.

In conclusion, LPI stockholders will profit handsomely in any of the aforementioned scenarios.

1 month ago

paperplane

FV is 9.80, sell??

1 month ago

greenshoot

@paperplane

The decision to sell or not is entirely yours.

1 month ago

VivoPrince

Is something brewing in LPI ... instead of moving down towards RM9.80, it's climbing instead?

1 month ago

dawchok

Good move LPI although it is still lagging behind other blue chips. Gembatte.

1 month ago

Gnanasong

Awesome QR, but some people sell on good results today ...

https://www.thestar.com.my/business/business-news/2024/10/29/lpi-capital039s-profit-jumps-26-to-rm124mil-in-3q

3 weeks ago

forthewin

@greenshoot
public bank shares are yielding about 4% in dividend yield
the 215million shares held would bring about $40m in dividend for LPI
after selling PBB shares, does it mean that LPI net profit would fall by about $40m?

2 weeks ago

greenshoot

@forthewin

Yes, the dividend income will be $40m lower

But, the sales proceeds from the disposal of Public Bank shares by LPI will yields an amount (A)


Scenario 1: - likely

amount (A) likely to be distributed to existing LPI shareholder as special dividend.


Scenario 2: - unlikely

amount (A) to be kept in the fixed deposit with licence bank by LPI to earn interest income

1 week ago

greenshoot

@forthewin

You may refer to the following link for more information

https://www.thestar.com.my/business/insight/2024/11/02/complications-in-public-banks-corporate-exercise

1 week ago

forthewin

@greenshoot

Yes, I think likely will be given as special dividend after selling public bank shares.
But LPI shares would also drop by the same amount after the distribution.
Profit for LPI will also drop by the the dividend income they used to receive from holding Public bank shares moving forward.
I won't really consider this a windfall gain, because LPI is not selling Public bank share at a premium to the market.
Its akin to selling part of the company asset and distributing the proceeds to shareholders.
I would prefer if LPI can reinvest the proceeds into a higher yielding business/company so that we see income growth with LPI.

1 week ago

greenshoot

@forthewin

LPI needs to divest PBB stocks to fulfill regulatory obligations so that PBB can take over LPI.

Scenario 1 - LPI to return the funds generated by selling PBB shares to current shareholders through a special dividend, leaving it to them to decide where and how to invest for optimal returns.

Scenario 2 - LPI to utilize the sales proceeds from selling PBB shares to fuel future growth by acquiring other companies.

In the second scenario, the existing LPI investors will certainly benefit more.

The process of acquiring a business is a complicated and frequently long journey that companies undertake to grow their operations or enhance their market standing. From the moment a potential target is first identified, to the completion of due diligence and negotiation, and finally to the integration of the acquired company, every stage presents its own distinct challenges and factors to consider.

LPI will probably focus more on expanding organically than on acquiring other companies.

Be optimistic about Scenario 2, but be ready for Scenario 1.

Wishing you a pleasant day.

3 days ago

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