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NewsAccumulate Tune Insurance given its bright growth prospects, says CIMB Research
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Accumulate Tune Insurance given its bright growth prospects, says CIMB Research
by Cals Wed 20 Aug 2014, 00:41
| Accumulate Tune Insurance given its bright growth prospects, says CIMB Research |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Tuesday, 19 August 2014 08:44 KUALA LUMPUR (Aug 19): CIMB Research has maintained its Add rating on Tune Insurance Holdings Bhd at RM2.48 with an unchanged target price of RM2.17 and advised investors to accumulate Tune Insurance given its bright growth prospects in the region, supported by its tie-up with AirAsia, M&As in Thailand, and entry into Middle Eastern markets. In a note Aug 18, the research house said another catalyst would be the revamp of its non-life unit in Malaysia, which would lead to better underwriting margins. CIMB Research said although Tune Insurance’s 1HFY14 net profit accounted for only 42% of house full-year forecast and 41% of the consensus number, it was regarded in line because: (1) the associate companies in Thailand and Middle East will start to contribute from 3Q14, and (2) the seasonally-strongest Oct-Dec quarter (4Q13 accounted for 31% of last year’s earnings) is yet to come. “We retain our DDM-based target price (cost of equity of 9.2%; long-term growth of 4%). “The stock remains an Add, underpinned by the potential re-rating catalysts of: (1) swift expansion of the travel insurance business, (2) synergistic M&As in Thailand, and (3) entry into Middle Eastern markets,” it said. |
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