Allianz- top-line & bottom-line still growing

Result Update

For QE31/3/2013, Allianz's net profit
increased by 20% q-o-q or 1% y-o-y to RM54 million whiel revenue
increased by 1% q-o-q or 17% y-o-y to RM862 million. Bottom-line
improved q-o-q due to higher profit before tax from the general
insurance operations.

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Table: Allianz's last 8 quarterly results

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Chart 1: Allianz's last 29 quarterly results

Valuation

Allianz
(closed RM9.50 on May 17, 2013) is now trading at a PE of 14.4 times
(based on last 4 quarters' EPS of 66 sen). With a CAGR of 17%,
Allianz's PEG ratio is 0.85 time. Thus Allianz is deemed fairly
attractive, with upside of 20% (or commanding a PE of 17 times).

Technical Outlook

Allianz
is still in an uptrend, with immediate support at the psychological
RM9.00 mark and then at the horizontal line of RM8.50. Immediate
resistance will be the psychological RM10.00 mark.

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Chart 2: Allianz's weekly chart as at May 17, 2013 (Source: quickcharts)

Conclusion

Based
on improving financial performance, fairly attractive valuation &
positive technical outlook, Allianz is expected to continue to rise.

Note:
In
addition to the disclaimer in the preamble to my blog, I hereby confirm
that I do not have any relevant interest in, or any interest in the
acquisition or disposal of, Allianz.

Author: Alex Lu