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CIMB Research maintains Outperform on Tune Insurance, ups target price to RM2.54

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CIMB Research maintains Outperform on Tune Insurance, ups target price to RM2.54 Empty CIMB Research maintains Outperform on Tune Insurance, ups target price to RM2.54

Post by hlk Mon 27 May 2013, 08:43

Business & Markets 2013
Written by theedgemalaysia.com
Monday, 27 May 2013 08:15
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KUALA UMPUR (May 27): CIMB Research has maintained Outperform
on Tune Insurance Holdings Bhd at RM2.04 with a higher target price of
RM2.54 (from RM2.50) and said that during a conference call on May
23, Tune Insurance’s CEO outlined the company’s key strategies which
include airline tie-ups.
In a note May 26, the research house said Tune Insurance had already
made a breakthrough by tying up with Cebu Air recently, a positive move
that will provide a new source of income.
“Factoring in the tie-up with Cebu Air, we raise our growth assumptions
for the travel insurance business from 15% in FY13-15 to 16% in FY13
and 18% in FY14-15. This increases our EPS projections and
DDM-based target price (8.9% COE; 5% LT growth).
“We reaffirm our Outperform call on Tune given its fast expansion of
travel insurance in the region, partly through M&As and new tie-ups,” it
said.
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