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
Business & Markets 2013
Written by theedgemalaysia.com
Monday, 27 May 2013 08:15
A + / A - / Reset
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.
Written by theedgemalaysia.com
Monday, 27 May 2013 08:15
A + / A - / Reset
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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