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RHB Research ups Tune Ins' 2014 forecast
by hlk Mon 27 May 2013, 15:27
KUALA LUMPUR: RHB Research has raised Tune Ins' earnings forecast for
2014 financial year by 8.2 per cent following its exclusive five-year
partnership with leading Filipino non-life insurer, Malayan Insurance
Co.
Malayan Insurance manages the domestic travel protection needs of the Philippines' second flag carrier, Cebu Pacific Air.
"Management
guided that the earnings accretion from this deal will not be
significant for the 2013 financial year as it will only cover the
airlines’ flights into the Philippines.
"Cebu Pacific current
operates mostly domestic flights despite flying to 22 international
destinations. That said, Tune Ins is looking to secure more partnerships
to extend its services to other airlines, including AirAsia India," RHB
Research said in a note today.
The research house maintained its "neutral" call on the stock and raised its target price to RM2.15. -- BERNAMA
2014 financial year by 8.2 per cent following its exclusive five-year
partnership with leading Filipino non-life insurer, Malayan Insurance
Co.
Malayan Insurance manages the domestic travel protection needs of the Philippines' second flag carrier, Cebu Pacific Air.
"Management
guided that the earnings accretion from this deal will not be
significant for the 2013 financial year as it will only cover the
airlines’ flights into the Philippines.
"Cebu Pacific current
operates mostly domestic flights despite flying to 22 international
destinations. That said, Tune Ins is looking to secure more partnerships
to extend its services to other airlines, including AirAsia India," RHB
Research said in a note today.
The research house maintained its "neutral" call on the stock and raised its target price to RM2.15. -- BERNAMA
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