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NewsMIDF Research starts coverage on Tune Ins, target price RM2.12
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MIDF Research starts coverage on Tune Ins, target price RM2.12
by Cals Wed 14 Jan 2015, 03:24
MIDF Research starts coverage on Tune Ins, target price RM2.12
KUALA LUMPUR (Jan 13): MIDF Research has initiated coverage on Tune Ins Holdings Bhd ( Financial Dashboard) at RM1.58 with a “Buy” rating and target price of RM2.12.
In a note today, the research house said its target price of RM2.12 was pegged to FY15 PER of 18.8x on EPS of 11.3 sen.
“Our forward PE multiple of 18.8x is a 20% premium to the sector’s average. This is justified based on: (i) growing air travel demand, (ii) stable earnings supported by online travel insurance with lucrative UW margin of >50%, (iii) superior return on equity (ROE) at >18%, (iv) potential new investment opportunities and (v) a diversified insurance portfolio which mitigates risk.
“Expected dividend payout is 40% of profit after tax. This will translate into an attractive dividend yield of 2.9%.
“Strong growth prospects with potential expansion of regional presence as well as its focus on digital platform for insurance franchise,” it said.
KUALA LUMPUR (Jan 13): MIDF Research has initiated coverage on Tune Ins Holdings Bhd ( Financial Dashboard) at RM1.58 with a “Buy” rating and target price of RM2.12.
In a note today, the research house said its target price of RM2.12 was pegged to FY15 PER of 18.8x on EPS of 11.3 sen.
“Our forward PE multiple of 18.8x is a 20% premium to the sector’s average. This is justified based on: (i) growing air travel demand, (ii) stable earnings supported by online travel insurance with lucrative UW margin of >50%, (iii) superior return on equity (ROE) at >18%, (iv) potential new investment opportunities and (v) a diversified insurance portfolio which mitigates risk.
“Expected dividend payout is 40% of profit after tax. This will translate into an attractive dividend yield of 2.9%.
“Strong growth prospects with potential expansion of regional presence as well as its focus on digital platform for insurance franchise,” it said.
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