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Kurnia Asia upgraded to 'trading buy'
by hlk Mon 18 Jul 2011, 16:03
OSK Research Sdn Bhd has upgraded Kurnia Asia Bhd (KAB) to a "trading buy" amid talks it plans to sell its insurance arm, Kurnia Insurans (M) Bhd (KIMB).
In its Corporate News Flash today, OSK said the pricing of recent merger and acquisitions in the insurance industry ranged from 1.4 times (x) to 3.4x price/book value (PBV).
It said assuming that KIMB could fetch a valuation of 2x PBV and the sale was entirely in cash, the disposal was expected to fetch around RM1.38 billion.
KAB's new book value would then increase from RM327.8 million to RM1.02 billion, which would translate into an equivalent book value per share of 68 sen compared with the last traded price of 55.5 sen at the close of the morning session today. -- Bernama
In its Corporate News Flash today, OSK said the pricing of recent merger and acquisitions in the insurance industry ranged from 1.4 times (x) to 3.4x price/book value (PBV).
It said assuming that KIMB could fetch a valuation of 2x PBV and the sale was entirely in cash, the disposal was expected to fetch around RM1.38 billion.
KAB's new book value would then increase from RM327.8 million to RM1.02 billion, which would translate into an equivalent book value per share of 68 sen compared with the last traded price of 55.5 sen at the close of the morning session today. -- Bernama
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