Monday, June 23, 2014

浅谈TUNEINS



TUNEINS(TUNE保险,5230,主板金融股),全名 Tune Ins Holdings Berhad,成立于2011年6月14日,于2013年2月20日上市大马交易所主板。

大家应该会感到奇怪,才成立不到两年的TUNEINS,为何可以上市?

TUNEINS旗下的保险臂膀为Tune Insurance Malaysia Berhad (简称TIMB)。

说到TIMB,其历史其实比TUNEINS来得更久。TIMB成立于1976年12月27日,当时的公司名称为United Oriental Assurance。2003年与Capital Insurance合并后,改名Oriental Capital Assurance(东方资本保险公司,简称OCA)。

2012年5月,TUNEINS收购了OCA的74.16%股权,并于同年9月21日,将该公司易名为TIMB。

目前,TUNEINS旗下的业务为寿险、普险以及线上保险业务。

自从收购OCA后,TUNEINS无意再收购本地其他的保险业者,并强调大马市场将以内部增长方式扩充。

但是,该公司却积极扩展海外市场,而印尼、泰国和中东则是它首几个主要据点,公司打算在这些地方物色收购对象或成立联营公司。

目前,该公司已完成收购泰国Osotpa保险公司(OSI)的49%股权,并将致力将OSI整合及融入TUNEINS。

印尼方面,该公司早前有计划收购PT Batavia Mitratama保险(简称BMI)70%股权,但碍于当地条例的阻拦而放弃。但该公司仍不放弃印尼市场,并放眼在今年杪,落实进军印尼市场的计划。

至于中东市场,该公司于今年1月22日和Cozmo Travel签署了联营协议,着手进军中东市场。Cozmo Travel为Air Arabia(阿拉伯航空)廉价航空的子公司,从事旅游代理。

TUNEINS的现任首席执行员为Peter Miller(彼得米勒),他在金融服务领域已有超过18年的经验。在早前的股东大会里,Peter Miller曾说到,随着TUNEINS开始将版图扩大至中东,再加上本地和亚洲业务持续贡献稳定盈利,他放眼公司的市值在2018年达到60亿令吉。


展望
2018年距离现在仍有4年的时间,而TUNEINS目前的市值大约是17亿令吉,也就是说公司欲在4年后把市值增加252%。

如果将复利也考虑在内,那每年就必须将市值推高37%。

目前的旅游保险仍然还不够普及化,特别是在亚洲。但随着时代的演变,大众对保险的价值观也会跟着提升。

自从MH370事件后,相信很多人也开始意识到保险的重要性。而这对TUNEINS将来的发展,是非常正面的。

免责声明:
以上投资分析,纯属本人个人意见和观点。


在买进一家公司的股份前,请先做功课并了解该公司,任何人因看此文章而造成任何投资损失,本人恕不负责。切记,买卖自负!





6 comments:

  1. Ah Boon,

    可以指教MNRB吗? Worth to buy in?

    Mnrb 6459 Rm 4.83 趁低吸购, 现在是隆股市中最便宜的保险股---
    Lpi 8621 rm 16.78 pe=22
    takaful 6139 rm 12.96 pe=15.1
    allianz 1163 rm 12.10 pe=8
    mnrb 6459 rm 4.84 pe=6.5
    tuneins 5230 rm2.30 pe=24.6
    p&o 6009 rm 1.40 pe=9.2

    mnrb rm4.84 只是在 pe=6.5 交易,明显被低估了,而且是最便宜的保险股,
    未来有可能被私有化(最少有rm 5.70),
    红股.
    不错的股息(去年为24 sen),今年相信可以更好或一样的派息,8,9月会公布.
    下个目标价为pe=7 ,价位=rm 5.13
    然后往 pe=8 ,价位=rm 5.85

    ReplyDelete
  2. alex,

    MNRB是我国唯一的再保险公司,以目前的股价和PE来看,其实它是被低估的。

    MNRB所存在的风险在于如果有突发性的天灾(例如之前的泰国水灾),可能需要做出一次性的巨额赔偿。

    排除这个外,其实它是一家很赚钱的公司,周息率也超过5%。所以,目前的价格其实蛮有吸引力的。

    ReplyDelete
  3. 大股东必须减持股份,对股价会多大的影响?

    ReplyDelete
  4. Hi Boon,

    Could you share your views on airasia? Quite good dividends.
    ( I'm not sure if this is appropriate time while people are still in grief for the lives lost in MH17 incident. To the victims.. RIP)
    Subject: Fwd: Malaysian Airlines to present turnaround plans this week. Options include privatisation or bankruptcy. Buy Air Asia as the airline will be the primary beneficiary.


    MAS to present turnaround plans this week.

    Bloomberg has reported that MAS will present turnaround plans, later this week. MAS cited that options include privatisation or bankruptcy. This comes amid the downing of MH17 in Ukraine as well as a drastic 9.5ppt decline in pax loads in June. Load factors have decline for 2 consecutive months, suggesting substantial demand destruction, particularly on international routes. This will only accelerate in coming months and MAS will likely announce capacity cuts and refund tickets. We doubt that MAS will declare bankruptcy, given implications on sovereign debt ratings.

    Action - BUY Air Asia( AIRA MK/ Target : RM 2.70)

    In the wake of the MH370's disappearance, we had opined that Air Asia will gain market share on domestic and international fronts. The odds of AirAsia gaining market share have increased following the latest tragedy,. but the market has yet to appreciate the significance of the development.
    - On the domestic front, Air Asia has a 48%, while MAS has a 45% market share in terms of number of seats.
    - On the international front, Air Asia Berhad has a 23% share, while MAS has a 27% share. ( The Air Asia Group has a 39% share)
    - There is substantial overlap on South East Asian and North Asian routes between the two carriers. In comparison to international carriers, Air Asia the greater flexibility to add capacity and will be able to do so at the lowest cost, compared to its competition.

    AirAsia is trading at just 1.2x P/B. Expect the airline to be re-rated soon.







    Source : CAPA


    ReplyDelete

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