Highlights
KLSE: ALLIANZ (1163)       ALLIANZ MALAYSIA BHD MAIN : Finance
Last Price Today's Change   Day's Range   Trading Volume
13.14   +0.16 (1.23%)  13.06 - 13.18  35,400
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Overview

Market Cap: 2,332 Million
NOSH: 178 Million
Avg Volume (4 weeks):82,133
4 Weeks Range:12.66 - 13.18
4 Weeks Price Volatility (%):
92.31%
52 Weeks Range:12.48 - 15.38
52 Weeks Price Volatility (%):
22.76%
Average Price Target: 17.20
Price Target Upside/Downside: +4.06

Financial Highlight

Latest Quarter | Ann. Date 30-Jun-2021 [#2]  |  25-Aug-2021
Next QR | Est. Ann. Date: 30-Sep-2021  |  26-Nov-2021
T4Q P/E | EY: 4.84  |  20.65%
T4Q DY | Payout %: 4.40%  |  21.30%
T4Q NAPS | P/NAPS: 23.3882  |  0.56
T4Q NP Margin | ROE: 7.73%  |  11.60%

Headlines

Date Subject
30-Aug-2021 保险业前景放晴
26-Aug-2021 Allianz Malaysia - Stronger business activity; narrowed fair value losses on investments for life business
18-Aug-2021 Insurance - Stronger premium growth ahead but challenges remain
20-May-2021 Mplus Market Pulse - 20 May 2021
20-May-2021 Allianz Malaysia - Stronger top line, but dented by ALIM’s fair value losses
19-May-2021 Allianz Malaysia - In-line With Expectations; Weak 1Q21 Could be One-off
25-Feb-2021 Mplus Market Pulse - 25 Feb 2021
25-Feb-2021 Allianz Malaysia - Strong GWP growth with lower net claims
25-Feb-2021 Allianz Malaysia - Outperformed Expectations; Higher 4Q20 Net Profit
27-Nov-2020 Allianz Malaysia - Recovery in Premium Growth in 3Q20
26-Nov-2020 Allianz Malaysia - 3Q20 life insurance ANP improves on easing of MCO
09-Nov-2020 Protecting the rakyat, safeguarding the economy

Business Background

Allianz Malaysia Bhd is a diversified insurance company that provides life and general insurance in Malaysia. The vast majority of the company’s revenue is generated through insurance premiums, with the remainder stemming from investment income as well as fee and commission income. The company’s general insurance includes automotive, home, and personal insurance. Allianz Malaysia’s business insurance includes fire, engineering, and liability insurance. The company also offers life insurance through a variety of its products.
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  6 people like this.
 
stevenckheng No dividend?
26/08/2021 8:33 AM
derricksyl Well done Allianz ...
30/08/2021 9:52 AM
observatory We refer to the Company’s latest update as announced via the Quarterly Report of the Company on 25 August 2021 with regard to the proceedings by the Company’s wholly-owned subsidiary, Allianz General Insurance Company (Malaysia) Berhad (“AGIC”), against Virginia Surety Company Labuan Branch.

The Board of Directors of the Company wishes to announce that the Court of Appeal of Malaysia had on 3 September 2021, dismissed AGIC’s appeal against the Kuala Lumpur High Court’s Decision delivered on 28 June 2019. (The High Court had on 28 June 2019 dismissed AGIC’s application to challenge the Award of the Arbitral Tribunal dated 8 February 2018).

As the matter involves the application of fundamental principles of insurance and reinsurance law, AGIC is in consultation with its legal advisers on its legal position and the next steps in relation to this matter.

This announcement is dated 8 September 2021.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3191232
08/09/2021 7:38 PM
auditorandconsultant I am very positive in Allianz. As of 10 September 2021, the lowest point is RM12.48 and the highest point is RM15.38. As such, I personally opine that any price below RM13 is considered a good entry price. Remember, you can start collect on dip.

The reason for the recent decrease in price, in my personal opinion, might be due to 2 main reasons which are the (1) political instability; and (2) pandemic which creates negative sentiment in the market.

Allianz is a solid counter for capital appreciation and for mid to long term investment.

As of 6 September 2021, EPF own directly 11,043,900 shares (6.2220%)

Do not worry as EPF has been acquiring non stop as follows:-

03/09/2021 --- acquired 50,500
25/08/2021 --- acquired 15,200
20/08/2021 --- acquired 47,500
18/08/2021 --- acquired 8,600
17/08/2021 --- acquired 21,000
16/08/2021 --- acquired 3,700
13/08/2021 --- acquired 90,500
09/08/2021 --- acquired 4,500
04/08/2021 --- acquired 11,000
03/08/2021 --- acquired 12,300
30/07/2021 --- acquired 2,100
28/07/2021 --- acquired 32,000

Personally, I think Allianz's price might be going up very soon due to (1) higher vaccination rate for herd immunity; and (2) re-opening of economic activities soon.

Taking into consideration solid fundamental of Allianz with strong and healthy financial position, I have no doubt on Allianz's price going up really soon. I do hope that by end of September 2021, the price will fly above RM13 and slowly go up to RM14 and above.

My two cents. This is only my personal opinion for sharing purpose. Any investment decision is your own responsibility.
11/09/2021 4:58 PM
auditorandconsultant @Pinky

Wow you also hold Allianz.

We have same portfolio for Long Term Investment, BAT and Allianz
11/09/2021 5:04 PM
DickyMe Post removed. Why?
13/09/2021 4:52 PM
kentnherman @auditorandconsultant where did you find the top 30 shareholder? i cannot find any details in their annual report. Thanks
15/09/2021 9:05 AM
auditorandconsultant @kentnherman

Please turn to Page 113 for the top 30 shareholders.

As at 12 April 2021,

1) Allianz SE --- 65.11%
2) EPF --- 3.83%

and so on
16/09/2021 5:19 PM
auditorandconsultant I am very very optimistic and confident in Allianz Malaysia.

Despite difficult time in year 2020, the result of Allianz Malaysia was still impressive.

1) Operating Revenue -- Increased 7.4%
2) Gross Written premium -- Increased 7.8%
3) Total Assets -- Increased 11.1%
4) Profit Before Tax -- Increased 5.4%
5) Shareholders' Funds -- Increased 9.7%
6) Basic Earnings Per Share -- Increased 11.6%

Intrinsic Value ("IV") which was calculated based on readily available information as of 3 Dec 2020 = RM20.71

The above IV was before the final and audited result for FY2020.

Indeed, EPF has been collecting from time to time.

In my humble opinion the current price of RM12.76 is very much Undervalued. I feel that it is a hidden diamond which a lot of investors might overlook.

Some argued that the price is too high. Remember, Price is what you paid, Value is what you get!

With rapid vaccination and gradual re-opening of economic activities, I strongly believe Allianz will be able to attract more sales soon while retaining existing customers.

The ongoing plan for the 3-month moratorium interest-free plan is good for those who are really in financial difficulty. They could enroll in moratorium and defer the loan payment but at the same time use that fund to continue settle other obligations which includes but is not limited to payment of insurance premium.

Disclaimer: - Buy or Sell or Hold is your own decision and responsibility. The information above is only for sharing and shall not be deemed as an advice for any investment or divestment decision.
16/09/2021 5:31 PM
auditorandconsultant Hopefully, tomorrow Allianz can go up to at least RM13.00.

Allianz is a hidden gem but why not many retail investors want to buy and EPF keep on collecting Allianz at this very much undervalued price.

Hope for the best.
19/09/2021 9:30 PM
wsb_investor https://www.theedgemarkets.com/article/south-africas-sanlam-planning-stake-sale-malaysian-insurer-%E2%80%94-sources
23/09/2021 6:24 PM
auditorandconsultant https://ycmylife.blogspot.com/2021/09/allianz-1163.html?m=1

Read this article for further information

This is really a hidden gem and that why EPF has been collecting non stop
25/09/2021 10:21 AM
auditorandconsultant The following is a sharing by my High School Super Senior, Dr. Tan Chong Koay who is also a founder of Pheim Asset Management (Asia) Pte Ltd

https://www.youtube.com/watch?app=desktop&v=NAxzOiDVILc&feature=youtu.be

You may find his background from the following link

http://www.pheim.com.sg/about_us/about_us.html
27/09/2021 12:22 AM
auditorandconsultant Personally, I believe the existing price is acceptable based on my risk appetite.

Imagine when near to year end and when economy is re-opened soon.

The above Youtube sharing was done by my High School Super Senior in year 2020.

I am greedy when everyone is fearful...............
27/09/2021 12:29 AM
wsb_investor 12MP : The M40 will be encouraged to subscribe to health and employment insurance to mitigate them from financial vulnerability. In addition, income tax relief on health and life as well as employment insurance for the M40 will be reviewed to reduce healthcare costs. These initiatives will cushion them from unforeseen circumstances due to health and work-related risks.

The Government financial burden will be reduced gradually in providing sustainable quality healthcare services. The Malaysia National Health Accounts report will be strengthened by incorporating a more detailed analysis of public health expenditure as a tool to identify cost drivers within the health system. Current healthcare charges will be reviewed so that higher income patients will be required to pay higher charges. Subsidies for healthcare services will be streamlined based on a means test.

Efforts will be undertaken to encourage the rakyat to have insurance and takaful in financing healthcare expenses.
27/09/2021 3:56 PM
auditorandconsultant The engine has been restarted.

I am very positive and keen that share price of Allianz will be skyrocketing very soon due to

1) Positive sentiment in the market (re-opening of economic activities which also means more business activities that will lead to more potential business in insurance as well);

2) Political stability (as PH has promised not to have any election until mid of year 2022);

3) Public awareness of the importance of having health and life insurance during and post pandemic; and

4) High likelihood of favorable Budget 2022 that will be beneficial to Malaysian and business so as to help and speed up recovery of economy

To me, all bad or negative conditions had already passed, which has been evidenced in the Share Price plummeted during the 52 weeks or the year at RM12.48.

Good news will keep coming soon and personally I feel that if you wanted to make money whether on a short, mid or long term, now is a right timing. Share price of Allianz below RM13 is still considered low and cheap comparing to the Intrinsic Value of the Share.

Do not forget also about Window Dressing period which is likely to come in December 2021. I have already placed all 100% of my second pool of funds in Allianz and wait for the price to go up gradually from now to December 2021.

if you are aware of the recent institutional acquisition of Allianz, you will notice that the great "Whale" or EPF has been collecting Allianz without any disposals since mid of year 2021.

What are you waiting for? Collect now before it is too late. A lot of retail investors make losses in stock trading because they only bought the shares when the price had been overvalued or when institutional investors like EPF is getting ready to dump the share or they only bought the shares when the share price had been increased tremendously. Remember, one advice, buy only when not many people are buying. I bought and collected Allianz Shares on dip.

Disclaimer: - Buy or Sell or Hold is your own decision and responsibility. The information above is only for sharing as it is my personal view or opinion; the above information shall not be construed or deemed as an advice for any investment or divestment decision.
29/09/2021 6:37 PM
Papayashot How come auditorandconsultant keep on promoting allianz ge?

Kinda miss the moment when @limyuwei lectures us on insurance business le.. Hope to see him/her again in this forum..
30/09/2021 12:15 PM
Kitty Kitty EPF has been selling many bluechips .. but slowly little by little accumulate this stock.. something to ponder..
02/10/2021 9:07 AM
auditorandconsultant Papayashot,


I promote Allianz because I do not like those so called Expert in the market. Quietly bought and when the price is high only share or recommend the shares to ppl

I would like to share good stocks and let's earn together.

For long term or value investors, can hold long term no problem. I believe Allianz can be a multibagger.

In term of ESG Compliance, I also believe Allianz has outperformed many blue chips.

For mid or short term traders, I believe as long as your TP is not too high, you can always take profit by selling earlier than EPF and other institutional investors.

Do not forget those Institutional Investors like EPF, they cannot simply sell at lower price because they have a target to meet in order to achieve return desired by its capital providers like EPF members and other stakeholders.
02/10/2021 10:19 PM
auditorandconsultant @Kitty Kitty,

The reason is very simple. This stock is very much Undervalued.

Despite difficult time in year 2020, the result of Allianz Malaysia was still impressive.

1) Operating Revenue -- Increased 7.4%
2) Gross Written premium -- Increased 7.8%
3) Total Assets -- Increased 11.1%
4) Profit Before Tax -- Increased 5.4%
5) Shareholders' Funds -- Increased 9.7%
6) Basic Earnings Per Share -- Increased 11.6%

Intrinsic Value ("IV") which was calculated based on readily available information as of 3 Dec 2020 = RM20.71

The above IV was before the final and audited result for FY2020.

Indeed, EPF has been collecting from time to time.

In my humble opinion the current price of RM12.76 is very much Undervalued. I feel that it is a hidden diamond which a lot of investors might overlook.
02/10/2021 10:21 PM
observatory BNM publishes a report on Impact of Medical Re-pricing Deferrals on Life Insurers and Family Takaful Operators.

My takeaways after reading:

• Between 2015-19, the combined ratios of Life and Takaful Operators (ITOs) is broadly within 90%-100%.
• The combined ratio declined in 2020 as policyholders delay non-critical medical treatment. But the average cost per treatment was up 14%-15%, higher than long term trend of 8%-9%. The higher cost mainly due to pandemic-related protocols may persist in the future.
• However, as movement control is lifted, the number of claims is expected to normalize, or may temporarily exceed past level.
• Most ITOs agreed to defer re-pricing to preserve affordability. Their margin could be squeezed.

Insurers are under pressure not to reprice given policyholders are still suffering from the economic fallouts. It may impact different ITOs differently. For example, ITOs that rely more on credit products like STMB face a lesser impact than Allianz, who in turn fare better than pure life insurers?

I don’t have the details and am not capable to judge the magnitude. Just throw up a thought for others to comment.
03/10/2021 10:58 AM
observatory The said BNM report
https://www.bnm.gov.my/documents/20124/4782528/fsr2021h1_en_wb4_medical.pdf
03/10/2021 11:04 AM
observatory @auditorandconsultant
Can you share your source of intrinsic value calculation?

I looked up a few broker reports. They value the GI business based on book value. The multiple ranges from 1.2X to 1.6X. The book value estimate varies greatly from FY19A RM2.1b to FY22F RM3b. However I’m skeptical that book value can grow >40% in 3 years. At least one of them must be very wrong.

For the life business, the embedded value (EV) is estimated to be RM2.6b (as of Jun20) to RM3.3b (as of Jun21). Again the difference is rather big. Most apply a multiplier of 1.0X which makes sense. But not sure how they get the actuarial estimation. But none assign any value to the NBV growth which should bring in value too.

Allianz doesn’t disclose its own EV estimation. I also don’t know how to work out its GI book value based on its quarterly or annual report info. Appreciate if anyone can share their estimation approach.
03/10/2021 11:50 AM
wsb_investor NB multiplier for well established companies is typically > 10. It can be super high for countries like India and lower in matured market. Even if just assumed 10, and use the YE20 Allianz Life NBV, that is additional 2bil+ on top of current valuation. Some sample number here : https://www.set.or.th/set/pdfnews.do?newsId=15289333958740&sequence=0
04/10/2021 5:14 PM
wsb_investor Another thing on VIF (part of EV) calculation, since VIF is basically PV of distributable profit, and since Allianz is heavily selling ILP medical, the VIF amount is actually depending on Allianz calculation methodology. In practice, insurers don't typically assume perpetual medical inflation in the VIF calculation, but in reality the medical inflation will be perpetual. What this means is, the absolute amount of future profit, will only be much higher (assume no interference with the medical repricing).
04/10/2021 5:40 PM
observatory @wsb_investor,
Thank you for the important info. Does this NB multiplier correlate mainly with NBV growth rate? If so, do Allianz Ayudhya and Allianz Malaysia have comparable growth rate so that the 10-12 times range is a reasonable choice?


May I ask another question on EV multiple. While 1X seems to make sense, under what circumstance could the EV estimation be grossly wrong?

I notice Chinese life insurers are sold grossly below their EV. Assuming market is rational what could it imply? Major asset write-off? Could such scenario happen here?
04/10/2021 8:55 PM
wsb_investor EV is based on a lot assumptions. The assumptions can be conservative or aggressive. For example, aggressive will be high earning rate with low discount rate. Allianz adopts MCEV, or in layman term, risk free earning rate + risk free discount rate. EV also relies a lot on methodology, for example lapse rate, repricing, bonus etc. Investors typically have lesser faith in China inhouse methodology, and to be fair, they are indeed not as sophisticated as MNC like Allianz, Prudential or AIA. Hence people tends to discount the EV multiple for China insurers. NB multiplier, should correlate with future sales. Typically people will assume NBV margin remains unchanged.
04/10/2021 9:47 PM
observatory Thank you for the explanation. It's a good education for me!
04/10/2021 10:45 PM
hkinvestor I found misconducts and management problems by his staff Desmond Choong who work deviated from Allianz rules. Can anyone advice how I can contact the CEO Mr. Zakri for stopping such risks to Shareholders, Allianz Malaysia and Malaysians?

Please help!
06/10/2021 2:33 AM
hkinvestor I found misconducts and management problems by his staff Desmond Choong who work deviated from Allianz rules. Can anyone advice how I can contact the CEO Mr. Zakri for stopping such risks to Shareholders, Allianz Malaysia and Malaysians?

Please help!
06/10/2021 2:34 AM
Papayashot Who is Desmond Choong? What position is he holding in Allianz?
06/10/2021 1:55 PM
auditorandconsultant 陆续有来,会慢慢升到15-16块。年底来了,经济开放,业绩不会输到哪里。而且Allianz 一直有epf 支持,一直买。

加上Allianz可能会拿到ESG高分。这是良心企业。公司不会亏待股东们的
12/10/2021 5:51 PM
Papayashot Hi auditorandconsultant, allianz vs. tunepro, which one better?
12/10/2021 9:28 PM
auditorandconsultant hi Papayashot,

both are good at different aspects,

I earned from both shares and taught newbie to earn not quite bad return....

Tunepro I did earn from last time early of the year.

Now I am waiting for Tunepro to undergo market correction
12/10/2021 10:14 PM
auditorandconsultant 这个Tunepro 是保险公司,之前专注旅游保险。自从从AXA 保险挖来了新的老总Rohit 公司的业务已经多元化了,除了旅游保险,也有其他的商业保险。这个counter 开番是迟早。 毕竟旅游保险越来越多国家make it compulsory, 我读过去年Rohit 和其他高层呈现的business proposal ,我乐见其成。

基于我太注重0.37 cents 也就是老总的esos ex price 我在0.385/0.390 错过了买入这颗钻石的机会。

我现在只能等待market correction

Tunepro 是黑马
12/10/2021 10:14 PM
auditorandconsultant 钱少也能赚钱,我帮助一个刚毕业出来不久的散户在短时间赚取超过25%的回酬

Tunepro

真的开心,因为她本钱少,但是她敢敢相信我。

在0.400 敢敢重仓Tunepro

然后套利在0.505

才两个月半,就套利了赚取大约26%

我真开心帮助晚生赚取一些零用钱。

虽然她只是请我一些小吃我也很感恩,很开怀,因为她相信我,让我往后更加有信心帮助更多的散户

You ppl gonna know, her bank account only has RM15,000 and she trusted me to invest ALL in Tunepro....As i told her best and ideal price is RM0.370 but RM0.400 is still safe

All IN 重仓
12/10/2021 10:24 PM
Papayashot Ic auditor, may I know how u earn from ALLIANZ?
U bought since when?
12/10/2021 10:28 PM
auditorandconsultant I bought at price below RM13

TP as follows:-

Pessimistic - RM14.15

Neutral - RM15.17

Optimistic - RM16.08

I will keep monitoring and reading all news related to global econ
12/10/2021 11:00 PM
Papayashot wow, u always buy at the lowest price, my dear auditor.. U r awesome
12/10/2021 11:06 PM
auditorandconsultant Aim Lower Price, if possible aim to buy only below Intrinsic Value (IV)

and if possible, try to buy at the lowest point which is also known as the Price for Margin of Safety (PMOS) , i.e. less 25% of the IV, this will serve as a buffer to cushion for market fluctuation

Benjamin Graham's method is always the best way

It is proven that I used this method in Tunepro, Thong Guan, MBSB and BAT.

Now Allianz.

Value Investment Based on Fundamental Analysis is the way I have adopted since beginning of my investment journey

To be honest, I have not made any losses at all this year when I start to master the Great Grand Sifu Technic.

I need to admit I could not be imitating 100% the method adopted by Benjamin Graham, Warren Buffet or Charlie Munger.

But, I adjust and fine tune my investment way to be closer to their ways. I find that my risk has been reduced significantly and higher ROI in shorter time is the best evidence for using their ways.

There is an inspirational quote from Charlie Munger: The big money is not in the buying and the selling, but in the waiting. ... While waiting for others to fear, buying well-chosen stocks will bring “big money” to us easier.
12/10/2021 11:16 PM
Papayashot Wondering the impact of higher claim in post-pandemic era on insurer such as Allianz....
13/10/2021 11:12 PM
wsb_investor repricing in 2021, absolute profit still higher no matter what
14/10/2021 9:33 AM
Papayashot hi wsb_investor, I tot insurers are not allowed to increase the premium price, as to reduce the burden of customers? Please correct me if I am wrong..
14/10/2021 12:37 PM
wsb_investor Nope, BNM asked insurers to delay repricing in 2020, but no restriction in 2021.
14/10/2021 3:50 PM
DonWorryBeHappy Bought some 12.94
15/10/2021 1:23 AM
auditorandconsultant 没升到16块,别轻举妄动!我一直相信着,今年的目标16块!再给点力量。。。加油!

I believe with the repricing of insurance premium in year 2021, the TP for Allianz could go up to RM16 by end of this year

Something to ponder why EPF keeps on buying and no selling at all.

Add oil!
15/10/2021 11:24 AM
wsb_investor EPF can be wrong too
15/10/2021 2:19 PM
Papayashot EPF dumps takaful and buy Allianz.. Wondering what happened... Interesting.
15/10/2021 11:13 PM
observatory @Papayashot, check the number of shares EPF received on Oct 8

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3200484
16/10/2021 2:04 PM
auditorandconsultant The engine has been started, today broke RM13.00 point.

Aim for RM16 by end of year 2021 and hope for Special Dividend.

MCO during 2021, less claim and higher profit. Plus repricing in year 2021 will be the catalyst to push up the price to RM16.

Re-opening of economic activities means less default of premium and continuity of payment for insurance premium with higher consciousness for the need of insurance after this pandemic should be a driver for higher revenue and profit in upcoming years.

Stay tuned for good and positive news.

Disclaimer: - Buy or Sell or Hold is your own decision and responsibility. The information above is only for sharing as it is my personal view or opinion; the above information shall not be construed or deemed as an advice for any investment or divestment decision.
18/10/2021 5:53 PM


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