Stock to review: Tunepro (5230) Current Share price: RM0.275

While I don't like AirAsia in general if you have read what I wrote, Tunepro's performance seems to have improved, however, need to be cautious. Please read in the P&L section for the performance.

Financial Position - Normal, refer below nothing much had changed. Net operating cash flows RM22mil good.

Performance in terms of profit have been good given margin of 18.59% below. However, to note revenue had decreased but profit seems to have increased.

This is mainly due to Tune Protect Malaysia benefited from the reduction of claims during the quarter, management expenses (probably because they changed their key personnel if you've read about it), and increased in net unrealised gain from investments. Since stock market is doing well, they too benefited from this. Reason why I wrote on top is to be cautious, is because these positive pointers is not so performance based on the business itself but rather other factors. Having said that what's in my mind is also to see improvement of results, which indeed had improved. 1.68 EPS for a quarter seems great. Generally it still will follow the direction of Air Asia.

Prospects - Seems improving

Conclusion

Short term TP of  RM0.31. Still to remain cautious due to operating in a challenging environment. This quarter is good.

TP hit on 3/8/2020. Closed. This is actually the easiest the identify with the lowest risk.

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