UOB Kay Hian Research Articles
Syarikat Takaful: 1Q17: Above Industry Premium Growth
UOBKayHian
Publish date: Wed, 26 Apr 2017, 10:16 AM
UOBKayHian
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An official blog in I3investor to publish research reports provided by UOB Kay Hian research team.
All materials published here are prepared by UOB Kay Hian. For latest offers on UOB Kay Hian trading products and news, please refer to: http://www.utrade.com.my
UOB Kay Hian Securities (M) Sdn Bhd (194990-K)
Hotline:
1800 UTRADE /
1800 88 7233 (Securities)
+6088 235611 (Futures)
Email: contact@utrade.com.my
All materials published here are prepared by UOB Kay Hian. For latest offers on UOB Kay Hian trading products and news, please refer to: http://www.utrade.com.my
UOB Kay Hian Securities (M) Sdn Bhd (194990-K)
Hotline:
1800 UTRADE /
1800 88 7233 (Securities)
+6088 235611 (Futures)
Email: contact@utrade.com.my
(STMB MK/BUY/RM4.01/Target: RM4.60)
Syarikat Takaful Malaysia Bhd (STMB) reported a commendable set of 1Q17 results that beat estimates on the back of strong Family Takaful premium growth and lowerthanexpected claims ratio. The stock has retraced 11% ytd despite having consistently surpassed industry premium growth trends. Following our earnings upgrade, we raise our target price from RM4.40 to RM4.60 (4.55x 2017F P/B, 18.4x PE) and upgrade our recommendation to BUY.
Source: UOB Kay Hian Research - 26 Apr 2017
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