https://www.malaysianow.com/news/2021/01/12/govt-lists-37-businesses-under-essential-sectors-during-mco/

Notwithstanding the MCO, five essential economic sectors are allowed to operate, namely manufacturing, construction, services, trade and distributions, and plantations and commodities.

https://scontent.fkul15-1.fna.fbcdn.net/v/t1.0-9/138326058_2861858617406007_4503147129583765121_n.png?_nc_cat=107&ccb=2&_nc_sid=730e14&_nc_ohc=glnh9AUgWLYAX90vFMN&_nc_ht=scontent.fkul15-1.fna&oh=a10169bb3849c9dbf89ae5716a69e836&oe=602A804B

Seems like government will pay directly to private hospital to admit covid patients, instead of forcing private insurers to do so.

https://www.theedgemarkets.com/article/pm-special-electricity-bill-discount-10-january-march-2021-six-business-sectors-nationwide-%E2%80%94

2 sen rebate for everyone

10% discount on TNB for 6 sectors

https://www.sinchew.com.my/content/content_2411222.html?fbclid=IwAR0mD26j8ecY97BPa3R0NsEFGtgz8B2ThzJqAYjLfPt4xJTdpS3im5oQBsk

because it is undervalued? but EPF can be wrong too

Regulatory approval is needed and BNM will indeed control how much dividend insurance company can pay, and actually did apply haircut on some companies previously.
However, AFAIK Allianz has a healthy RBC ratio, way above what is required.

Despite only a few days left, Allianz internally still don't know how the number will be like.
They will need to wait until 31 Dec, take the latest position (asset value, interest rate etc.) to project future actuarial liabilities.

The covid vaccine is totally unrelated with BAT Malaysia.

yes, the spread is big and is not really traded at 20% premium as well, seems like is ~95-110% of ord share price.

e.g. today closing
Allianz buy 14.76, sell 14.8
Allianz PA buy 14.72, sell 15

Pref share hard to sell and price more volatile (and can even be traded lower than ord share). Long term invest, then can buy pref share to collect dividend, else just ord share will do.

Reduction of existing share capital to 1.5mil + raise new capital of 500mil. This will mean existing shareholders, will see their share diluted to 0.3%, from 100%.

GI is boring due to its short term nature, and also limited penetration. Life got more upside, due to relative low penetration and large protection gap (e.g. many people only have low insurance coverage).

However, currently life insurance in Malaysia is expensive (vs Singapore), and high commission and expenses incurred due to heavily rely on agency and banca distribution. LGE changed the tax relief from EPF + insurance 6000 to EPF 4000 + insurance 3000, but there seems like no spike in insurance penetration. The only good thing about life insurance market in Malaysia is that, our life products are now moving towards protection based (higher margin), instead of investment/saving based.

https://www.theedgemarkets.com/article/allianz-proposes-rights-issue-icps

AMB said any dividend for the new ICPS holders would be a non-cumulative preferential dividend, in priority over all AMB shares, where the dividend rate was equivalent to 1.2 times of the dividend rate of the AMB shares declared.

exactly, TP with growth > TP without growth > 2x of current price = RM30.

There are also many other potential upsides, e.g. Allianz is conducting medical repricing in 2021.
There are also upcoming IFRS17 standard in 2023, which will accelerate the profit release for ILP business.

P/B, dividend yield, EPS and actually even EEV all are not a good measurement to value Allianz Malaysia, due to the uniqueness of Allianz Life business.

Once Allianz Life decided to stop it growth, it can start to payout dividend. This will easily double the total dividend, so the TP should be RM30.

Other local companies (GE, Prudential) all constantly paying out 80-90% of net profit as dividend.

Low interest rate can also mean high solvency capital requirement.
And this will limit the ability to payout dividend.

Insurers dont usually invest their own assets in equity. Most of the fair value gain impact quoted in the finance statement is the fair value gain of the policyholders' investment linked fund, net net minimal impact to the company.
e.g. your asset increase but your liability also increase


Allianz PA dividend is 120% of ordinary share. Allianz Life has been retaining lots of earning for future growth, as capital is needed to underwrite more business.

Q1 next year will be much higher.

BAT is undervalued yes, but you cant just use past dividend to justify future dividend/current market price.

Life insurance profit from lower medical claims. Believe it or not, medical claims is actually largest claims component for almost all life insurance companies in Malaysia.
There is actually limited first year profit from life insurance, due to the high acquisition cost.
In fact, first year profit for new business is usually negative instead.

Sales might slow down this year, but it will actually look good on IFRS profit.
Life insurance in Malaysia (and especially Allianz) is heavily focus on investment linked products with recurring premium. i.e. business sold last year, or even 10-20 years ago, will still generate profit this year. However, investment linked products (with high profit margin) only started to gain the traction in past 10 years, while long before that, insurance companies were selling products with significantly lesser profit margin.

https://www.allianz.com.my/documents/144671/983846/2020_Q3_AMB_Analyst_Briefing.pdf/9e795143-863c-4bde-abc4-2e0f9bd8af22

Duti eksais ad valorem 10% untuk semua peranti rokok elektronik & bukan elektronik mulai 1 Jan 2021. Termasuk vape, electronic heated tobacco product, hookah bagi shisha & smoking pipe. Cecair rokok elektronik dikenakan duti eksais 40 sen/ml. Mengenakan cukai dengan kemudahan pulang balik atau drawback ke atas semua rokok import bagi tujuan transhipment dan eksport semula dan tidak membenarkan aktiviti transhipment dan eksport semula rokok menggunakan bot kumpit.

BAT RM30 soon? haha

https://www.facebook.com/klevin.hen/posts/10220371012562871

u might as well as buy LPI then, pure GI.

buy buy buy

1) AirAsia Group is in the process of consolidation

AAGB, through AirAsia Bhd (AAB or AK), is in “the process of acquiring” AirAsia X Bhd (AAX or D7). This will see both airlines merge into one airline operation, retiring AK and D7 and only using one IATA code AK.

This enlarged group will serve the low-cost market, covering domestic and international segments, from short to long haul. This is also the crucial step in merging with MAB to form the enlarged MergedCo.

The Board of Directors of E&O wishes to announce that the Company intends to seek stockholders’ approval in respect of the following proposals at its forthcoming Annual General Meeting to be convened:

(1) Proposed renewal of general mandate for recurrent related party transactions of a revenue or trading nature.

(2) Proposed share buy-back.

directors keep buying, share price still keep dropping. BTW share dividend is useless, our holding will become odd lots only.

Net profit + 37 million compared to last year, but 56 million from disposal of Samudra Pelangi

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4736929

1.55