RHBInvest Research

Tuesday, August 16, 2011

Top Story: MNRB – Slower premium growth, claims ratio to remain stable Outperform

Briefing Note

¨ We expect gross premiums for MNRB’s main subsidiary, Malaysian Re, to continue growing underpinned by our gross premium growth estimate for the general insurance industry of 7-8% p.a.. However, due to the weaker global economic outlook, we have trimmed our FY03/12-14 gross premium growth estimates for Malaysian Re to 13% p.a. (from 15% previously).

Corporate Highlights

MAS: Underlying assumptions may be too simplistic Market Perform

Briefing Note

¨ MAS struggled to defend its decision to put an end to its low-cost jet operation under Firefly and we feel that it has failed to dispel the perception that the decision was a “concession” made to AirAsia/Tune Air.

Amway: Weaker consumer sentiment expected in 2HFY11 Outperform

Briefing Note

¨ We understand that Amway plans to convert a few more Regional Distribution Centres (RDC) to shops by the end of FY11, although they did not reveal any targets as to how many shops will be converted.

AMMB: Good start but management cautious of outlook ahead Outperform

1QFY12 Results / Briefing Note

¨ AMMB reported a strong set of 1QFY03/12 results, with net profit of RM441.5m (+19.9% yoy; +39.6% qoq) accounting for about 28.5% of our and consensus full-year estimates. The results were helped by gains from the disposal of AFS securities and low loan impairment allowances, both of which more than offset the sharp NIM contraction, but should “normalise” ahead.

Affin: Loan growth picked up pace Market Perform

2QFY11 Results

¨ 2Q11 net profit of RM134m (+20% yoy, +26.5% qoq) brought 1H11 net profit to RM240m (-2.7% yoy), in line with our and consensus expectations.

ILB: Start-up losses weigh down on 1HFY12/11 performance Outperform

2QFY11 Results

1HFY12/11 net profit came in below our expectations at only 10% of our full-year forecast largely due to start-up losses from its new operations in Chongqing and Xiamen, China.


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