2014/08/19

Tune Insurance 每股盈利下跌

SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2014

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30/06/2014
30/06/2013
30/06/2014
30/06/2013
$$'000
$$'000
$$'000
$$'000
1Revenue
101,510
96,707
215,462
183,453
2Profit/(loss) before tax
15,714
15,914
37,858
32,941
3Profit/(loss) for the period
14,631
17,323
35,027
32,546
4Profit/(loss) attributable to ordinary equity holders of the parent
14,346
16,305
33,593
30,200
5Basic earnings/(loss) per share (Subunit)
1.91
2.29
4.47
4.24
6Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00


AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7Net assets per share attributable to ordinary equity holders of the parent ($$)
0.4900


Tune Ins Holdings Announces First Half 2014 Pre-Tax Profits of RM38 million with Thai and Middle East operations off to a good start

Tune Ins Holdings Berhad (“TIH”) recorded a 15.2% increase in pre-tax profits (“PBT”) to RM38 mil in the first half of financial year 2014 (“1H14”) on the back of revenue of RM215.5 mil. Removing the impact of the Malaysian Motor Insurance Pool (“MMIP”) cash call of 2013 and to provide a better comparison, PBT increased 22.4% year-on-year. TIH‟s profits were contributed primarily from its online business which recorded an increase in PBT of 20.8% and revenue of 20.7% versus the same period one year ago (“1H13”) and increase in profit after tax (“PAT”) of 21.3%.

The highlight of the last quarter for TIH was its international expansion through the May launch of a new partnership via a joint venture with Cozmo Travel LLC (“Cozmo”) in the Middle East North Africa (“MENA”) region as well as expansion into Thailand via a 49% stake in Thai insurer, Osotspa Insurance Public Company Limited.

TIH‟s MENA operation achieved over 24,000 policy sales in its first 2 months of operation and has enabled TIH to now be present in more than 30 countries across 4 continents either directly or through local partnerships.

TIH‟s Thai business has commenced extremely positively and we believe will be a significant contributor to group profits and value in 2015/2016. Along with a recent rebranding to Tune Insurance, the focus to date has been on investments in people, products, processes and technology to cope with the expected exponential growth in business.

On the domestic front, TIMB recorded an increase in revenue of 17.5% for the first half year to RM183.8 mil year-to-date. PBT before MMIP was RM17.3 mil with a 6% underwriting margin, flat growth compared to the same period 1 year ago as a result of new business strain (unearned premium reserve) from growth in medical business as well as increased marketing expenditure.

Outlook

Peter is upbeat on the outlook for the second half of the year.

Significant investments have been made both internationally and domestically in our business which will begin to yield results as the year progresses

Our travel insurance business is expected to continue to grow both because we are partnering with top tier growing airlines as well as through „test / refine‟ techniques to improve take up rate. AirAsia‟s expansion includes AirAsia India, AirAsia X Thailand as well an expected upswing of travellers and flights going into and out of the new and vibrant KLIA2.

Our Malaysian general insurer is expected to continue its trend of a stronger H2 in part due to Unearned Premium Reserved (“UPR”) release as well as through a new profitable line of business and an expected MMIP cash call.

Thailand is targeting a big-bang launch next month including some exciting announcements in respect of future revenue contributors.

Given TIH‟s continued growth, the company plans to undertake a restructuring to simplify its structure including closing down some of its smaller and dormant subsidiaries such as Tune Insurance Labuan and Tune Life Re. Additionally, the company will adopt a unified branding across all entities and place increased emphasis on Tune Direct and shared services.

Summary

Commenting on the company‟s performance for the first six months, TIH CEO, Peter Miller noted that the company‟s entrance and new partnerships in the Middle East and Thailand are very exciting and bode very well for the short / medium term. Our primary goal remains to deliver profits and value to shareholders and so we will continue to strive to expand our business internationally whilst growing the bottom line and achieving the targets which we have set for ourselves.”

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歪言歪语

一家新公司需要时间去发展,投入在Tune Insurance必须能耐得上两三年。

要继续观察未来业绩和业务发展动向。

目前,歪歪共持有600股Tune Insrance, 所投入资金RM1415.44,平均价RM2.359。

今天的Tune Insurance股价跌了11cents。


有人懂上图中的adjustment and eliminations是什么吗?_?


留守?减持?卖掉?不要问歪歪,请你自己做决定。

如果再继续看tips买卖,迟早跌倒够够力。。 

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8 条评论:

  1. adjustment n elimination for intercompany transactions

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  2. 回复
    1. 我怕了你。。。哎。。。

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  3. http://e-thg.blogspot.com/2014/08/tuneins-q2fy14.html
    可以参考看看。

    回复删除
    回复
    1. 谢谢。很好的分析:)

      这家公司要守两三年,才会看到东西:)

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    2. 我找资料无意中发现。

      删除