Pages

6459 MNRB


MNRB is an investment holding company owns Malaysian Reinsurance Berhad (Malaysian Re), Takaful IKHLAS, MNRB Retakaful Berhad (MRT) and Malaysian Re (Dubai). MNRB group is involved in  reinsurance, takaful and retakaful businesseses. 
MNRB has been a profit performer and also distributing dividends to shareholders (based on recent financial reports); some of which are listed below.
DIVIDENDS
  • FY2012 Nett 12.75sen (First and Final 17% less tax) (to be approved in next 39th AGM -24/7/12)
  • FY2011 Nett 15sen (First and Final 20% less tax)
  • FY2010 None
  • FY2009 Nett 7.5sen (Interim 10% less tax)
  • FY2008 Nett 29.55sen (Interim 20% less tax, Interim 5% less tax, Final 15% less tax)
  • FY2007 Nett 37.63sen (Interim 15% TE, Interim 5% less tax, Final 26% less tax)
RETAINED EARNINGS (Distributable Only)
  • FY2012: RM711M @31/5/12
  • FY2011: RM651M   FY2010: RM544M   FY2009: RM543M    FY2008: RM557M
OTHERS
  • FY2012 : EPS: 43.4sen   NTA: 518sen   PE: 6.2   Price: RM2.70 @08Jun12 
  • Dividend Policy 40% - 75%
  • KPI : ROE targets set in 2010 (ROE 11.6% for 2011-2013); ROE actual (2011: 13.0%, 2012: 13.5%)
  • http://www.mnrb.com.my/home/home.asp
MY TAKE: Given the price movement over the last 4 years (2009-2012), a consistent pattern with price hike after the big fat dividend announcement. MNRB was dishing out dividends prior to 2009 market crisis but is now starting to do dividend distribution again. In the meantime MNRB have built up their cash and retained earnings. In addition GLC KPI attainment of at least 13% in last 2 years, augurs well for better performance and dividend continuation.
11July12: Price from 2.70 on 8Jun to hit high 3.04 on 28Jun, and morning close 2.95 today

note: data from local exchange website and pix from googled images, and for any error here refer to local exchange and/or website for accuracy and/or authencity. all analysis herewith is for personal purposes only

No comments: