Upbeat On MNRB For FY25 After Stellar Q1
Upbeat On MNRB For FY25 After Stellar Q1
MNRB Holdings (MNRB) has reported a strong start to FY25, with 1QFY25 results surpassing expectations, driven by robust earnings growth in its reinsurance and general takaful divisions. Analysts have responded positively, maintaining a BUY rating and significantly increasing the target price.
MNRb控股(MNRB)已经在FY25年开年在再保险和通用Takaful分部的强劲盈利增长的推动下,报告了出色的1QFY25业绩,超出市场预期。分析师反应积极,维持“买入”评级,并大幅提高目标价。
The revised target price is now RM2.70, up from RM1.70, reflecting a 15% upside from the current share price of RM2.34. This adjustment is based on an upgraded valuation, pegging CY25E earnings to a long-term forward rolling price-to-earnings ratio (PER) of 5.5x, compared to the previous GGM methodology which used a PER mean of 6.1x. The substantial increase in earnings forecasts, by 92% for FY25E and 76% for FY26E, highlights the expected sustainability of MNRB's earnings momentum.
修订后的目标价现为RM2.70,高于RM1.70,反映出15%的当前股价为RM2.34的上涨空间。这些调整基于升级的估值,将CY25E收益与长期前向滚动市盈率(PER)5.5倍进行挂钩,相比之前的GGm方法,该方法使用了6.1倍PER平均值。大幅增加的收益预测,FY25E增长92%,FY26E增长76%,突显了MNRB收益势头的预期可持续性。
For 1QFY25, MNRB achieved a net profit of RM92.2 million, marking a 33% year-on-year increase and exceeding analyst expectations. This positive performance was mainly attributed to better-than-expected contributions from the reinsurance and general takaful segments. However, there was a slight offset due to a reduction in net profit from the family takaful business.
在1QFY25期间,MNRb实现了9220万令吉的净利润,同比增长33%,超出分析师的预期。这种积极表现主要归因于再保险和通用Takaful业务部门的贡献超出预期。但是,由于家庭Takaful业务的净利润下降,稍有抵消。
The reinsurance division saw flat revenue growth year-on-year but recorded a 44% increase in net profit, largely due to lower claims. Meanwhile, the general takaful segment experienced a significant 69% rise in net profit, driven by higher takaful revenue from motor and fire businesses. This was partially countered by a 5% year-on-year decline in net profit from the family takaful business, attributed to a decrease in its banca takaful operations.
再保险部门的年收入增长率持平,但净利润增长了44%,主要是由于索赔减少。同时,通用Takaful业务的净利润大幅增长了69%,受到汽车和火险业务Takaful收入的提高的推动。这部分被家庭Takaful业务净利润同比下降5%所抵消,归因于其银行渠道Takaful业务的减少。
The strong results in the first quarter have led analysts to adjust earnings forecasts upwards, reflecting confidence in the ongoing positive performance.
第一季度的强劲业绩导致分析师上调了盈利预测,显示了对持续积极业绩的信心。