Highlights
KLSE: MNRB (6459)       MNRB HOLDINGS BHD MAIN : Finance
Last Price Today's Change   Day's Range   Trading Volume
0.94   +0.005 (0.53%)  0.93 - 0.94  59,500
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Overview

Market Cap: 736 Million
NOSH: 783 Million
Avg Volume (4 weeks):70,455
4 Weeks Range:0.925 - 0.995
4 Weeks Price Volatility (%):
21.43%
52 Weeks Range:0.845 - 1.13
52 Weeks Price Volatility (%):
33.33%
Average Price Target: 1.01
Price Target Upside/Downside: +0.07
Stamp duty exempted for year 2023

Financial Highlight

Latest Quarter | Ann. Date 31-Dec-2022 [#3]  |  07-Feb-2023
Next QR | Est. Ann. Date: 31-Mar-2023  |  30-May-2023
T4Q P/E | EY: 5.98  |  16.72%
T4Q DY | Payout %: 5.32%  |  31.81%
T4Q NAPS | P/NAPS: 3.2  |  0.29
T4Q NP Margin | ROE: 3.44%  |  4.91%

Headlines

Date Subject
13-Mar-2023 业绩不差 为何MNRB股价没起色?
08-Feb-2023 MNRB - 3QFY23 Results Above Expectations
08-Feb-2023 Mplus Market Pulse - 8 Feb 2023
08-Feb-2023 MNRB Posts RM71.2 Million Net Profit in 4Q22 Amidst Strong Underwriting Performance
17-Jan-2023 MNRB - Expect a Better 2HFY23
29-Nov-2022 MNRB - 2QFY23 Results Below Expectations
01-Sep-2022 MNRB - 1QFY23 Below Expectations
08-Aug-2022 MNRB Holdings - Malaysia’s Domestic Reinsurer

Business Background

MNRB Holdings Bhd is a reinsurance provider as per the retakaful and takaful system according to the sharia law. It provides reinsurance services in the areas of fire, marine, motor, miscellaneous, and family retakaful. The company is also engaged in investment holding business and mainly operates in Malaysia and United Arab Emirates.
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  8 people like this.
 
Johnzhang KUALA LUMPUR, Nov 30 -- MNRB Holdings Bhd's net profit eased to RM38.83 million in the second quarter ended Sept 30, 2021 (Q2 FY2021) from RM42.36 million in the same period last year.

Revenue, however, rose to RM730.04 million versus RM706.81 million previously, it said in a filing with Bursa Malaysia.

PBT is $47 mil same as last year.. But higher tax this qtr has resulted lower NPAT. EPS 5 sen.
Surprisingly, difficult operating environment during 3 Q didn’t affect performance.
30/11/2021 7:46 PM
Johnzhang No mention of interim dividend . Hopefully, the company will follow up with interim dividend soon.
30/11/2021 7:47 PM
firehawk 4sen div
30/11/2021 7:54 PM
ooihk899 I don't think there is a dividend. Although result ok, looks like old problem in Reinsurance business made a comeback again after change of top management more than a year ago.

'The lower net profit was the result of higher large losses and lower share of net profit from associate by RM9.4
million, from share of profit of RM9.2 million to share of net loss of RM0.2 million.'

Haiz.
30/11/2021 8:16 PM
Johnzhang I think the result for sept qtr is commendable especially it was a very challenging operating environment then. MNRB's broad insurance portfolio is capable to provide overall financial performance consistency.

1. The Reinsurance segment did not do as well despite much higher earned premium.
2. The general takaful profit contribution was slightly lower and revenue was flat.
3. However, The Retakaful and Family Takaful segments perform very well and able to compensate most of the shortfall in the Reinsurance segment

What pull down the performance wasn the financial asset fair value loss of - $2mil (vs gain of $22 mil in corresponding period), and share of result of associate of minus $2 mil (vs $5 profit in corresponding period). Without these factors, especial fair value loss, the company could have performed much better than yoy.

In the overall, profit before tax for the qtr still the same yoy. Tax is higher by $4mil which account for the difference in NPAT yoy.
01/12/2021 2:07 PM
Johnzhang i am still hopeful for an interim dividend to be announced later.
01/12/2021 2:09 PM
stockraider The dividend already paid mah....4 sen pa loh!

Likely to maintain mah!
01/12/2021 2:22 PM
Johnzhang @stockraider, the 4sen paid was the final dividend with respect to last financial year . I hope they will still pay an interim and final at least matching last financial year.
04/12/2021 6:52 PM
sangkancil just collect in dips .. not many company able to make money in Q3 .conservative calculation , EPS 5cents x4 ..minimum EPS 20cents.. how many stock in bursa can give u EPS 20 cents for 1.xx share with a stable business ( non cyclical )
05/12/2021 4:02 PM
stockraider Another big undervalue stock with huge margin of safety loh!

Should not miss loh!
05/12/2021 5:00 PM
sangkancil stock price will be back to the intrinsic value....today the price didn't drop and holding on
06/12/2021 7:18 PM
amateurJR Alot ppl are unsatisfied with its last 2 qtr results. For me, the results are not that bad and this company still undervalued.
14/12/2021 4:40 PM
amateurJR Please drop more, I am coming back to MNRB soon
17/12/2021 2:54 PM
Moratorium Now is cheap already. I'm also nibbling up bit by bit...
17/12/2021 4:22 PM
bhullar_1972 MNRB report losses last time due to floods https://www.businessinsurance.com/article/20150218/story/150219870/malaysian-reinsurer-mnrb-posts-net-loss-of-$55-million-for-2014-third-quarter
22/12/2021 11:09 AM
ooihk899 If your are a long term investor, important thing you should ask yourself is if the flood compensation change the fundamental of the company.
What worry me more is their oversea Reinsurance business.
This business incurred losses last Q. If it repeat again this Q, that will be a bad sign because that was the problem that almost brought
down the company last time.
22/12/2021 11:27 AM
sangkancil after this more and more will buy special perils insurance ..long term will be good for MNRB
07/01/2022 8:42 PM
firehawk is a very humble stock .....
12/01/2022 3:39 PM
sangkancil https://www.sinchew.com.my/?p=3548424
15/01/2022 6:06 PM
amateurJR good stock. but not for goreng fast money
08/02/2022 10:36 AM
chkhooju Loss making. Shit!
01/03/2022 9:31 PM
ImLearningFromSifu macam going up...
20/04/2022 4:11 PM
TheContrarian Best to wait for coming QR first.
21/04/2022 7:43 PM
bhullar_1972 Yes, i think it maybe hit hard by selangor flood claims.
28/04/2022 3:56 PM
Noni Brian McKnight, Back at One
03/05/2022 11:12 AM
stockraider Mnrb Dec 2021 qtr result is pulldown by the Dec 2021 flood claims provision loh!

Managements are optimistic on its future performance loh!
03/05/2022 11:36 AM
TomYam MNRB | MNRB Holdings Berhad

Mar 03
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat
Third quarter 2022 results:
RM0.028 loss per share (down from RM0.064 profit in 3Q 2021).
Revenue: RM675.2m (down 3.9% from 3Q 2021).
Net loss: RM22.1m (down 147% from profit in 3Q 2021).
Revenue exceeded analyst estimates by 3.0%.
06/05/2022 3:04 PM
TheGardener Free ticket to Holland! Please join now!
11/05/2022 8:29 AM
DickyMe Post removed. Why?
15/05/2022 10:35 AM
KINGV MNRB could be a counter to collect at current prices of RM1.00 to RM1.05. As expected the 4th quarter earnings rebounded after the 3rd quarter loss due to massive floods. In a normal year the earnings per share would be over 21 sen which means a PE of less than 5 at the last traded price of RM1.04. The NTA per share is over RM3.00.

The insurance/reinsurance is a growing market. To me this industry has a characteristics of a casino and utility combined. It is like a casino because it uses probability to calculate premium and payout among others. It is like a utility because it is a necessity for most individuals and companies. The good thing is that MNRB is the house/owner providing the service. This means that for most periods the company will make good earnings based on law of averages except when there are calamities or mismanagement.

The earnings will grow if the company is managed well all things remaining the same. To encourage investors to buy MNRB shares , a positive move is to have a dividend payout policy .As an example , if the payout ratio is 35% and the earnings per share is 10sen, 20sen and 30 sen then the dividend will be 3.5sen, 7 sen and 10.5 sen respectively. You share in the good and bad of the company and the company still has the balance of 65% for reserves/expansion. I am confident and optimistic of this line of business. If every things progress well, the price of this counter will be much higher except you need to be patient. I generally collect when things are quiet , right prices by me and the potentials are there.
04/06/2022 5:19 PM
chkhooju PNB has disposed off CCM. MNRB will be next. It is a matter of right price. If the offer is reasonable, MNRB will be sold because it is not the core business of PNB. Hence do keep on buying at the current price. Big gains are awaiting us.
04/06/2022 6:40 PM
TomYam MNRB | MNRB Holdings Berhad

May 31
Full year 2022 earnings released: EPS: RM0.15 (vs RM0.24 in FY 2021)
Full year 2022 results:
EPS: RM0.15 (down from RM0.24 in FY 2021).
Revenue: RM2.70b (up 8.0% from FY 2021).
Net income: RM114.4m (down 40% from FY 2021).
Profit margin: 4.2% (down from 7.6% in FY 2021). The decrease in margin was driven by higher expenses.
Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat.
07/06/2022 11:08 AM
Rambutan9 2.5 sen final dividend.Disappointed!!!
27/07/2022 10:44 AM
speakup @Rambutan9, u expected how much?
28/07/2022 7:39 AM
chkhooju It is quite fair. Be contended with that.
28/07/2022 8:53 AM
ykloh Far from fair. Stated dividend policy is 40% to 70% pay out. 2.5 sens is not even 20%.
28/07/2022 11:34 PM
Rambutan9 ykloh,TQ for your comment.Let us hear from John Zhang who has an indepth knowledge of MNRB.Over to you John.
29/07/2022 8:25 AM
TomYam MNRB
Share Price 7 Day 1 Year
0.99 1.0% -23.3%

Full year 2022 earnings released: EPS: RM0.15 (vs RM0.24 in FY 2021)
Full year 2022 results:
EPS: RM0.15 (down from RM0.24 in FY 2021).
Revenue: RM2.69b (up 7.6% from FY 2021).
Net income: RM114.4m (down 40% from FY 2021).
Profit margin: 4.3% (down from 7.6% in FY 2021). The decrease in margin was driven by higher expenses.
Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year.
05/08/2022 10:07 AM
TomYam https://klse.i3investor.com/web/blog/detail/AmInvestResearch/2022-08-05-story-h1627147582-Syarikat_Takaful_Malaysia_Keluarga_Higher_claims_reserving_for_motor_in
05/08/2022 10:10 AM
amateurJR haha fair value loss so big? what kind of investment they made?
30/08/2022 6:43 PM
firehawk For the period ended 30 June 2022, the Group recorded a revenue of RM842.8 million, an increase of 13% as compared to RM743.0 million reported in the corresponding period last year. The RM99.8 million increase was generally contributed by higher gross premiums/contributions of RM100.9 million or 14% generated by the reinsurance and takaful subsidiaries.
However, the Group recorded a loss after tax of RM13.3 million in the financial period ended 30 June 2022 as compared to RM46.5 million profit after tax reported in the same period last year. The significant decrease in the profit after tax by RM59.8 million despite the increase in the revenue was mainly contributed by the unfavourable fair value movement of the investments as well as increase in the
net claims incurred and the unfavorable result of the associate.
31/08/2022 12:16 AM
TheGardener Please sell like no tomorrow or land in Holland! Investment lost like no tomorrow! Impossible to recover in short term!
20/09/2022 3:58 PM
willc48 dont worry..their profit down but diviend 2.5 sen payout this Oct.
22/09/2022 2:30 PM
willc48 mnrb affected by msia flood compensation as well US
22/09/2022 2:32 PM
TomYam https://www.theedgemarkets.com/article/asiapacific-reinsurance-sector-faces-increasing-downside-risks-says-sp
28/10/2022 10:22 AM
TheGardener When I ask you sell, just sell like no tomorrow without think twice! Im a person with moral & conscience. Good luck!
29/11/2022 12:01 AM
TomYam
MNRB Holdings Berhad

Share Price 7 Day 1 Year
0.89 4.1% -23.9%

Second quarter 2023 earnings released: EPS: RM0.018 (vs RM0.05 in 2Q 2022)
Second quarter 2023 results:
EPS: RM0.018 (down from RM0.05 in 2Q 2022).
Revenue: RM810.2m (up 20% from 2Q 2022).
Net income: RM14.0m (down 64% from 2Q 2022).
Profit margin: 1.7% (down from 5.7% in 2Q 2022). The decrease in margin was driven by higher expenses.
Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.
29/11/2022 10:00 AM
firehawk B1. Review of performance
For the period ended 31 December 2022, the Group recorded a revenue of RM2.6 billion, an increase of 14.5% as compared to RM2.3 billion reported in the corresponding period last year. The RM0.3 billion increase was generally contributed by higher gross premiums/contributions generated by the reinsurance and takaful subsidiaries.

The Group recorded a profit after tax of RM72.0 million in the financial period ended 31 December 2022 as compared to RM63.3 million profit after tax reported in the same period last year. The increase in the profit after tax by RM8.7 million is mainly due to improved underwriting performance on top of higher investment income that was offset by the unfavourable fair value movement of investments.

(Fair value gain of 119.536K was recorded in Q ended Dec22 compare to -8.598K recorded in Dec21)
08/02/2023 9:38 PM
TomYam
MNRB Holdings Berhad
MNRB
Share Price 7 Day 1 Year
1.00 8.7% -13.0%


Third quarter 2023 earnings released: EPS: RM0.091 (vs RM0.028 loss in 3Q 2022)
Third quarter 2023 results:
EPS: RM0.091 (up from RM0.028 loss in 3Q 2022).
Revenue: RM893.9m (up 32% from 3Q 2022).
Net income: RM71.2m (up RM93.3m from 3Q 2022).
Profit margin: 8.0% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue.
Revenue is forecast to decline by 71% p.a. on average during the next 3 years, while revenues in the Insurance industry in Malaysia are expected to remain flat.

Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has remained flat, which means it is well ahead of earnings.
09/02/2023 11:58 AM
stockraider Very good earning power mah!
Buyloh!
11/02/2023 9:52 AM


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