Saham: KLSE-MNRB - PT. Mnrb Holdings Berhad

$MNRB / 6459 (MNRB HOLDINGS BERHAD)
Research by Maybank

Trading ideas: Capital A, Kerjaya Prospek, TAS Offshore, Pantech, LFE Corp, ABM Fujiya, MNRB

KUALA LUMPUR: Stocks to watch today include Capital A Bhd, Kerjaya Prospek Group Bhd, TAS Offshore Bhd, Pantech Group Holdings Bhd, LFE Corp Bhd, ABM Fujiya Bhd and MNRB Holdings Bhd.

MNRB rises in early trade among the top gainers on Bursa

KUALA LUMPUR: MNRB Holdings Bhd's share rose over 6% in early trade on Thursday, making it one of the top gainers on Bursa Malaysia after reporting higher net profit for the second quarter ended September 30 (2Q25).

$MNRB / 6459 (MNRB HOLDINGS BERHAD)
Research by Maybank
Buy – TP RM2.70

“1QFY25 results above expectations"

MNRB’s 1QFY25 results were above expectations, riding on still robust earnings growth at its reinsurance and general takaful divisions. We upgrade our FY25/26E earnings by 92%/76% and raise our TP to MYR2.70 from MYR1.70, pegging its CY25E earnings to its updated long-term forward rolling PER mean of 5.5x. BUY maintained.

Analyst:
Desmond Ch'ng, BFP, FCA
desmond.chng@maybank-ib.com

$MNRB / 6459 (MNRB HOLDINGS BERHAD): Q1FY25 Performance Overview

Total Revenue:
MNRB's total revenue declined by 0.5% to RM941.1 million. This decrease was primarily driven by a drop in insurance revenue from the family takaful business, which was partially offset by growth in both the general takaful and reinsurance segments.

Profit After Tax:
Profit after tax surged by 32.6% to RM92.2 million. The increase was largely due to a stronger insurance service result, attributed to improved claims experience compared to the corresponding period. However, this was partially offset by lower investment results, which were impacted by foreign exchange losses and unfavorable fair value movements.

Reinsurance Business:
Revenue for the reinsurance segment rose by 2.4%, driven by a RM3.5 million increase in insurance revenue, largely from international business growth in the Specialty portfolio and local voluntary cessions. Additionally, investment income grew by RM8.9 million. Profit before tax (PBT) in this segment increased significantly by RM27.7 million, from RM64.6 million to RM92.3 million, mainly due to improved claims experience.

Retakaful Business:
The retakaful segment experienced a decline in both total revenue and PBT, down by RM8.8 million and RM2.6 million respectively. This was mainly due to a decrease in takaful service revenue, which resulted from the rebalancing of portfolios.

General Takaful Business:
The general takaful segment recorded a total revenue of RM198.6 million, marking a 12.6% increase. This growth was primarily due to a RM21.7 million rise in takaful revenue, driven by stronger performance in the motor and fire businesses. PBT for this segment rose by RM5.8 million, from RM10.7 million to RM16.5 million, reflecting higher wakalah fees aligned with the growth in takaful service revenue.

Family Takaful Business:
Total revenue for the family takaful segment decreased to RM208.0 million, down RM27.3 million, largely due to reduced takaful service revenue following a decline in banca takaful business. The PBT for this segment slightly decreased by RM1.7 million, from RM7.4 million to RM5.7 million, primarily due to lower takaful service results, although this was somewhat offset by higher net investment returns.

$MNRB / 6459 (MNRB HOLDINGS BERHAD)

MNRB's net profit triples to RM428.34mil in FY24 as takaful biz grows

KUALA LUMPUR: MNRB Holdings Bhd is optimistic over the takaful segment, which it says continues to grow on the back of various initiatives to increase sales through agency, bancatakaful and corporate distribution channels.

Quarterly rpt on consolidated results for the financial period ended 31/03/2024 [MNRB]

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

MNRB issues RM420mil subordinated Sukuk Murabahah

KUALA LUMPUR: MNRB Holdings Bhd has announced the issuance of its RM420.0 million Subordinated Sukuk Murabahah.

OTHERS [MNRB]

OTHERSEarly Redemption of the existing Subordinated Sukuk Murabahah of RM320 million in Nominal Value and Issuance of Subordinated Sukuk Murabahah of RM420 million in Nominal Value pursuant to a Sukuk Programme of up to RM420 Million in Nominal Value for the Issuance of Senior and/or Subordinated Sukuk Murabahah (Sukuk Murabahah Programme).

MNRB appoints acting GCFO Sharmini Perampalam as GCFO

KUALA LUMPUR: MNRB Holdings Bhd has named Sharmini Perampalam as its group chief financial officer, effective March 1, 2024.

© New Straits Times Press (M) Bhd

Change in Principal Officer - PUAN SHARMINI A/P PERAMPALAM [MNRB]

Change in Principal Officer - PUAN SHARMINI A/P PERAMPALAM

MNRB upsizes sukuk issuance to RM420mil

MNRB Holdings Bhd had proposed to upsize its sukuk programme from RM320mil to RM420mil in nominal value in accordance with the upsizing option provided under the programme.

OTHERS [MNRB]

OTHERSProposed Upsizing of the RM320 Million Sukuk Programme in Nominal Value for the Issuance of Senior Sukuk Murabahah and/or Subordinated Sukuk Murabahah under the Shariah principle of Murabahah (via Tawarruq arrangement) (Sukuk Programme) to RM420 Million in Nominal Value.

$MNRB / 6459 (MNRB HOLDINGS BERHAD)

$MNRB / 6459 (MNRB HOLDINGS BERHAD)
Research by Maybank
Buy - MYR1.70

"3QFY24 results above expectations"

Investment income continued to surprise positively, alongside lower claims. Our forecasts are raised by 56%/18%/20% respectively for FY24-FY26E (largely to factor in higher investment income assumptions) and we maintain our BUY call. Our Gordon Growth Model (GGM)-derived TP is raised to MYR1.70 from MYR1.40 on rolling forward valuations to FY25 from CY24 (COE: 10.6%, ROE: 6.8%, LT growth: 3.5%).

Analyst:
Desmond Ch'ng, BFP, FCA
desmond.chng@maybank-ib.com

PETALING JAYA: MNRB Holdings Bhd expects a challenging economic environment locally and globally, as inflationary pressures around the world remain elevated amidst higher energy prices, supply chain shocks and geopolitical risks in the Middle East and Ukraine.

MNRB posts 47.4pct higher net profit in Q3

KUALA LUMPUR: MNRB Holdings Bhd reported a 47.4 per cent increase in net profit to RM84.61 million in the third quarter ended Dec 31, 2023 (4Q23), up from RM57.42 million in the previous year.

© New Straits Times Press (M) Bhd

Quarterly rpt on consolidated results for the financial period ended 31/12/2023 [MNRB]

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

OTHERS [MNRB]

OTHERSA.M. Best Affirmed Ratings of Malaysian Reinsurance Berhad

OTHERS [MNRB]

OTHERSRAM Reaffirmed Ratings of MNRB Holdings Berhad and Malaysian Reinsurance Berhad

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - AMANAHRAYA TRUSTEES BERHAD-AMANAH SAHAM BUMIPUTERA [MNRB]