Syarikat Takaful Malaysia Keluarga Berhad

$TAKAFUL / 6139 (SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD)
Research by KENANGA

$TAKAFUL / 6139 (SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD)
Research by RHB

Kaotim, the online platform operated by Syarikat Takaful Malaysia Keluarga Bhd, has introduced two new products – Kaotim Car and Kaotim Motor – aiming to achieve a collection target of RM10mil in car and motorcycle premiums this year.

$TAKAFUL / 6139 (SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD)
Research by HLIB
BUY – TP RM4.90

" Within expectations”

STMB’s 2Q24 profit nudged up 1% QoQ on the back of stronger net investment income. Overall, results were in line with expectations and thus, forecasts were unchanged. All in all, we still find STMB’s risk-reward profile remains skewed to the upside as it is undervalued, trading close to -1.0SD P/B. Also, we continue to believe that STMB’s structural long-term growth prospects is bright given: (i) under penetrated insurance space, (ii) favourable demographics, and (iii) huge local protection gap. Maintain BUY call and GGM-TP of RM4.90, based on 1.85x FY25 P/B

Analyst:
Chan Jit Hoong, CFA, CPA
jhchan@hlib.hongleong.com.my

$TAKAFUL / 6139 (SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD)
Research by HLIB
Buy - TP RM4.90

"Staying on course"

From our recent discussions, management’s tone was optimistically cautious. We understand most of its businesses are chugging along well, save for the EB (deliberately pruned some of its unprofitable customers to protect margins) and motor segments (slower growth from BJAK but we are not overly worried since clients here have higher claims risk, in our view). That said, retakaful rates have stabilized and the risk of cash call is limited under the new risk-based capital framework exposure draft. Overall, our estimates were kept and we still believe STMB’s risk-reward profile is skewed to the upside as it is undervalued, trading at -1.0SD P/B. Retain BUY and GGM-TP of RM4.90, based on 1.85x FY25 P/B.

Analyst:
Chan Jit Hoong, CFA, CPA
jhchan@hlib.hongleong.com.my

Recently BNM has announced that with effect from Sept 1, 2024, insurers and takaful operators (ITOs) must offer consumers an option to purchase medical and health insurance and takaful (MHIT) with a co-payment feature. The existing, current policies can be as per usual but in the future all new MHIT products must have co-payment features,

So, what is a co-payment feature?

Co-payments – which are out-of-pocket payments paid by the insured patient at the time of a claim – were set by the central bank at a minimum 5% of claimable expenses, while ITOs are allowed to determine the cap.

The co-payments will not apply to emergencies, outpatient treatment for critical illnesses, or visits to public hospitals and clinics.

This move is deemed to address medical cost inflation across the healthcare value chain, especially when in 2023, Malaysia recorded medical cost inflation of 12.6%, which is significantly higher than the global average of 5.6%.

One thing is that the co-payment feature could discourage medical insurance uptake, as people might not have the means to afford the additional upfront out-of-pocket costs. On the other hand, some consumers may see lower premiums in the short term hence being able to afford cheaper or lower-cost medical insurance, leading to increased sign-ups. So, how many consumers would actually opt to switch remains to be seen.

Insurance players that are big in this space, such as $ALLIANZ / 1163 (ALLIANZ MALAYSIA BERHAD) $TAKAFUL / 6139 (SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD) $MANULFE / 1058 (MANULIFE HOLDINGS BERHAD) would be affected... the question is whether it'll be a boon or a bane.

Source: https://cutt.ly/9egE7VT8

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

OTHERSFOREIGN OWNERSHIP IN SYARIKAT TAKAFUL MALAYSIA KELUARGA BERHAD ("THE COMPANY")

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Change in Audit Committee - DATUK BAZLAN OSMAN

Change in Boardroom - DATUK BAZLAN OSMAN

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN)

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Change in Boardroom - TUAN SYED HAMADAH BIN SYED OTHMAN