TPLI: Analyst Briefing Notes,(AKD Daily, De 03, 2019)
- TPL Insurance (TPLI) held its analyst briefing last week to shed light on 9MCY19 performance and the company’s outlook. To recall, TPLI recorded an LPS of PkR0.81 in 9MCY19 vs. an EPS of PkR0.15 in the same period last year.
- Strong core business performance (GPW flat at PkR1.0bn YoY despite slowdown in auto sales—the company’s primary target market) was overshadowed by higher commission in Takaful (due to market forces) and expenses related to technological initiatives.
- TPLI with its technological focus is positioned to penetrate the unpenetrated Pakistan’s retail market with 76% of the population having mobile subscription (+5.6% annual growth in total users) and 8% of the population making online purchases.
- TPLI has gained 26.0% during CY19TD, trading at a trailing P/B of 2.7x where plans of divestment of 25% stake (that is in the advanced stage of completion as per management) should continue to keep investor interest in the scrip over the short term.
AKD Research
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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