A director at Adamjee Insurance Co Ltd sold 8,594,000 shares at 35.430PKR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
AICL has a total market share of 18% in Pakistan and 11% market share within Takaful operations. Equity and Asset base of the company over 5 years have registered a CAGR of 10% and 11%, respectively. Net Premium Revenues have grown at a CAGR of 19% over the last 5 years, while Gross Premium written have increased at a CAGR of 13%. COIVD-19 work culture (working from home) has reduced the traffic on road which has led to a decline in claims, However, Gross and Net premiums have also decreased ...
Adamjee Insurance (AICL) reported unconsolidated Q2 CY 19 loss of PKR122mn (LPS: PKR0.35) vs a profit of PKR387mn (EPS: PKR1.11) in Q2 CY 18. The company also announced first interim dividend of PKR1.0/sh along with the Q2 CY 19 results.
• Adamjee Insurance (AICL) reported unconsolidated CY 18 NPAT of PKR1,239mn (EPS: PKR3.54), up by 1% yoy, significantly below our expectation of PKR1,897 (EPS: PKR5.42). In Q4 CY 18 alone, the company posted a loss of PKR272mn (LPS: PKR0.78) versus Q4 CY 17 loss of PKR414mn (LPS: PKR1.18), possibly due to impairment charge on its equity investments (similar to SPLY) as the benchmark KSE-100 was down by 9.6% qoq in Q4 CY 18. AICL also announced final dividend of PKR1.5/sh, in addition to PKR1.0...
As per a stock exchange filing, Adamjee Insurance (AICL) has increased the ownership of its unlisted subsidiary, Adamjee Life Assurance Company, to 100.0% from 74.3% previously. These shares were acquired from its partner IVM intersurer BV. For now, we retain our TP of PKR49.0/sh for AICL. However, due to a pick-up in share price, we downgrade our stance on AICL by one notch to Neutral.
• We upgrade our stance on AICL to Buy from Neutral with a revised Dec-19 TP of PKR49.0/sh (down from PKR50.5/sh earlier), implying an upside of 20%. We incorporate slower premium growth in the local market, but are more optimistic about AICL’s overseas business. • Slowdown in the local business will arise mainly from the Motor (lower auto sales due to higher prices and increasing interest rates) and Property segments (slower corporate activity). UAE operations, however, are expected to co...
AICL declared earnings of Rs1.1/share in 2Q2018, up only 3% YoY, mainly on back of higher taxation. Effective tax rate during 2Q2018 clocked in at 48% as compared to 33% in 2Q2017. This is primarily due to super tax paid by the company during the period. Lower tax rate during 2Q2017 was also due to tax benefits taken by the company, we believe. Net Premium of the company improved by 2% YoY to Rs6.5bn, which remained lower than expectations. However, net claims of the company dropped 5% YoY t...
We resume coverage on AICL with a Dec’18 TP of PKR54.5/sh, offering potential upside of 14%. Underwriting income is expected to rise by 53% yoy in CY18F but could flatten out next year especially if the claim ratio reverses from historical lows.
We upgrade our investment case for AICL to Buy with a revised Dec’17 TP of PkR91/sh, which offers a total return of 24%. Underwriting income rose 26%YoY in CY16 and we think a similar pace can sustain over the medium-term with push emanating from the motor business (UAE & Pakistan) and domestic corporate expansion cycle. Recent changes in UAE motor insurance laws (floor on premiums but higher associated expenses) are likely to be a key growth driver in CY17/18F. This can be complemented by CP...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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