Tune Protect Group Berhad (TIH MK, BUY, TP: MYR1.81)
Growth Still Insured
Earnings Review
GI continues to drive Tune’s earnings, with higher NEP growth and improved net claims. This offsets the slower outlook from its global travel segment, as its take-up rate continues to be affected by the change in the opt-in booking policy. We trim our FY16-18F earnings by c.1-3% to reflect some house-keeping adjustments. Maintain BUY, with a slightly lower GGM-derived TP of MYR1.81 (from MYR1.87, 12% upside).
Success in Stock Market through Value Investment
Tuesday, 29 November 2016
Tune Protect Group Berhad
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