Financials Allianz Malaysia

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
21.04 ^MYR	+0.67%		-0.28%	+14.10%

Apr. 12	Malaysian Shares End Holiday-Shortened Week in Red; Shares of HeiTech Padu Slump Over 7%	MT
Feb. 26	Allianz Malaysia Berhad Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,880	2,614	2,283	2,520	3,282	3,744	-	-
Enterprise Value (EV) ¹	2,880	2,614	2,283	2,520	3,282	3,744	3,744	3,744
P/E ratio	11.4 x	9.83 x	9.3 x	10.4 x	8.73 x	7.38 x	6.97 x	6.63 x
Yield	3.13%	3.92%	4.9%	6%	5.45%	5.5%	5.75%	6.13%
Capitalization / Revenue	0.64 x	0.54 x	0.44 x	0.45 x	0.66 x	0.69 x	0.65 x	0.62 x
EV / Revenue	0.64 x	0.54 x	0.44 x	0.45 x	0.66 x	0.69 x	0.65 x	0.62 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.53 x	0.65 x	0.55 x	0.6 x	0.64 x	0.81 x	0.75 x	0.7 x
Nbr of stocks (in thousands)	176,888	176,889	177,509	177,969	177,969	177,969	-	-
Reference price ²	16.28	14.78	12.86	14.16	18.44	21.04	21.04	21.04
Announcement Date	2/27/20	2/24/21	2/22/22	2/23/23	2/26/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,502	4,871	5,241	5,566	4,942	5,461	5,747	6,052
EBITDA	-	-	-	-	-	-	-	-
EBIT	-	731.4	626.6	705.2	-	-	-	-
Operating Margin	-	15.02%	11.96%	12.67%	-	-	-	-
Earnings before Tax (EBT) ¹	692.1	729.6	625.6	704.4	956.9	1,018	1,079	1,114
Net income ¹	492.5	520.3	478.5	472.8	730.9	760.3	804.4	839
Net margin	10.94%	10.68%	9.13%	8.5%	14.79%	13.92%	14%	13.86%
EPS ²	1.423	1.503	1.383	1.366	2.111	2.852	3.020	3.174
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.5100	0.5800	0.6300	0.8500	1.005	1.156	1.209	1.289
Announcement Date	2/27/20	2/24/21	2/22/22	2/23/23	2/26/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	14%	13.5%	11.7%	11.3%	14.9%	13.9%	13.9%	13.2%
ROA (Net income/ Total Assets)	2.65%	2.5%	2.1%	1.96%	2.93%	2.87%	2.8%	2.73%
Assets ¹	18,557	20,813	22,775	24,163	24,956	26,522	28,729	30,695
Book Value Per Share ²	10.60	22.80	23.40	23.80	28.90	26.10	28.00	30.00
Cash Flow per Share	-	-0.3900	-	-	-	-	-	-
Capex ¹	-	16	20.1	21.1	32.2	19	19.7	20.4
Capex / Sales	-	0.33%	0.38%	0.38%	0.65%	0.35%	0.34%	0.34%
Announcement Date	2/27/20	2/24/21	2/22/22	2/23/23	2/26/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

21.04 MYR

Average target price

19.88 MYR

Spread / Average Target

-5.53%

	1st Jan change	Capi.
ALLIANZ MALAYSIA	+14.10%	785M
CHUBB LIMITED	+10.02%	101B
MARSH & MCLENNAN COMPANIES	+5.26%	98.26B
ZURICH INSURANCE GROUP LTD	+1.05%	69.77B
HARTFORD FINANCIAL SERVICES GROUP (THE), INC.	+20.54%	28.66B
TALANX AG	+9.36%	19.51B
BB SEGURIDADE PARTICIPAÇÕES S.A.	-4.31%	12.3B
POWSZECHNY ZAKLAD UBEZPIECZE? SPÓLKA AKCYJNA	+8.48%	10.94B
ASR NEDERLAND N.V.	+10.00%	10.59B
ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED	+20.46%	10.1B