【LPI 8621 交流专区】伦平

Mr.Business

保险业者的新闻。

競爭劇烈．落實新制 催化保險業併購潮

Updated : 16-10-2007
Media : 中國報
Story By : 邱佩勛

（吉隆坡16日訊）保險業競爭劇烈，加上國家銀行即將落實風險基礎資本架構（RBC），是加速併購的兩大催化劑。

國行將在2009年落實風險基礎資本架構；保險公司因此得在2008年年底前，確保資本符合國行新資本架構要求。

大馬國際證券投資銀行研究主管馮廷秀直言，近期保險業者洽購或尋求策略性伙伴消息頻傳，業者在“內憂外患”局面下，明顯進入併購時代。

他回應《中國報》提問說，本地保險業者競爭激烈，惟業務增長、投保率等皆未有太大突破。

“越來越多業者藉銀行作為產品分銷管道，尤其那些沒有銀行業務作后盾的公司，尋求併購伙伴、擴大分銷網絡的手法，不失為推動業務成長策略。”

他指出，傳統藉代理分銷產品的方式存限制，因為代理回酬在現有保險法令有特定限制，變相減少新代理。

強化競爭力

馮廷秀指出：“國行即將落實的新資本制度，也是加速業者展開併購原因之一。”

僑豐投資研究分析員陳建堯則說，除了銀行保險，回教保險搶攻市場，也增加業者競爭劇烈度。

他指出，過去5年保險業未見顯著併購活動，此次併購潮堪稱較大規模的一次。

他也樂見，是次併購潮可像首次銀行業併購活動般去蕪存菁，加強個別業務表現。

“此次業者併購潮主要由執法單位即國行主催，料下一輪保險業者併購，將由市場力量主導。”

他透露，業者一般保費年收入必須達4億令吉以上，才能達標、取得經濟效益。

“如果某些業者規模及保費收入皆不大，一旦合併發揮協合作用，相信有助取得經濟效益。”

他指出，若業者資本不符規定或業績欠理想，一旦無法尋得併購伙伴或新股東，或得冒上脫售保險執照風險。

http://www.biznewsdb.com/chinese ... 66&file1=7&bulan=10

Mr.Business

LPI在2007年的新闻。

LPI CAPITAL PROPOSES RECORD DIVIDEND AGAIN

I am pleased to announce that in consideration of LPI Group’s continued strong performance, the Board of Directors has proposed a Special Dividend of 25% and a Final Dividend of 55%, totalling 80 sen per share less 27% taxation. This together with the interim dividend of 25 sen less 28% taxation paid on 11 August 2006 would amount to a record dividend of 105 sen per share less Malaysian taxation for the year 2006. This represents a 50% increase from last year reflecting the highest dividend ever declared by LPI Capital Bhd.

For the financial year ended 31 December 2006, the LPI Group registered growth in both its revenue and pre-tax profit. The Group’s revenue grew by 9.0% to RM473.5 million as compared to RM434.8 million in 2005. The Group’s pre-tax profit rose to RM110.5 million from RM103.6 million in 2005 registering a growth of 6.7%. The Return on Equity also improved to 20% whilst earnings per share (EPS) advanced to 56.6 sen.

The strong financial performance of LPI Group in 2006 was attributable to an increased operating profit of 15.2% to RM87.5 million with a gross premium income of RM424.4 million, an increase of 11.8% over 2005, generated by its wholly owned subsidiary, Lonpac Insurance Bhd. Whilst not losing sight on the need for growth, the Group continues to attach great importance on underwriting results. Despite operating in a very competitive environment and an industry plagued with motor thefts and the recent flood events, Lonpac Insurance Bhd recorded underwriting surplus in all classes of insurance with total underwriting profit growing significantly by 33.4% to RM59.1 million from RM44.3 million in 2005. As at 31 December 2006, Lonpac registered a higher solvency margin surplus of RM64.2 million above the minimum required margin of RM413.3 million.

The Group’s balance sheet remain strong and healthy with total assets standing at RM754.7 million, 5.4% higher than 2005’s assets of RM716.3 million. Likewise, the Group’s shareholders’ fund increased to RM396.2 million from RM390.2 million. On the investment front, the Group’s total investment portfolio remains strong and healthy growing by 5.0% to RM662.1 million from RM630.5 million in 2005. With the strengthening of the equity market, the year-end market value of the Group’s quoted securities rose to RM427.5 million from a book value of RM91.6 million, an impressive appreciation of RM335.9 million.

The LPI Group continued to pursue excellence in financial and management practices to enhance long-term shareholder value and good corporate governance. Such commitment was duly recognised with the conferment of four (4) awards to LPI in 2006.

LPI received the KPMG Shareholder Value Award 2005 as a Sectoral Winner under the Financial Services category and the Malaysian Business Corporate Governance Merit Award 2005 for the second consecutive year, in recognition for its superior shareholder value and excellent corporate governance practices respectively.

LPI was also accorded the Certificate of Merit – National Annual Corporate Reporting Awards (“NACRA”) 2006 for its effort to publish timely, informative, factual and reader-friendly annual report. This recognition certainly places LPI amongst the top companies in Malaysia that display high degree of transparency and adherence to a high standard of corporate governance practices.

In addition, for its best management accounting practices that enhanced value creation and excellent business performance, LPI was awarded a Certificate of Finalist in recognition as Finalist of the National Award for Management Accounting (“NafMA”) 2006.

Lonpac’s general insurance strength rating of “AA” reaffirmed by the Malaysian Rating Corporation Bhd (“MARC”) in September 2006 certainly reflects the Group’s financial stability and reliability in the insurance industry. Barring unforeseen circumstances, the Group is confident of recording another year of positive results for 2007.

Tan Sri Dato’ Sri Dr. Teh Hong Piow
Chairman
3 January 2007

Mr.Business

LPI在2007年的新闻。

倫敦太平洋 維持大方派息政策

Updated : 31-01-2007
Media : 中國報

（吉隆坡31日訊）繼去年回饋高達1億540萬令吉給股東后，倫敦太平洋（LPI）表示，將維持大方派發股息的政策。
該公司總執行長池春曉今日在年度股東大會后對記者說，大方派息的政策將會持續。

“我們的股票資本並未隨盈利增加而顯著提高，所以有能力將盈利回饋給‘忠心的’股東。”

倫敦太平洋去年共派發每股1.05令吉股息，較2005年的派息揚升50%。

池春曉表示，倫敦太平洋或成為國家銀行最新宣佈有關風險管制的受益者之一。

“國行沒有明確說明有關獎掖，但我們猜測將會是多種形式，包括投資、推介新產品與開設新分行。”

國行副總裁拿督莫哈末拉茲夫昨日表示，透過即將推出的最新風險資本架構（risk-based capital framework），任何擁有管理高風險產品適當人力資源、系統、及投術的壽險公司，國行將“儘量不過問”（lighter regulatory touch）。

截至去年12月杪財年，倫敦太平洋錄得4億7349萬令吉營業額，較2005年揚升9%；淨利則報7812萬令吉，較上財年上升約5%，全年每股盈利（EPS）達56.64仙。

http://www.biznewsdb.com/chinese ... 1=7&bulan=01&kw=lpi

Mr.Business

LPI在2007年的新闻。

倫平資本：不排除進軍中國 可從保險業放寬管制受惠

Updated : 01-02-2007
Media : 星洲日報

倫平資本（LPI，8621）不排除透過已進軍中國市場的大眾銀行（PBBANK，1295），打開中國市場門檻，並相信該公司能成為政府放寬保險業管制後的受惠者之一。

該公司董事經理兼首席執行員池春曉說，大眾銀行進軍中國市場為該公司提供業務擴充機會，但目前沒有進軍中國市場的計劃。

他在該公司股東大會後說：“我們一直尋求在國內外擴充業務規模的機會，但仍需胥視相關建議的可行性及市場環境而定。”

倫平資本和大眾銀行有共同大股東，兩家公司同時丹斯里鄭鴻標旗下公司，鄭鴻標截至2006年12月1日止持有倫平資本的44.28%股權。

針對政府有意進一步放寬保險業管制，並獎掖風險管理健全且符合資格的保險公司，池春曉說，有關公司必須證明本身擁有很好的風險管理及符合相關條件才能從中受惠，而他相信倫平資本會是受惠的其中一家。

詢及該公司對保險業整合的看法時，他說基於保險公司過多，整合不失為一項好建議，而該公司對整合抱持開放的態度，只是目前沒有與任何單位進行洽談。

他說：“整合業務可能以併購或收購方式進行，但必須為公司帶來增值效果。”

池春曉透露，該公司目前的總保費達4億2440萬令吉，按年上揚11.8%，預料今年的表現將較去年好。

此外，涉及普險業務的倫平資本目前並沒有進軍壽險市場的打算，而該公司旗下的保險業務包括汽車險、雜險、火險及海陸空險。

http://www.biznewsdb.com/chinese ... 1=7&bulan=02&kw=lpi

Mr.Business

LPI在2007年的新闻。

PBB wins governance award for fifth year

Updated : 13-07-2007
Media : The Star

KUALA LUMPUR: Public Bank Bhd (PBB) has won the Malaysian Business Corporate Governance Award for the fifth consecutive year.

In ceremony yesterday, PBB chairman Tan Sri Teh Hong Piow received the award for 2006 from Deputy Finance Minister Datuk Dr Ng Yen Yen.

Also present were Berita Publishing Sdn Bhd chairman Datuk Mohd Bisharuddin Mohd Noor Basha and editor-in-chief Datuk A. Kadir Jasin.

Malayan Banking Bhd bagged the Best Corporate Social Responsibility (CSR) Activities Award. Last year, Maybank and PBB were the joint winners of the award.

Three-A Resources Bhd won the best Corporate Governance Award for companies listed under the Mesdaq category.

Two other companies, LPI Capital Bhd and Opus International Group Plc, received merit awards for their good corporate governance practices.

Minority Shareholders Watchdog Group chief executive officer Abdul Wahab Jaafar Sidek, who chaired the panel of judges, said the panel had a very tough time deciding this year's winners.

¡§The difference between the winner and the runner-up was a mere 1.5 points. This shows that these companies are improving on their corporate governance practices,¡¨ he said, adding that the panel had shortlisted 60 firms from the more than 1,000 listed on Bursa Malaysia.

The awards organiser, Malaysian Business, said the panel of judges had raised the bar this year to include financial and operational performance as well as evaluation of companies' track record in CSR. A weighted average system ensured that the process was conducted in a fairer manner.

Ng noted that there had been an overall improvement among Malaysian-listed companies in their adherence to corporate governance standards but said there would always be room for betterment.

She stressed that good corporate governance practice was not about having good sets of laws, rules or codes. ¡§It is also about ethics, integrity and honesty.''

Ng added: ¡§The current events relating to financial misstatements are more the exception that the norm. Nonetheless, these high-profile cases signal that we can never let our guard down.¡¨

http://www.biznewsdb.com/english ... 07&kw=lpi%20capital

Mr.Business

LPI在2007年的新闻。

LPI to ride on strong economic growth

Updated : 23-07-2007
Media : The Star
Story By : DALJIT DHESI

LPI Capital Bhd is set for another exciting year as it rides on better economic growth prospects and the implementation of the Ninth Malaysia Plan (9MP) projects.

Analysts are also positive on the outlook and performance of the insurer based on its prudent and strong management team, solid financials, extensive distribution network, consistent dividend payout and good corporate governance.

An analyst from a bank-backed brokerage said: ¡§The insurance industry tends to grow in tandem with the country's economy.

¡§Projects under the 9MP will definitely benefit the general insurance industry with the expected increase in demand for property and liability insurance. Judging from this, the prospect for the LPI group remains bright.¡¨

Managing director Tee Choon Yeow said LPI's growth this year would correlate with the country's economy given the full implementation of the 9MP.

He added that this would create a lot of economic activities that would become essential for the development and expansion of the general insurance industry.

Tee said besides construction, the company was also likely to see growth in personalised products arising from the activities created by the 9MP.

One of the company's strengths that have put the group ahead of its competitors is its sound management team.

An analyst said apart from veteran banker Tan Sri Teh Hong Piow as the common shareholder of LPI and Public Bank Bhd, the group had a strong team of experienced professionals who were hands on and many had been serving the company for more than a decade.

Tee, in one of LPI's recent press conference, said one of the success factors of the group was its experienced team of professionals who had been with the company for years.

¡§I have been leading the company for 27 years. The senior management staff has been here for more than 10 years. The stability of management is there,¡¨ he said.

LPI Capital Bhd posted a marginal rise in net profit to RM15.21mil during the second quarter ended June 30 from RM15.2mil in the same quarter a year earlier.

The insurer's revenue rose 27% to RM137.8mil. Earnings per share (EPS) improved to 11.04 sen from 11.01 sen previously. The improvement in revenue was attributed to higher gross premium underwritten.

On a quarter-to-quarter basis, the second-quarter net profit of RM15.21mil was 41% lower than the first quarter's RM25.8mil.

LPI said it had earned a higher investment income in the first three months compared with the quarter under review.

For the first six months ended June 30, net profit rose to RM41mil against RM39.3mil in the same period a year ago while revenue increased to RM291.4mil from RM247.2mil previously. EPS improved to 29.79 sen from 28.46 sen.

The company has declared an interim dividend of 30 sen per share, which would go ex on July 16.

The total dividend declared last year amounted to 105 sen per share, representing an increase of 50% over 2005's dividend of 70 sen per share.

The total dividend to be paid for 2006 (inclusive of interim dividend paid) would amount to RM105.4mil, the highest dividend payment so far.

OSK Research and Standard and Poor's have recommended a ¡§buy¡¨ on the stock. OSK said that though the insurance sector may not seem exciting, it believed LPI Capital offered the greatest value and growth prospects among its peers, looking from its solid financials and management track records.

¡§We value the stock at RM12.30 per share, underpinned by solid financial position, good dividends (more than RM1 per share) and return on equity (more than 20%), implying financial year 2008 price-earnings ratio, price to book value and gross dividend yield of 16.4 times, 4.8 times and 9.8%, respectively,'' OSK added.

Since the company is now a component stock of FTSE Bursa 70 (FMB70) and FTSE Bursa100 (FMB100) indices, the brokerage said this could potentially trigger a re-rating on the company should investors start switching their benchmarking index from KLCI to FBM100.

It believes LPI could be in an expansionary mode, as its associate and sister company Public Bank was in the midst of expanding its bancassurance segment and more aggressive capital management was in the offing. The research house is anticipating a gross dividend yield of almost 10% for the next two years.

S&P said its 12-month target price of RM12.00 was based on a target dividend yield of 6.5%, which it believed would be adequate to compensate investors for an expected lukewarm growth in earnings for the next two years.

It added that it would maintain its earnings estimates for 2007 and 2008 and expected the company to reap the benefits from its alliance with Public Bank and the strengthening of its agency force.

For fiscal years 2007 and 2008, S&P estimated that the group would turn in net profits of RM85.1mil and RM91mil respectively. Revenue for FY07 and FY08 are estimated to be RM511.3mil and RM548.1mil.

S&P added that it would maintain its target dividend per share for FY07 at 80 sen, which it felt was conservative in light of the strong dividend payment history of the company.

Public Bank recently won the Malaysian Business Corporate Governance Award 2006 for the fifth consecutive year.

The award gives recognition for good corporate practices of accountability and independence, transparency, risk management and internal control, adherence to regulations as well as social responsibility.

http://www.biznewsdb.com/english ... 07&kw=lpi%20capital

[ 本帖最后由 Mr.Business 于 17-10-2007 01:33 PM 编辑 ]

Mr.Business

LPI在2007年的新闻。

大眾銀行倫敦大平洋 柬聯手設保險公司

Updated : 03-09-2007
Media : 中國報

（吉隆坡3日訊）大眾銀行（PBBANK，1295，主板金融）與倫敦太平洋（LPI，8621，主板金融），今天同步向馬交所報備，已聯手在柬埔寨設立普險公司。

根據大眾銀行的報備文件，相關公司都已獲得我國國家銀行，以及柬國相關單位的核准，由三個股東聯手成立名為CampuBank LONPAC Insurance Plc（簡稱CampuBank Lonpac）的普險公司。

文件顯示，CampuBank Lonpac的三大股東分別為大馬大眾銀行（4%）、柬埔寨大眾銀行（51%）、以大馬倫敦太平洋（45%）。

其中大馬大眾銀行的持股量是28萬、投資額28萬美元（99萬8504令吉）。

柬埔寨大眾持股量為357萬、投資額為357萬美元（1273萬令吉）。

大馬倫敦太平洋則持股315萬、投資額為315萬美元（1123萬令吉）。

http://www.biznewsdb.com/chinese ... 1=7&bulan=09&kw=lpi

Mr.Business

LPI的旧闻。

CORPORATE NEWS

LONPAC CONTINUES TO MAINTAIN PROFITS

Lonpac Insurance Bhd, a wholly-owned subsidiary of LPI Capital Bhd, appears to have struck its target in terms of year-on-year consistency in business results.

The general insurer generated more than 90% of the RM30.9mil operating profits made by LPI Capital for the whole of last year.

Lonpac chief executive officer Tee Choon Yeow told Star Business this after the release of the company's latest financial results last week.

According to Tee, the company had five years of consistent profits that had been maintained in spite of very difficult operating conditions.

Elaborating on the consistency factor, Tee said the RM30mil profit mark had been maintained for a considerably long period, something that had meant a lot to the business morale.

In providing details on LPI Capital's five-year profit (before tax), Tee said that in 1996 the figure stood at RM32.6mil while in 1997 it was at RM36.7mil.

For the 1998 and 1999 financial years, pre-tax profits were at RM32.4mil and RM34.4mil respectively, and for last year it was RM30.9mil.

The latest results also show the total assets of the holding company remain, if anything, solid.

As of December last year, total assets stood at around RM382.1mil, a figure which is expected to show greater improvement in the coming years with new strategies being put in place.

"In spite of the weak investment conditions, our investment portfolio remains strong, standing at around RM330.4mil," Tee said.

He said that among LPI Capital's equity investments, the market value of quoted securities showed an appreciation of RM69.2mil against its book value as at Dec 31, 2000.

Asked how Lonpac is going to deal with vagaries of the local stock market since the company also has a considerable investment in it, Tee said "Lonpac will continue to invest in shares that had proven to be not just profitable but also beneficial to shareholders in the long term."

Describing Lonpac as a conservative stock market player, Tee, who joined the company in 1980, said that it would review its position from time to time with focus on the movement of good chips.

"In 1999, we implemented several prudent underwriting policies that have produced satisfactory results," Tee said.

Prior to 1998, the company had foreseen a rise in crime-related losses such as thefts of vehicles, robberies, burglaries and financial related losses such as fidelity and performance bond claims.

Among the noteworthy measures taken to reduce the risk exposure were more comprehensive underwriting approaches when it came to terms and conditions.

"We also made a detailed study of those companies that managed risks better than their counterparts in the general insurance industry," Tee said.

What Lonpac did was to place more focus on such specific risks when doing business.

Tee said that greater scrutiny and risk improvement were required from our insured, especially those that sought insurance coverage where the risk had greater exposure.

"We insisted on stringent conditions when underwriting non-tariff classes of business," he said.

Tee said that because of the intense competition in the general insurance industry, rates especially those of non-tariff classes, had been substantially eroded.

"We have had in the light of such a negative development to review our earlier approach which was to emphasise on just premium growth," he said.

In spite of the growing competition, premium growth has seen a visible improvement and according to latest statistics it has grown from RM172mil (from 1999 to 2000) to RM190mil, recording a nearly 11% growth.

One source of motivation for Tee is that Lonpac had set a 10% premium growth for the last financial year and it was able to achieve it in spite of rising odds.

His forecast for the year?

"We expect a 15% premium growth for the financial period ending December, 2001, which is feasible given the company's proven track record of maintaining business growth in a highly competitive environment," Tee said.

Like major general insurers in the country, Lonpac is bracing itself for a very challenging year fraught with synergies (following mergers and acquisitions), new technical and customer-oriented inputs.

Fortunately for Lonpac, it has had the advantage of riding out turbulent storms after which it still manages to show a remarkable resilience, a quality that is expected to see it through precarious market conditions.

Source: The Star, 6 February 2001

http://www.lonpac.com/corporatenews-aug01.htm

[ 本帖最后由 Mr.Business 于 17-10-2007 01:57 PM 编辑 ]

Mr.Business

LPI的旧闻。

CORPORATE NEWS
LONPAC EXPECTS GREAT BENEFITS WITH RECENT TIE-UP

LONPAC Insurance Bhd (LPI), a highly profitable player in the local insurance market, is expected to benefit greatly from its recent tie-up with Japanese insurer Nipponkoa Insurance Co Ltd, especially in technology transfer.

The collaboration with the Tokyo-based company is also expected to provide a vital and timely avenue for Lonpac to enter into new business deals with Japanese multinationals operating in the country.

Lonpac chief executive officer Tee Choon Yeow said in an interview that in the light of tougher times ahead for the local insurance market, the company had embarked in a number of actions to generate new sources of corporate business to improve volume and profits.

"The deal with Nipponkoa was one such action. Nippokoa has decades of experience as well as the right exposure in the highly profitable fire portfolio, and we believe we can benefit greatly from its local as well as international exposure," he said.

Tee said Lonpac had already begun identifying some key Japanese multinational corps (MNCs), whose close links and business ties with Nipponkoa could be used to further improve the company's fire portfolio.

"We hope to move to the next phase, which is working together with our Japanese partner to eventually penetrate the insurance market. It will take time but this is the first step for us," he said.

Last week, Lonpac's parent body - LPI capital Bhd - in an announcement to the Kuala Lumpur stock exchange, said it planned to sell 10.7million shares, or 10% of its current capital, to the Japanese insurer at a price to determined later, subject to the approval of the relevant authorities.

Nipponkoa is Japan's fourth largest casualty insurance company by assets, a result of merger between Nippon Fire Marine Insurance Co and Koa Fire Marine Insurance Co in July 2000.

Tee said another important business consequence of the tie-up with Nipponkoa was the review of gross premium growth at Lonpac.

"We are hoping to see significant growth in our gross premium rates in the next one or two years with the participation of the Japanese partner in spite of the increasingly difficult local and international conditions, which are having a negative impact on the insurance business," he said.

On Lonpac's business performance for financial year 2001, Tee said total gross premium stood at RM202mil, registering a 6.2% growth over the RM190.2mil a year ago.

Net premium for 2001 stood at RM117mil, a marginal improvement compared with the previous year's RM116mil. Profit before tax rose to RM31.9mil, from RM30.9mil before.

Commenting on the position of the company's balance sheet, Tee said shareholders' funds had registered an impressive growth of 13.6%.

"As at December last year, investment in quoted securities like shares showed an unrealised gain of RM88.5mil over its book value, which adds 20% to shareholder value, reflecting the effectiveness of the group's investment policy," he added.

Source: The Star, 8 February 2002

http://www.lonpac.com/corporatenews-oct03.htm

[ 本帖最后由 Mr.Business 于 17-10-2007 02:02 PM 编辑 ]

Mr.Business

LPI的旧闻。

Good run ahead for LPI

Updated : 22-01-2005
Media : The Star
Story By : JOSE BARROCK

LPI Capital Bhd, (formerly London & Pacific Insurance Co Bhd) has been in the limelight of late. In fact, it was among the more active counters on the Bursa Malaysia Bhd.

Much of the interest surrounding the stock stems from its sterling set of results for its financial year ended December 2004.

The general insurance concern posted a net profit of RM55.5mil on the back of RM376.8mil, raking in gains which were 57.22% and 10.34% higher, respectively, from a year ago.

In the period under review, LPI¡¦s total asset base increased 17% to RM633.4mil, while earnings per share recorded an improvement of 51% to 44.8 sen.

In a statement to the Bursa Malaysia, LPI modestly states that, ¡§The significant increase was mainly due to higher underwriting results as well as higher investment income.¡¨

The counter has surged as much as 13% since the beginning of the year, with LPI trading close to its 52-week high, brought about by news of its good set of earnings and strong dividend payout. It closed at RM6.50 on Tuesday.

Little analysis is available on LPI as it is an orphan stock, not on the radar screens of analysts. However, a local analyst is least surprised by the sterling financial performance and predicts more such good runs for the counter.

Much of the interest surrounding the counter stems from its sound management team, led by Tan Sri Teh Hong Piow, of Public Bank Group fame. He is the chairman of LPI and controls as much as 59.33% of the insurance company.

Malaysian Rating Corp Bhd (MARC) says in a research report produced late last year that the outlook for LPI seems bright.

Several issues such as the company's well-diversified insurance book, strong stewardship, good distribution channels, conservative investment policy, solid liquidity profile and adequate capitalisation are cited as reasons why a strong AA rating is conferred on the company.

The counter's close affiliation with the Public Bank Group, Malaysia's third largest banking group, is also looked upon as favourable.

¡§Much of LPI's insurance business, especially motor insurance which is its largest revenue earner, is from Public Finance Bhd which is relatively strong in motor financing,¡¨ an analyst who covers the insurance sector says.

Motor vehicle sales according to the Malaysian Automotive Association, was between 460,000 and 470,000 units last year and the target for this year may be as much as half a million units, which should augur well for LPI and the insurance industry in general.

¡§With the effects of Afta ironed out more vehicles may be sold, all cars have to be insured, meaning larger number of vehicles sold, the better it is for insurance players.¡¨ the analyst adds.

LPI¡¦s other mainstay lies in fire insurance, in which it has about a 4% market share.

Once again its alliance with Public Bank Group has borne fruit. ¡§It's definitely a beneficial tie up for LPI, (for instance) a large number of Public Bank¡¦s properties are insured by LPI,¡¨ she says.

Providing LPI with a shot in the arm is the Ministry of Human Resources¡¦ decision to appoint LPI as one of four underwriters for foreign workers compensation, under the Workmen¡¦s Compensation Act 1952.

Coupled with the strong alliance with the Public Bank Group, the management at LPI, led by Teh, is known for prudence, and their commitment.

¡§You must understand, the management team at LPI are very, very prudent, very conservative. Each of the management team has between 10 and 30 years experience at least ... in the insurance business, experience matters a lot.

¡§The conservatism however has not hindered the company¡¦s progress in areas like information technology (IT),¡¨ she adds.

LPI is spending about RM4.6mil on IT this year, building a web based E-Insurance application system and tightening its security designs, and upgrading network infrastructure.

Another strong selling point for LPI, the analyst says is its, 8% shareholder, Nipponkua Insurance Co Ltd, Japan¡¦s fifth largest general insurer.

¡§Niponkua has expertise in fire and marine cargo insurance among others. LPI does benefit from the strategic stake.

The two have a working relationship, with a Nipponkua setting up a division in LPI to penetrate the Japanese market in Malaysia.

It does not end there, market talk has it that LPI is in talks with other foreign insurers to form strategic ties,¡¨ she says.

http://www.biznewsdb.com/english ... 01&kw=lpi%20capital

[ 本帖最后由 Mr.Business 于 17-10-2007 02:08 PM 编辑 ]

Mr.Business

LPI的旧闻。

賺幅受壓．銀行增闢新財路 銀行併購保險風吹起

Updated : 26-08-2005
Media : 星洲日報

在金融市場開放下，國內保險業合併風在未來6至12個月將持續熾熱，這一輪的保險新合併風顯然是由銀行集團來驅動。

分析員說，在銀行集團面對盈利賺幅壓縮下，加上貸款競爭的劇烈，保險業是銀行集團開拓另一條新的收入來源，一些沒有持有保險執照的銀行集團預料將會在市場探視此領域商機，以期成為“金融超級市場”。

大眾豐隆或併購共同股東保險

分析員表示，不活躍於保險業的大眾銀行（PBBANK，1295）近來也蠢蠢欲動，儘管出擊新加坡亞洲聯合企業控股（ASIA GENERAL HOLDINGS）出師不利，敗給南方銀行（SBANK，1333），但預料不會就此罷休，持續覬覦壽險業務，最後可能擁有共同股東的倫平資本（LPI，8621）與壽險業鞏固在銀行集團旗下；而豐隆銀行（HLBANK，5819）也可能把共同股東的豐隆保險併入銀行。

他們說：“比較保險集團本身自我推動的合併，步伐顯然蹣跚，如果由銀行集團驅動的合併效果快得多，把銀行的廣泛網絡和保險業的廣大代理網絡合併，可以把國內保險業潛能發揮得更淋漓盡致。

不影響銀行次輪合併

分析員不認為銀行集團掀起的保險業併購風會影響銀行的次輪合併，因為它們現在已經在佈局，只是等待時機成熟而已，一般相信銀行次輪合併會在馬銀行的動作下於6個月內啟動。

保險業合併風由銀行集團驅動，可達到更高的協同作用，比較保險業自我合併，會出現代理重疊的現象，協同效益不高。

分析員說：“我們相信由銀行集團驅動的保險合併繼續燃起，那些沒有保險執照的銀行會探尋此商機，而通過共同股東持有的保險業務，銀行集團可能把這些保險業務合併。這是大市所趨，保險業可以從銀行開拓銀行龐大的客戶網絡，而貸款競爭愈加白熱化，也迫使銀行尋求新財源管道。”

國內目前共有42家保險公司，2004年的保費收入增長17%至220億令吉，創下3年新高。

馬銀行證券分析員嘉斯文說：“在銀行即將邁入全面金融市場開放的大前提下，預料未來6至12個月的保險併購風會持續吹起。”

http://www.biznewsdb.com/chinese ... 1=5&bulan=08&kw=lpi

[ 本帖最后由 Mr.Business 于 17-10-2007 02:19 PM 编辑 ]

Mr.Business

LPI的旧闻。

LPI produces dividend surprise

Updated : 14-01-2006
Media : The Star
Story By : DARSHINI M. NATHAN

IT IS not often that LPI Capital Bhd grabs the business headlines. But when it does, it is generally with news that will inspire investors to take a closer look at the stock.

The company's Jan 6 announcement to Bursa Malaysia is one such example. The general insurer reported record earnings and dividends to boot for financial year (FY) December 2005.

Whereas analysts that cover the stock were expecting the company to maintain its total gross dividends at 60 sen, higher underwriting profit and investment income chalked up over the year enabled LPI to up its total gross dividends for the full year by 10 sen to 70 sen less tax.

This translates into a net yield of about 6%, based on the counter's closing price of RM8.35 last Thursday.

For the record, LPI's results announcement was accompanied with a proposal to pay a special dividend and final dividend of 25 sen per share less tax each. Earlier in the year, it had declared an interim dividend of 20 sen less tax.

LPI's dividend track record will show that the company has been steadily increasing its gross dividend per share since FY03, when it rewarded shareholders with a gross dividend of 25 sen per share.

From FY00 to FY02, LPI had declared a tax-exempt dividend of 15 sen per share annually.

The question is, will subsequent years see more positive surprises in terms of dividends? The answer to that would depend on the kind of growth the company can expect to achieve in underwriting surplus and investment income, both of which are the main sources of earnings for an insurer.

In the case of investment income, LPI benefits from high dividend income thanks to the 55 million Public Bank Bhd shares it owns.

In 2004, Public Bank paid out 62 sen in gross dividends per share. This amounted to RM34mil in gross dividend receipts for LPI. Last year, the bank paid out a total gross dividend of 70 sen.

EONCap Securities says this will give LPI about RM39mil in Public Bank gross dividends for 2005.

A foreign research house reckons Public Bank is still in a position to pay out 60% - 70% of its annual net earnings as dividends.

But its ability to give out a special dividend or undertake aggressive share buybacks this year could be limited by the fact that the bank's core capital ratio is already very close to its target of 10%. Furthermore, it has exhausted its capacity to raise tier-2 capital.

But a local brokerage believes that Public Bank has ample capital to distribute additional special dividend per share of 30 to 40 sen over the next couple of years, giving a gross dividend yield of about 9% to its shareholders.

EONCap Securities notes that the Public Bank shares which LPI owns could potentially be a third source of income for the insurer in years to come.

While the shares carry a book value of about RM100mil only, when marked to market, the value of LPI's investment in Public Bank is closer to RM370mil. The capital appreciation from the shares, if realised, could be worth RM2 per LPI share currently.

In its initiating coverage report on LPI, EONCap Securities points out that LPI stands out for being one of the best-managed general insurers in the country. LPI has earned this distinction on account of the fact that it has manage to bring its return on equity (ROE) up to 17%, while most other insurers are recording single-digit ROE.

In fact, Lonpac Insurance Bhd, LPI's wholly-owned general insurance unit, has managed to maintain its underwriting margin at 14% - 16% over the last three years. The industry average is 6.4%.

'This is due to (Lonpac's) better claims ratio of 55% versus the industry's 61% and commission ratio of 8%, compared with the industry's 11%,” the house notes.

LPI's latest dividend will go ex on Feb 14 and is payable on Feb 20.

http://www.biznewsdb.com/english ... 01&kw=lpi%20capital

[ 本帖最后由 Mr.Business 于 17-10-2007 02:30 PM 编辑 ]

Mr.Business

原帖由 Mr.Business 于 11-10-2007 10:56 AM 发表
我想做个实验， 在这个牛市 (KLCI是1375点，而LPI的股价是RM11.50时) 我来投资LPI，最后我能不能赚钱呢？ 所以，我会等一个market correction的机会， 然后买入200股的LPI (暂时是这么决定)，作为我的小小实验。。。

17/10/2007，我以市价RM11.50买入200股的LPI，开始我的小小实验。
LPI将在2008年的第一个星期内宣布2007财政年的业绩并宣布分发股息，我期待有每股80cent的股息 (回报率7％)。

无花

明天我也和你一起做实验
你等的是股息，我是要看看LPI会不会和大众合并。

[ 本帖最后由 无花 于 17-10-2007 07:14 PM 编辑 ]

brandbuster

7% 絕對有可能, 謝謝提醒.
其實觀察LPI很久了,今年8/17跟它檫身而過,因為我當天QUOTE BUY @ RM8.8, 可它當天最低 RM8.9.:@ :@ :@  過後就不了了之.

看來距離現在和2008第一個星期前我又要盯緊它的股價了,來個逢低掃貨了.

Mr.Business

标叔的新闻。

Thursday October 18, 2007

Public Bank's Teh beats all the odds
By ELAINE ANG

Teh Hong Piow – A Banking Thoroughbred traces the eventful 40-year financial odyssey of Public Bank Bhd founder and chairman. The story tells of how Public Bank is the cornerstone of Teh's life: Public Bankis him and he is Public Bank. They are synonymous. The book will hit bookstores nationwide soon. Proceeds from the sales of the book will go to charity.

STARTING a bank by any measure is not only rare but also exceptional.

Fora young man – with only 16 years' experience in the banking industry and sharp business acumen – to set up his own bank and turn it into one of the country's finest financial institutions was a near impossibility.

Nevertheless, Teh Hong Piow, then 36, beat all the odds and became the founder, owner and managing director of Public Bank Bhd, which opened its doors for business on Aug 6, 1966, in a three-storey building at No 4, Jalan Gereja in Kuala Lumpur.


The book

Even from the start, Public Bank was no mediocre bank and different from the others – its niche was retail banking but with a new twist targeting the man-on-the-street.

The strategy bore fruit and the bank achieved positive results in record time, registering a profit after only five months of operations.

By the end of 1966, the bank's paid-up capital was RM12.75mil. On Sept 15, 1966, a second branch was set up in Malacca, while Public Finance,a wholly owned subsidiary,started business on Sept 24, 1966. On Jan 7,1967, another bank branch was opened in Ipoh.

On April 6, 1967, Public Bank was listed on the Kuala Lumpur Stock Exchange with a paid-up capital of RM16mil, a record then for a commercial bank.


Malaysia's first Prime Minister Tunku Abdul Rahman Putra Al-Haj is warmly welcomedby Teh Hong Piow at the official opening of Public Bank on April 4,1967.

The bank grew at an astounding pace, turning in profits every single year – even during the Asian financial crisis.

To Teh, it was an exhilarating adventure from the beginning. He was never doubtful of the success of his venture. Nor did he see it as a gamble.As with all businesses, one needs to take a calculated risk.

So how did it all start?

Where most ventures do – with ambition – in this case an unshakeable ambition driving the eager young Teh, who began life as a small trader in Singapore.

Teh had dabbled in tin mining, tourism, textiles and garments and property development, none of which gave him the fortune he sought.

When he got a job as a bank teller he found his true, unswerving vocation. He wanted to do nothing else but banking and nothing less than owning a bank.


Teh at the office

Teh joined the banking industry as a clerk in Oversea Chinese Banking Corp (OCBC) in 1950, at the age of 20. Within five years he was made an officer.

His starting salary was just S$130 a month, hardly enough to provide for his family. Teh has four children – three daughters and a son. Hiswife, a teacher, was drawing a bigger salary.However, his main objective was not the pay but a chance to learn the banking trade.

OCBC gave him the first defined glimpse of his dream – to start his own bank. Malayan Banking was the seminal phase,which developed him to the point when he was ready to take the plunge and realise his dream.

In 1960, the 30-year-old Teh left OCBC to be part of a small group which helped start Malayan Banking. He was one of the management staff charged with building the bank from scratch.

He rose swiftly through the ranks and became general manager within four years.

In 1966 came the decision to strike out on his own.


Teh - Boys Brigade

One of his earliest breakthroughs – a foray into housing development –generated some RM10mil, which was used as seed money to set up the bank.

For his management team, Teh enlisted the support of one of Malayan Banking's founders, Khoo Teck Puat, to take with him 10 Malayan Banking staff. One of them was Public Bank's current managing director, Datuk Seri Tay Ah Lek, who along with the rest were supposedly on secondment.The rest, as they say, is history.

Tan Sri Teh, as he became officially known from 1983, has seen his ambition fulfilled beyond his wildest dreams. And for one who's not known torest on his laurels, he aims to take Public Bank to greater heights –making it a world-class player.

Teh has started the ballrolling with the acquisition of Hong Kong-based Public Finance Ltd (formerly JCG Finance Co Ltd) in 1990 and Public Bank (Hong Kong) Ltd (formerly Asia Commercial Bank) in 2006 as well as operations in Indochina.

The bank's key performance indicators are comparable with those of HongKong's Hang Seng Bank, the most profitable and efficient bank in the Asia-Pacific.

Hence the question, is Public Bank on the way to join the ranks of global banking giants such as HSBC Holdings plc, Citi and Bank of America Corp?

With Teh, nothing is impossible.

Source: Teh Hong Piow – A Banking Thoroughbred

http://biz.thestar.com.my/news/story.asp?file=/2007/10/18/business/19198449&sec=business

[ 本帖最后由 Mr.Business 于 18-10-2007 09:20 AM 编辑 ]

Mr.Business

标叔的新闻。

Thursday October 18, 2007

Teh recounts bank’s transformation

Public Bank Bhd founder and chairman Tan Sri Teh Hong Piow and the grand master of banking talks to StarBiz about his journey to transform the bank into a force to be reckoned with in the financial industry.

StarBiz: What sparked your interest in the banking industry? What inspired you to start your own bank?

Teh: My interest in the banking and finance industry is deeply rooted in my lifelong philosophy that I only do something that I know best or in which have a competitive edge. My early banking career at OCBC Singapore and Malayan Banking deepened my interest and knowledge in banking.

Thus, it is natural for me to focus on banking and finance. Like other businesses, the banking business requires good business acumen.


Major hurdles in setting up Public Bank in early years and how did you overcome them?

One of the major hurdles was to create and change public confidence in domestic banks. During the 1960s, the public had more confidence in foreign banks that had been entrenched in the economy for some time.

To convince the public to part with their money and place them in a local bank was a huge task. The other main challenge was to create a bank that would attract the population to come and bank with.


How difficult was it to get a banking licence then and how did you manage to convince the authorities?

It was very difficult to get a banking licence then; it was almost impossible to get one. A banking licence was a very scarce commodity. Even today, it is still a very scarce commodity.

In addition to having a good track record in banking and having been through the whole gamut of banking operations, it was a lot of hard work making a strong case for the authorities to issue a new banking licence.


What was your feeling when you succeeded?

I was extremely happy to get the licence to establish a bank and set its direction. I received it with a sense of pride and a deep sense of responsibility at the same time. Banks are very special institutions and a lot of hard work had to be put in to ensure that it met the expectations of the authorities and gained public trust and confidence.


What was your motivation to continue to persevere, despite the many difficulties?

I know the banking business more than any other businesses. Being a very determined person, I do not take defeat easily. Difficulties or challenges are part and parcel of our lives. Whenever we faced challenges, we deliberated and formulated appropriate solutions. We worked hard to resolve the challenges in the best possible way.


How did you steer Public Bank through the hard times such as the economic recessions and Asian financial crisis?

In the past 41 years, we went through three recessions. The worst was the Asian financial crisis in 1997/98 which hit Malaysia's economy at lightning speed. During these bad economic cycles, Public Bank continued to make a reasonable profit.

We were able to maintain our profitability throughout the economic cycles because of our prudent credit culture and strong risk management system. Back then, we were said to be a conservative bank. To me, conservatism meant prudence.


What do you do when faced with a crisis?

We face any crisis rationally and squarely. There is always a resolution to any problem if we think out of the box. Being hands-on also helps me to understand our problems better. At the end of the day, practicality and pragmatism prevail.


What would you attribute your success to?

Public Bank's success is due to various factors. Over the years, we have been able to formulate effective business strategies and execute them well to lead the competition and be a market leader. We are able to recognise and seize opportunities – good business acumen, foresight and ability to make quick decisions help. Innovation is a key factor.

Over the years, the bank has been enjoying strong support from a dedicated and loyal management team and staff who share the same vision.

http://biz.thestar.com.my/news/story.asp?file=/2007/10/18/business/19184224&sec=business

[ 本帖最后由 Mr.Business 于 18-10-2007 09:19 AM 编辑 ]

Mr.Business

标叔的新闻。

Thursday October 18, 2007

Teh's early lessons in virtue of hard work

Public Bank Bhd founder and chairman Tan Sri Teh Hong Piow was born on March 14, 1930, into a humble and modest family in Singapore.

According to the Chinese calendar, he was born in the Year of the Horse, which symbolises speed and power.

He is the eldest son of a migrant family. His father was an immigrant from Guangdong province, China, who left for Malaya at the age of 15.

His father worked as a cook for free board and lodging until he had scraped together enough to become a small-time salesman and trader, dealing in clocks, watches, spectacles, vegetables and fruits – turning his hand to anything to make a meagre living.

Teh's mother died when he was six.

“I had to take care of my siblings which made me a more caring person at a young age,” Teh told StarBiz.

It probably sowed the seeds of the caring boss he was to become.

His father re-married and the family grew to six boys and three girls.“He had to exercise thrift and stringent management of his meagreincome to support the family,” Teh said.

Teh grew up knowing what it was like to be poor, speaking of hand-me-downs, which were too large, worn and patched. He had very,little pocket money and could not buy food at the school canteen like the other boys but had to make do with bread from home, to the derision of his more fortunate companions.

He used to save his money for a rare treat of his favourite food – beef noodles or mee siam.He also did not possess a bicycle of his own but had to make do with the shop bike with its large, tell-tale carrier at the back.

The Teh family was highly traditional. “My father was a very strict disciplinarian; I took his words as command,” he said.

His father had very little communication with the children, except as an authority figure. Teh had to be home by 9pm even as a teenager.

Teh was bright at school and loved books but unfortunately could not afford to further his studies.

“In school, I was very active in the Boys Brigade. I was also a classmonitor. My early ambition was to study law after secondary school, but my father could only support me up to the Cambridge Overseas School Certificate level. I had to start work the day after I sat for my school leaving examination,” he said.

This was nothing new. Teh remembers having to work while still schooling to support his family.
“Being the eldest son, I had to help my father in his business,” he said.

Even then he had an eye for profit, earning money for himself from his hobby of photography. He also enjoys reading and was a keen football fan.

During the Japanese occupation, he sold cigarettes on five-foot way to supplement the family income.

The hardship was not without a legacy. Teh learned very early the virtue of hard work. It also made him very resourceful. Denied of higher education, he had to seek upward mobility in less conventional ways.

If leaders are not born, life's experiences make them such. In Teh's case, it was his years at Oversea Chinese Banking Corp and Malayan Banking that were the incubators of his future career.

http://biz.thestar.com.my/news/story.asp?file=/2007/10/18/business/19186631&sec=business

[ 本帖最后由 Mr.Business 于 18-10-2007 09:26 AM 编辑 ]

Mr.Business

标叔的新闻。

Thursday October 18, 2007

MD talks about Teh

Datuk Seri Tay Ah Lek
Managing director  
Public Bank Bhd


THROUGHOUT my career in Public Bank Bhd, I have had many opportunities to work closely with Tan Sri Teh Hong Piow.

Working with him at such close quarters, I constantly marvelled at the enriching breadth of experience that he had acquired from the “University of Life”.

Tan Sri is a strong believer in using the best talents available to him and asks his staff to have passion in their work.

To the staff of Public Bank, he is a leader and a guru in many aspects of our business. Tan Sri always inspires us to achieve greater heights of success.

Thus, when a new role was accorded to me – that of managing director – I was overwhelmed by a myriad of emotions. It would not be easy to emulate Tan Sri.

However, I had the assurance that I would be mentored by the grand master himself. Over the years, he has been a great coach and sifu.

He never fails to amaze me with his innate business acumen, his ability to read the market well and his financial mastery.

He is able to anticipate opportunities and challenges, a trait that stands him in good stead in ensuring sustained profitable growth for the bank.

With Tan Sri, you have to be on your toes at all times. The way he integrates and synthesises – you had better have all the facts at your finger tips before meeting him.

His questions, though mildly put forth, can cause a gush of adrenalin as you try to give appropriate answers.

Tan Sri still displays a mental agility that would put many a younger man to shame – his mind a gymnasium of thoughts at a pace surprising for a man in his 70s.

He is in touch with the times, giving recognition to the need to innovate. He has an enduring style.

In likening Tan Sri to the animal sign of his birth year, it is without a doubt that he is a thoroughbred.

If I may put it succinctly, working for Tan Sri is hard work and head work, yet always with heart work!

http://biz.thestar.com.my/news/story.asp?file=/2007/10/18/business/19188014&sec=business

Mr.Business

原帖由 无花 于 17-10-2007 06:13 PM 发表
明天我也和你一起做实验
你等的是股息，我是要看看LPI会不会和大众合并。

欢迎无花兄参与实验。我个人认为LPI和大众合并的可能性不大，不过真的合并的话也是一件好事。

我决定买入LPI的原因：
1. 有经验，超有效率的管理层。
2. 高股息，高ROE，普险业中做的最好的公司。
3. LPI有55million的大众银行的股票 (本钱每股RM2)。等待明年FRS139的实行，这些大众银行的股票将以市价来估价，差额将进帐 (可惜只是paper profit)。
4. 随着大众银行，LPI扩展国外业务。

还有两个只是我猜测的原因：
1. 普险业最近一直M＆A不断，LPI会不会有应对动作？
2.
LPI一直是得到MARC的AA评价，可是最近LPI决定不再继续被MARC评价，我之前不明白个中原因，所以电邮讯问LPI的CEO (Tee Choon Yeow)，以下是他的回答。

We have decided to discontinue with the rating by Marc as it could no longer serve our purpose. The rating is for our insureds to have the comfort that we are financially sound.  As we are dealing with a number of insureds who are big and some have international HQ, a rating by an international rating house is more appropriate.  For your information we have engaged A M Best, an internantional rating agency to repalce MARC.  They are in the process of finanlising the report.

LPI一直是被MARC评价，生意也做的好好的，最近除了去Cambodia之外，也没特别活动啊。为何要换去被A. M. Best评价呢？

在这之前，我国的普险业者只有MNRB的Malaysian Reinsurance Berhad和Labuan Reinsurance Company，因为业务上的需要，所以需要A. M. Best的评价。

Mr Tee说"As we are dealing with a number of insureds who are big and some have international HQ, a rating by an international rating house is more appropriate."，难道有新生意上门？

PS：纯粹猜测，不要当真。