【MAA 1198 交流专区】马联合保险控股

guazing

我将自己在另一楼的关于 maa 的帖整理重放，可以较清楚看见我跟进此股项的情形。

maa T+4 挨过了，今天因大市起而漂亮收场。但进一步的肯定还得看庄的诚意。如明天可以量价起升，前景将会非常好。

21/9
还有一个 maa ，做保险的，今天才炒起，冒险性格的朋友可以一试！
走势与昨日的gplus 很像，是不是另一头狂牛呢？
我刚才第一帖时是 2.07,现在是2.19,作个记号。

23/9
保险是包赚的行业，尤其是车险，LPI 的nta 2.8,股价 10.6,KURASIA 的 nta 0.3,股价 1.05,MAA 的股价低迷因为帐目中有8 亿呆帐，现在如成功将子公司的49% 股权卖出，就可以解决呆帐的问题。当然这是长远的目标，眼前的是炒作的问题，我们要关注的是庄家的目标价。星期五是第一天，它能跑多远？

24/9
星期五起了很多，今天当然要消化消化，上下波动让没信心的卖掉，让想进来的有机会买进。明天就不得而知了，应该在四家保险公司出价后会有点看头。

[ 本帖最后由 Mr.Business 于 3-12-2007 04:51 PM 编辑 ]

guazing

放两张图看看走势

prince

rsi和价位都太高了，现时进场有一定的风险，我怕穷，所以不奉陪了！

jason1288

飞上来了 。。。。飞上来了 。。。。

guazing

maa 经过了16 个交易日的调整巩固，今天终于重回2.27高点。从k线图看，这次突破的机率大大的增加了，看明天是否能冲破！如能，我相信主力已催动消息了。

guazing

昨天的宣布：AMMB 的子公司 AmAssurance Berhad 也加入了并购maa 的行列。且看看最后谁获得胜利！无论如何，maa 的结果会更好。

根据星洲前两天报道maa 及axa 头头已经在英国展开商讨并购事宜。maa 市价为 6 亿 却索价20 亿，照过去例子，保险业转手的确可以卖到非常好的价钱。如果能以双倍价钱卖出的话，其股价应为4.00, 现在的股价 2.10 的确非常便宜了。但就不知道到时小股东是否也会享受到此优惠价！

guazing

帖几张图看看，技术已经呈现蓄势待发之势了。

Mr.Business

原帖由 guazing 于 27-9-2007 09:56 PM 发表
保险是包赚的行业，尤其是车险，LPI 的nta 2.8,股价 10.6,KURASIA 的 nta 0.3,股价 1.05,MAA的股价低迷因为帐目中有8 亿呆帐，现在如成功将子公司的49%股权卖出，就可以解决呆帐的问题。当然这是长远的目标，眼前的是炒作的问题，我们要关注的是庄家的目标价。星期五是第一天，它能跑多远？

guazing兄，
那8亿呆帐是MAA的子公司MAA Assurance的资金。MAA卖掉49％股份的钱是进MAA的口袋，不关MAA Assurance的事，也不能解决那8亿呆帐。

听说保险公司的价值是用NTA来计算的，一般是2到2.5NTA之间，如果找的到MAA Assurance的NTA的话，你就可以预测那49％股份能卖多少钱。


MAA Assurance enters mortgage

Updated : 09-06-2007
Media : The Star
Story By : DALJIT DHESI

PETALING JAYA: Malaysian Assurance Alliance Bhd (MAA Assurance), in an effort to move away from commercial loans that had caused its non-performing loans (NPLs) to balloon, will launch its first comprehensive mortgage loan plan next month.

A source told StarBiz that the Mortgage Care Loan, expected to be worth some RM1.3bil over about 18 months, would be flexible and comprise fixed-term and overdraft facilities.

¡§The plan, the value of which is estimated to be RM300mil by year's end and RM1bil for 2008, will help the company get good yields and have a balanced portfolio,¡¨ he said.

¡§Earlier, the company used to be passive in issuing housing loans but with the high bad-debt levels, MAA Assurance will start to divert its commercial loans portfolio to mortgage loans,'' the source added.

He said MAA Assurance was now not issuing any new commercial loans but was instead settling existing ones.

The source also said the move to launch the new product was in line with the implementation of the insurance industry's risk-based capital (RBC) framework, expected to be in force in 2009.

The RBC will enhance insurers' risk-management practices and give them the flexibility to launch innovative products and improve capital efficiency as well as boost public confidence.

Under the framework, insurance companies with good risk-management systems would be rewarded with flexibilities and other incentives.

The central bank said recently it would also give some insurers more flexibility to sell higher risk products under the proposed framework.

MAA Assurance, the insurance arm of MAA Holdings Bhd, was asked by Bank Negara not to issue any new commercial loans due to its high NPLs.

The central bank told the company not to give any new loans, except mortgage, policy and staff loans, and not allow re-drawing on existing facilities.

MAA Assurance had commercial loans worth about RM779mil as at Dec 31, 2006, with a NPL ratio of about 72%.

For the financial year ended Dec 31, 2005, it reported a net profit of RM4.78mil versus RM50.4mil in 2004.

http://www.biznewsdb.com/english/newspage/newspage1.asp?ID=7060938&file1=7&bulan=06&kw=maa

guazing

非常感谢Mr.Business 兄的协助分析！看来我还不是很不了解maa 这次出售子公司股权的仔细情形。
我没办法获知 MAA Assurance 的nta. 连星洲报道的6 亿市值到底是 maa 的还是 MAA Assurance 的 都还没弄清楚。真失败！
无论如何，依照Mr.Business 兄所说，如果出售子公司所得归maa ,而又有新拍档帮忙"顶"那 8 亿呆账，maa 不是很着数！
其实深一层想，如果这交易是利卖出的一方，那买方不是吃亏了？难道保险业务真的那么抢手？？？
我相信 8亿呆账其实有部分还可以收回，只是得化时间找出公司制度的弊病和解决。

guazing

另外一点，maa 总票数是 3 亿，其nta 是1.23,按照现在价钱约 2.10 计算，市值是 6.3 亿；如果子公司的 49％股权卖得13 亿,那它的nta 不就多过rm 2.5 了？到时股价又会是多少呢？

Mr.Business

MAA Assurance的规模蛮大的，名声也是有的，而且保险牌照难求，所以还是很多人争着要买，我想可以卖个好价钱。

jason1288

MAA 我从１５０已经开始累计了， ３０００ LOT，玩少少吧了 。。
目标价 RM ２。７０。

wind7218

大马保险准与马联合保险 洽谈普险业务收购计划 2007/10/25 12:46:52 ●南洋商报

（吉隆坡24日讯）大马投资银行（AMMB，1015，主板金融股）子公司大马保险（AmAssurance）获准与马联合保险控股（MAA，1198，主板金融股）洽谈普险业务收购计划。 大马投资银行发表文告表示，国行已批准让大马保险和马联合保险控股，依据1996年保险法令第67条文，针对收购马联合保险有限公司普险业务事项进行洽谈。 该文告披露，一旦达成协议，该公司将再宣布有关收购计划的详情，并会依据保险法令在向财政部申请批准前签署一项最终协议。

wind7218

我 aslo 买 few lot 玩玩, 保险概念股....

我在 ２０５ 时进了10,000, 看来是时候加码了。

Mr.Business

AMMB最近动作多多。。。

一旦成功收购马联合保险 大马保险成普险老二 2007/10/25 18:09:10
●南洋商报 谢静雯

（吉隆坡25日讯）一旦大马投资银行（AMMB，1015，主板金融股）子公司大马保险（AmAssurance）成功收购马联合保险控股（MAA，1198，主板金融股）的普通保险业务，将一举崛起成为本地第二大普险公司。

联昌国际证券银行指出，在无任何预兆下，大马保险取得国行的通行证以洽商有关收购事项，实属令人惊讶之举。但相信，此收购计划将有助其扩大普险业务。

“但大马投资银行的加入，将使收购马联保险（MAA Assurance）的争夺战更加激烈。尤其对于之前有传是胜算最高的安盛艾芬来说，其优势将随着大马投资银行的加入而有所变更。”

大马投资银行是于昨日宣布，其旗下的大马保险已获得国行批准，以和马联合保险控股展开洽购马联保险的普险业务。马联保险是马联合保险控股旗下公司。

5公司洽购马联保险

随着大马保险加入战围，目前共有多达5家公司洽购马联保险，其余的竞争者包括本地汽车保险市场领导者天安亚洲（Kurnia，5097，主板金融股）、大马安联（Allianz，1163，主板金融股）及日本生命保险公司（Nippon Life）。

但不同的是，大马保险只寻求收购马联保险的普险业务，而另4名对手则放眼同时收购寿险及普险业务。

分析员也认为，大马保险只求收购马联合保险的普险业务，主要原因是为在普险业务与其汽车贷款业务中，取得较好的交叉销售机会。凭借有关收购，大马保险可将母公司大马投资银行的其他产品，包括汽车贷款在内，提供给马联合保险的服务对象。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=781961

XXXXX

大马投银维持超越大市评级 2007/10/25 18:09:10
●南洋商报

大马投资银行及马联保险在07年首季的普险业务总保费收入为1亿8千510万令吉，虽较天安亚洲的2亿5千680万令吉来得低，但仍在三井住友及新安东京海上产物保险公司来得高，名列第二。

同时，该两家公司首季合共约1亿5千700万令吉的汽车保险保费收入，也将跃升至第二名宝座，仅次于天安亚洲的2亿4千零10万令吉之后。

“目前还不是时候预测谁将是最后的赢家。如大马投银成功的话，其净利也将因该交易的结构及价格而受影响。为此，我们保持对其的收益预测，目标价格为6令吉。”

分析员也维持该公司“超越大市”评级，主要原因有三：（一）澳纽银行的加入有助增值跨国交易、消费贷款增长及风险管理，（二）第九大马计划的融资机会提高贷款需求及投资银行交易，（三）大马投资集团（AIGB，2288，主板金融股）私有化加强每股盈利。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=781962

guazing

保险业受到政府严格管制是因为业务牵涉及管理公众资产，是不能让保险公司有所差错的。帐目管理方面更是力求安全稳重，以保障人民的利益。
在大马保险加入合并竞争后，maa 的49% 子公司股权更是奇货可居，更有希望获得高价！
不管散户们什么价位买到maa 的票都不应该在此时轻易把它放掉，因为它随时会飙起，只是看收购者的激烈竞争去到什么程度。只要其中一两家竞争者在公开市场收货，就可以使股价飙升不少！会不会是我妙想天开呢？

Mr.Business

MAA相关新闻。

Bidding war for MAA hots up

Updated : 26-10-2007
Media : The Edge

THE plan by AMMB Holdings Bhd¡¦s insurance division, AmAssurance, to bid for MAA Holdings Bhd¡¦s general insurance business would intensify the bidding war, said CIMB Research said.

The research house said the emergence of AMMB as a bidder came as a surprise as there were no indications, from either management or the press, of AmAssurance¡¦s intention to embark on merger and acquisition (M&A) activities.

On Wednesday, AMMB announced that Bank Negara Malaysia had given AmAssurance the approval to start negotiations with MAA.

¡§However, we view this as a strategic move that would expand its premium base, making it one of the largest insurers in the country,¡¨ it said.

The other bidders for MAA include local auto insurance player Kurnia Asia, AXA-Affin, Allianz and Nippon Life.

Unlike the other bidders which want to acquire all of MAA¡¦s insurance businesses, AMMB is only vying for the general insurance business.

CIMB Research said, in its view, it was better due to better cross-selling opportunities between the general insurance unit and AMMB¡¦s hire purchase business. AMMB is the largest hire-purchase financier in the country with a market share of 23%. AMMB could cross-sell its products including auto loans to MAA¡¦s clientele.

The research house said AMMB¡¦s acquisition of MAA¡¦s general insurance business would take AmAssurance¡¦s one rung higher to the No 2 spot in the general insurance business.

AMMB and MAA, when combined, earned RM185.1 million in general premium in the first quarter of 2007 (1Q07), topping Mitsui Sumitomo¡¦s RM151 million and Tokio Marine¡¦s RM81.1 million but still behind Kurnia Asia¡¦s RM256.8 million.

In the auto insurance segment, the acquisition of MAA¡¦s general insurance unit would consolidate AMMB¡¦s No 2 position, taking its total auto premium to RM157 million in 1Q07, behind Kurnia¡¦s RM240.1 million.

CIMB Research said it was premature to put its bets on the likely winner in the fight for MAA¡¦s insurance business as the bidding war is expected to be tough in view of the strengths of the bidders.

Even if AMMB emerged as the successful bidder, the impact on its bottom line would hinge on the structure of the deal and pricing. It kept its target price of RM6, which it continued to peg to 2.4 times end-07 price/book value (P/BV).

¡§Our target P/BV is 10% below the industry¡¦s average as AMMB¡¦s ROE (return on equity) is still below the 18%-22% range for the major banks. We continue to rate AMMB an Outperform and one of the top picks for the sector,¡¨ it said.

http://www.biznewsdb.com/english ... ulan=10&kw=wwqq

Mr.Business

Kurnia Asia不要玩了。

Company Name : MAA HOLDINGS BERHAD  
Stock Name  : MAA
Date Announced : 05/11/2007
   
Type : Announcement
Subject : MAA HOLDINGS BERHAD ("MAAH" or "the Company") - SEARCH OF STRATEGIC PARTNER  

Contents :
Reference is made to the announcements made on 21 September 2007 and 24 October 2007 in relation to the approval granted by Bank Negara Malaysia (“BNM”) to MAAH to commence preliminary negotiations with the short-listed potential partners acquiring a stake in Malaysian Assurance Alliance Berhad (“MAA”).

In this connection, MAAH wishes to announce that Kurnia Asia Berhad’s (“Kurnia”) has informed MAAH today of its decision to withdraw from pursuing further discussions relating to the possible acquisition of MAA’s general insurance business.

This announcement is dated 5 November 2007.

guazing

是的，Kurnia Asia 不玩了。相信已经初步接触了，价钱可能相差太远，没有讨价还价的空间。现时下定论太早了，主力的戏还会继续上演。我还守着！