Monday, August 2, 2010

Allianz 的 appraisal change

Allianz,最近买入了这间公司。有朋友问说,它也不怎么样 undervalue,underwriting 也不是非常出色,dividend 也很低,怎样看都不是很值得??

保险公司是我一路以来都有留意的行业。打从10 年前看了评述 warren buffett 的书后,就买了 P&O 和 LPI,也曾买过 Kurnia Asia。亏过也赚过。这行业的重点是管理层,只有好的管理层才能创造价值。

从cimb 那里买入普险业务后,跟母公司借了 490 Mil。问题也从这里开始,虽然是零利息的贷款。还有就是 bank negara 对资本要求的提高。为了解决这问题, Allianz 通过优先股筹了 611 mil。

那又有什么卖点呢?是 appraisal change。

通过优先股,它解决跟母公司的贷款 和 bank negara 对资本要求。从现在开始,它的盈利都可派发给股东。还有它的管理层也不差,形象会改变!


  1. 等很久了,谢二哥分享。

  2. thanks for your support goodluck88. I am busy lately & doing less homework. Hard to find a buy at this stage.

    By the way, i just converted my Allianz to Allianz PA due to the 20% more dividend entitlement. I am of opinion that this PA should trade at premium as compared to ordinary share.

  3. 我买ALLIANZ-PA单纯看中的是市场反应错误, 发优先股有利公司,股东却要另外花钱导致股价下跌.

    不过如果从另一方面看优先股可以一劳永逸的解决债务和增强体质. 短期内又不会稀薄EPS. 一年后如果公司能派股息ALLIANZ-PA会比ALLIANZ有价值, 如果高息很可能散户不太有人想Convert. 隐忧是流通量问题, 不过我资金不大应该还可以.

    我觉得ALLIANZ不止值RM3.x因为ALLIANZ暂时看来是会成长的公司. 如果成长能保持, 单位数的PE是便宜的.

    Appraisal Change我有想过, 不过应该最少要再过3~6个月才有可能成型. 如果有大幅度改善就算是意外收获.

    有二哥的鉴定我也安心不少 :D

  4. 请教二哥,ALLIANZ-PA是属于优先股。那日后ALLIANZ需要赎回这些优先股吗(把它们变回普通股)?如果有的话,转换价是多少呢?谢谢

  5. when talking about insurance stock, may I know what is 2nd bro's opinion on MNRB, this stock has achived a highest ever revenue but just didnt perform for the last few quaters, as mention by the management, it was due to higher claims and losses from impairment of its investment in PIHL.

    If let say all this problems over, than the company should make a handsome profit then. From the history also we can see the comapany has been paid out a very good dividend, approx 8-10% on DY. Just can't understand why it still under selling pressure recently, but one thing not too worry for me is, the major shareholder already take up about 66% of the shares.