Allianz Is Still An Attractive Investment Despite Its 3Q24 Results Fall Short
Allianz Is Still An Attractive Investment Despite Its 3Q24 Results Fall Short
As such, Maybank IB maintained its target price of RM24.85 for Allianz, based on a sum-of-the-parts valuation, with a potential upside of 21%.
Maybank Investment Bank Bhd (Maybank IB) has maintained its BUY recommendation for Allianz Malaysia Bhd despite the financial institution reporting a weaker-than-expected net profit for the third quarter of 2024 (3Q24). The net profit of RM183 million marked a 7% decline year-on-year (YoY), but a 10% increase quarter-on-quarter (QoQ).
馬來亞銀行投資銀行私人有限公司（馬來亞銀行投資銀行私人有限公司）儘管這家金融機構報告2024年第三季度（3Q24）淨利潤低於預期，但仍然維持對馬來西亞安聯有限公司的買入建議。淨利潤爲18300萬馬幣，同比下降7%，但環比增長10%。
This result brought the nine-month profit for 2024 to RM540 million, which is 69% of Maybank IB's full-year forecast and missing expectations largely due to higher operating expenses and less favourable foreign exchange movements impacting investment-linked funds.
這一結果使得2024年前九個月的利潤達到54000萬馬幣，佔馬來亞銀行投資銀行私人有限公司全年預測的69％，主要是因爲較高的營業費用和不利的外匯波動影響到投資連結基金，使得預期落空。
However, Maybank IB said its 9M24 net financial and investment results of RM904 million (11% YoY) were within the research house's expectations.
然而，馬來亞銀行表示其2024年前九個月的金融和投資淨收益爲90400萬馬幣（同比增長11%），在研究機構的預期範圍內。
As such, Maybank IB maintained its target price of RM24.85 for Allianz, based on a sum-of-the-parts valuation, with a potential upside of 21%.
因此，馬來亞銀行維持了對安聯的目標價爲24.85馬幣，基於零部件估值法，並具有21%的潛在上漲空間。
Nevertheless, Allianz's topline continued to expand at a robust pace of 14.2% YoY in 3Q24, with growth of 18.2% YoY in motor premiums. Its 3Q24 combined ratio was lower QoQ at 89.3% versus 90.1% in 2Q24. Its combined ratio was a higher 88.7% in 9M24 versus 85.7% in 9M23, due to higher fire and engineering claims, offset in part by a lower expense ratio. As such, Allianz's pretax profit was 4% lower YoY in 9M24 at RM388 million.
儘管如此，安聯的營業額在2024年第三季度以14.2％的年同比增長的強勁速度持續擴張，汽車保費增長18.2%。其2024年第三季度的綜合比率環比下降至89.3%，低於2024年第二季度的90.1%。其2024年前九個月的綜合比率爲88.7%，高於2023年前九個月的85.7%，原因在於更高的火災和工程索賠，部分抵消了較低的費用比率。因此，安聯2024年前九個月的稅前利潤同比下降4%，爲38800萬馬幣。
While Allianz's 3Q24 results were slightly below expectations, the strong topline growth and healthy performance in both its general and life insurance segments offer a positive outlook.
儘管安聯2024年第三季度的結果略低於預期，但強勁的營業額增長以及其一般和人身保險業務的良好表現提供了積極的前景。
Although Maybank IB has trimmed its earnings forecasts for FY24/FY25/FY26 by 6%, 3% and 3%, respectively, mainly due to higher operating expenses, the research house continues to view Allianz as an attractive investment.
儘管馬來亞銀行投資銀行私人有限公司因營業費用較高而將其2024/2025/2026財年的盈利預測分別下調了6%，3%和3%，但這家研究機構仍視安聯爲一項有吸引力的投資。
譯文內容由第三人軟體翻譯。