Hello guys,
This is the first time since 2009 i wrote again in this blog..
ok today i'll analyze MREI
What is MREI?
PT Maskapai Reasuransi Indonesia Tbk is an Indonesia-based reinsurance company. The Company classified its business line as fire, marine cargo, marine hull, motor vehicles and others, and life insurance.
For instance core business of MREI is re-insurance, MREI is the only one re-insurance company that is listed for public.
MREI PERFORMANCE in 5 years | |||||
---|---|---|---|---|---|
Maskapai Reasuransi Indonesia Tbk | +568.27% | ||||
JSX COMPOSITE INDEX | +121.40% |
MREI financial based on annualized2010 |
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IMPORTANT NOTES!!
Dividend growth rate (5 year average) 34.68%
EPS growth rate (5 years) 60.91% (FANTASTIC!!!!)
see the rest on
http://markets.ft.com/research/Markets/Tearsheets/Financials?s=MREI:JKT
MREI financial based on quarterly Q3 2011
Fiscal Year Ending Sep 30 2011 | Sep 30 2011 | Jun 30 2011 | Mar 31 2011 | Dec 31 2010 | Sep 30 2010 |
REVENUE AND GROSS PROFIT | |||||
Total revenue | 120,823 | 108,007 | 96,172 | 105,984 | 84,773 |
OPERATING EXPENSES | |||||
Cost of revenue total | -- | -- | -- | -- | -- |
Selling, general and admin. expenses, total | -- | -- | -- | -- | -- |
Depreciation/amortization | -- | -- | -- | -- | -- |
Unusual expense(income) | -- | -- | -- | -- | -- |
Other operating expenses, total | 16,095 | 6,975 | 6,033 | 5,975 | 7,425 |
Total operating expense | 94,513 | 102,003 | 94,776 | 98,005 | 82,292 |
Operating income | 26,310 | 6,004 | 1,396 | 7,979 | 2,481 |
Other, net | 397 | 24 | (1.38) | 141 | (57) |
INCOME TAXES, MINORITY INTEREST AND EXTRA ITEMS | |||||
Net income before taxes | 34,775 | 12,685 | 6,693 | 16,052 | 10,459 |
Provision for income taxes | 7,292 | 1,627 | 757 | 2,318 | 1,477 |
Net income after taxes | 27,482 | 11,058 | 5,936 | 13,733 | 8,982 |
Minority interest | -- | -- | -- | -- | -- |
Net income before extra. Items | 27,482 | 11,058 | 5,936 | 13,733 | 8,982 |
Total extraordinary items | -- | -- | -- | -- | -- |
Net income | 27,482 | 11,058 | 5,936 | 13,733 | 8,982 |
Inc.avail. to common excl. extra. Items | 27,482 | 11,058 | 5,936 | 13,733 | 8,982 |
Inc.avail. to common incl. extra. Items | 27,482 | 11,058 | 5,936 | 13,733 | 8,982 |
EPS RECONCILIATION | |||||
Basic/primary weighted average shares | 388 | 388 | 388 | 388 | 388 |
Basic/primary eps excl. extra items | 71 | 28 | 15 | 35 | 23 |
Basic/primary eps incl. extra items | 71 | 28 | 15 | 35 | 23 |
Dilution adjustment | -- | -- | -- | -- | -- |
Diluted weighted average shares | 388 | 388 | 388 | 388 | 388 |
Diluted eps excl. extra items | 71 | 28 | 15 | 35 | 23 |
Diluted eps incl. extra items | 71 | 28 | 15 | 35 | 23 |
COMMON STOCK DIVIDENDS | |||||
DPS - common stock primary issue | 25 | 0 | 0 | 0 | 0 |
Gross dividend - common stock | 9,709 | 0 | 0 | 0 | 0 |
PRO FORMA INCOME | |||||
Pro forma net income | -- | -- | -- | -- | -- |
Interest expense, supplemental | -- | -- | -- | -- | -- |
SUPPLEMENTAL INCOME | |||||
Depreciation, supplemental | 536 | 494 | 547 | 542 | 537 |
Total special items | -- | -- | -- | (111) | -- |
NORMALIZED INCOME | |||||
Normalized income before taxes | 34,775 | 12,685 | 6,693 | 15,941 | 10,459 |
Effect of special items on income taxes | -- | -- | -- | (16) | -- |
Income tax excluding impact of special items | 7,292 | 1,627 | 757 | 2,302 | 1,477 |
Normalized income after tax | 27,482 | 11,058 | 5,936 | 13,639 | 8,982 |
Normalized income avail. to common | 27,482 | 11,058 | 5,936 | 13,639 | 8,982 |
Basic normalized EPS | 71 | 28 | 15 | 35 | 23 |
Diluted normalized EPS | 71 | 28 | 15 | 35 | 23 |
EPS sampe Q3 Rp 114
EPS annualized 2011 Rp 153
POIN PENTING untuk PERHITUNGAN WAJAR (fair value)
EPS annualized 2011 Rp 153
EPS growth 5 year 60.91% too much so we're gonna use 20%
(perhitungannya G = RR x ROE , G = 83.32% x 30.11% , jawabannya 25%, biar lebih konservatif pake 20%)
dividend payout ratio 16.68%
PE historical (2005 - 2010) 6.28x
discount rate (males itung) , anggep aja 20% :)
fair value MREI menurut (adam khoo) Rp 1530 , which means 50% discount from its intrinsic value
fair value MREI menurut (charlez mizrahi) Rp 983, which means about 21.5% discount from its intrinsic value
anggep aja tengah2.. Rp 1530 + Rp 983 dibagi 2 = Rp 1256.5 , which means masi ada discount about 40% dari instrinsic value
(NOT BAD lha yah.. :D)
ada minusnya dari saham ini :
- sangat ga likuid... kl beli saham ini siap2 aja ngendon lama di portofolio u... so think about it very carefully :)happy investing
Shendy Lukito
www.idx-analysis.blogspot.com
1 comments:
Sangat menarik Bro Shendy, kantor pusatnya ada di jl Jend Sudirman sebelah Indofood tower. Salah satu pemegang sahamnya adalah Danpac Securities, salah satu perusahaan sekuritas lokal terkemuka di Indonesia
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