MREI

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

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