【TUNEPRO 5230 专区】（前名 TUNEINS）

APULA

ahlauweihotmail 发表于 5-2-2013 10:02 AM
Tune保险首次公开募股
●供申请股量：2亿1022万4900股
●零售发售价：每股1.55令吉

那天我已经提醒大家last day............

icy97

分析员： 目标价RM1 至1.23 Tune 保险上市定价太高？

财经新闻 财经  2013-02-05 12:07
（吉隆坡4日讯）分析员认为，本月22日上市马交所的Tune保险控股公司（Tune Ins）未来净利和增长稳健，因而把目标价定在1至1.23令吉之间，但这也意味比Tune保险每股1.55令吉零售建议价低。

安联投资研究分析员认为，旅游保险与亚洲航空集团旗下姐妹公司乘客增长率息息相关，因此Tune保险可让投资者从亚航集团的增长中受惠，同时亦可避开一般航空股面对的燃油价风险。

“Tune保险成为想参与亚航增长、而又无需面对油价风险投资者的另一个选项。”

Tune保险是旅游保险利基业者，主要收入源是旅游保险。

2012财年首9个月，旅游保险占Tune保险承保盈利（净保费减去净赔偿）的65.9%。分析员认为，2013财年承保盈利将达71.4%。另外，分析员也看好Tune保险未来盈利前景。

分析员指出，归功旅游保险成本较低，Tune保险综合成本率（combined ratio）已从2009财年的108.2%减至2011财年的85.1%。旅游保险同期净保费复合年增长率（CAGR）也达23.4%。

净利复合年增64%

受惠旅游保险保费增长和成本下降，集团净利从2009财年的1820万令吉增加至2011财年的4910万令吉，复合年增长率达64.1%。

此外，Tune保险在去年5月收购东方资本保险（现易名为Tune大马保险），集团如今能在大马直接承保普通保险产品，因此可保留所有保费，无需与本地第三方保险公司共享。

“收购Tune大马保险后，加上管理层重新平衡保险组合、减低汽车保险比重的策略，预计集团的综合成本率将下滑，并确保集团的收入稳定。”

净利可达6170万

分析员预测，Tune保险2013财年净利有望达6170万令吉，每股盈利8.2仙。

Tune保险每股1.55令吉的上市零售价格意味2013年本益比18倍，股价对账面（P/B）达3.3倍，比其他同行高。

分析员根据本益比和股价对账面估算、把Tune保险目标价定在1令吉与1.23令吉之间。

两种估算方式均显示Tune保险1.55令吉的零售发售价估值高。

分析员也表示，Tune保险的主要投资风险包括亚航乘客增长率下滑，旅游保险计划的认购率下跌以及资本要求被提升。

委总财务长

Tune保险控股（Tune Ins）宣布，委任陈亚梅（译音）为总财务长。

现年54岁的陈亚梅拥有超过30年的审计、企业规划、金融管理、会计、税务、企业秘书、企业财务、行政、人力资源及风险管理等经验。

陈亚梅曾在普华永道（Price water house Coopers）、ING保险、横滨（Yokohama）工业有限公司等大型企业任职财务管理相关职位。

文告指出：“陈亚梅已辞去TC管理服务企业私人有限公司秘书总经理一职，并等候上任Tune保险总财务长。”

Tune保险控股新上市细节
●零售发行价：1.55令吉
●上市板别：主板
●暂定上市日期：2月22日
●认购日期：1月23日
●认购截止日期（零售部分）：2月4日

Tune保险控股介绍
●符合回教教义？：不
●市值（新上市股价计算）：11亿6520万令吉
●股本：7亿5170万
●预计自由流通量：28%
●每股面值：10仙
●每股有形资产净值（上市后）：40仙
[南洋商报财经]

Date of change	25/02/2013
Name	Tan Ah Moi
Age	54
Nationality	Malaysian
Type of change	Appointment
Designation	Chief Financial Officer
Qualifications	Member of the Malaysian Institute of Certified Public Accountants, member of the Malaysian Institute of Accountants and fellow member of the Chartered Tax Institute of Malaysia.
Working experience and occupation	She has over 30 years of working experience in matters relating to auditing, corporate planning, treasury, financial management, accounting, share registration, taxation, company secretarial, corporate finance, general administration, human capital and risk management. She started her career with Coopers & Lybrand, Kuala Lumpur (now known as PricewaterhouseCoopers) in June 1978 holding various positions ranging from trainee to audit/accounts supervisor. In July 1985, she joined PanGlobal Insurance Berhad (now taken over by Tokio Marine Insurans (Malaysia) Berhad) as an accountant. In November 1991, she left PanGlobal Insurance Berhad with her last posting as Assistant General Manager (Finance) where she was responsible for matters relating to corporate planning, financial management, accounting, share registration, taxation and company secretarial. In December 1991, she was appointed as the Finance Manager of PanGlobal Sistemaju Sdn Bhd. In May 1994, she joined Unico Holdings Berhad as the Group Accountant cum Company Secretary. Subsequently, she joined Mersing Construction and Engineering Sdn Bhd as the Financial Controller in December 1997 and was responsible for the company's financial, accounting, human resource and administration matters. In April 2000, she joined a stock broking firm, BBMB Securities Sdn Bhd as Vice President (Institutional Sales). In August 2000, she joined Paxelent Corporation Berhad (“PCB”) as the Chief Financial Officer and was subsequently appointed as an Executive Director of PCB in December 2003. She joined ING Insurance Berhad in December 2004 as the Vice President of the Financial Control Division and was in charge of ING Insurance Berhad’s finance, accounting, tax, legal and general administration till she resigned from her position in July 2008. She was appointed as the Finance and Admin Director of Yokohama Industries Berhad from December 2008 to October 2012. In November 2012, she joined TC Management Services Corporation Sdn. Bhd. as the General Manager (Secretarial). She has resigned from this position and is currently serving her notice.

APULA

icy97  5-2-2013 02:07 PM
RM1 1.23 Tune ж

   2013-02-05 12:07

Walao eh..........

icy97

Timetable for IPO

TUNE INS HOLDINGS BERHAD

Opening of application	23/01/2013
Closing of application	04/02/2013
Balloting of applications	06/02/2013
Allotment of IPO shares to successful applicants	18/02/2013
Tentative listing date	20/02/2013

亡者之疯

APULA 发表于 5-2-2013 03:45 PM
Walao eh..........

不吉利的新闻。。第一次看到比IPO发售价更低的目标价分析

APULA

亡者之疯 发表于 5-2-2013 06:06 PM
不吉利的新闻。。第一次看到比IPO发售价更低的目标价分析

这不是第一次，以前就有很多这样的分析了！

APULA

散户可获回退20仙 Tune保险定价1.35元

二零一三年二月五日 下午五时三十八分
（吉隆坡5日讯）熟悉相关活动的执行员表示，随着昨日申请截止，Tune保险控股有限公司的机构发售价已经定价为1.35令吉。

上述价格低于该公司定价零售股票的每股1.55令吉发售价，这项活动也是在昨日截止。

这意味着Tune保险控股须回退每股超额的20仙予零售成功申请者。

消息指出，由于反应热烈，机构询价机制活动比原定时间表提前2天结束。

“该公司已决定定价为1.35令吉，以确保吸引高素质投资者，及保留参与上述初次公开售股活动的投资者。”

这些投资者主要是外资名字，而本地主要个体职雇员公积金局则未列入机构投资者名单中。

“约60%机构买家包括海外基金。它们之中有一些大型企业。”

基于7亿5170万股票资本，1.35令吉的发售价将让Tune保险控股达到市值10亿1000万令吉。

Tune保险控股首席执行员米勒表示，目前尚未能对上述事项发表评论。

1亿6888万股的机构发售占了公司拨予土著投资者，相等于7518万股已发行与缴足资本的22.48%。

分析师早前普遍把1.55令吉参阅价定为最高价值，相等于18倍本益比，或其同业的50%溢价。

基于1.35令吉新价格，Tune保险控股的本益比将降低到15倍左右。

安联研究分析师称：“以1.35令吉计，Tune保险控股的价值更具吸引力，但仍然处于高端。”

这家本地研究公司并没有对该保险集团评级，惟将其合理价定于1令吉至1.23令吉范畴。

“排除未来收费率调升情况外，我们不预期Tune保险控股股价将会重估，因我们不预期其从2014财政年起的收益成长率，会超越其同业。”

不过，Tune保险控股价值的溢价是基于其强劲成长和商业模式，尤其是线上领域。

Tune保险控股是廉价航空公司亚洲航空乘客的独家保险供应商，同时也是Tune酒店和亚航Expedia的保险经理。

亚洲航空的乘客成长率预测在2013和14财政年分别达21.2%和11.3%。

安联研究指出：“基于上述成长率，我们预测旅游保险将于2013财政年贡献Tune保险控股高达74.2%的总投保额。”

Tune保险控股已预计从上述售股行动中筹集的资金中，拨出1亿3300万令吉偿还其借贷，另外2720万令吉则将充作营运资本需求，及1200万令吉为上市开销。

途额5000万令吉将用作策略投资，而Tune保险控股已透过计划以收购印尼和泰国公司。

在上市后，Tune Money私人有限公司将控制Tune保险控股之55.85%股份，而亚洲航空则持有16.09%。

Tune Money的主要股包括Tune集团私人有限公司，控制42.64%、CIMB SI II私人有限公司（25%）、也是Tune Money董事的拿督斯里卡玛姆拉（8.21%）、以及Tune Money替代董事林建安（8.21%）。

http://www.kwongwah.com.my/news/2013/02/05/97.html

Type	Announcement
Subject	OTHERS
Description	TUNE INS HOLDINGS BERHAD (“TIH” OR “COMPANY”) INITIAL PUBLIC OFFERING OF ORDINARY SHARES OF RM0.10 EACH IN TIH (“SHARES”) IN CONJUNCTION WITH ITS LISTING ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD
All defined terms used in this announcement shall have the same meaning as those defined in the Prospectus issued by TIH dated 23 January 2013. Following the completion of the bookbuilding process under the Institutional Offering, on behalf of TIH, RHB Investment Bank Berhad wishes to announce that the Institutional Price and the Final Retail Price have been fixed, as set out below: INSTITUTIONAL PRICE - RM1.35 PER SHARE FINAL RETAIL PRICE - RM1.35 PER SHARE The Retail Offering and the Institutional Offering had closed at 5.00 p.m. on Monday, 4 February 2013. Applicants under the Retail Offering should note that the Retail Price was paid for applications under the Retail Offering. As the Final Retail Price of RM1.35 per Share is lower than the Retail Price, a refund of the difference of RM0.20 per Share shall be made to the successful applicants without any interest in the manner set out in Section 3.5.3 of the Prospectus. This announcement is not for publication or distribution, directly or indirectly in whole or in part, in or into the United States of America (“US”) (including its territories and possessions, any state of the US and the District of Columbia), Canada, Australia or Japan. This announcement is not an offer for sale of the securities of TIH in the US or any other jurisdiction where it is unlawful to do so. The securities have not been, and will not be, registered under the US Securities Act of 1933, as amended (the “US Securities Act”), and subject to certain exemptions, may not be offered, sold, pledged or transferred within or into the US, except pursuant to an exemption under the US Securities Act. The securities are being offered and sold to investors outside the US in offshore transactions in reliance upon Regulation S under the US Securities Act. This announcement is dated 5 February 2013.

APULA

williamnkk81 发表于 24-1-2013 05:51 PM
看是可以的。。。 因为是AIRASIA的关联公司。。。。 我还没研究和看IPO的介绍书。。。

Tune保險首發股RM1.55改为RM1.35 ,william兄有何看法？？？

plouffle0789

APULA 发表于 5-2-2013 10:14 PM
Tune保險首發股RM1.55改为RM1.35 ,william兄有何看法？？？

分析员认为，本月22日上市马交所的Tune保险控股公司（Tune Ins）未来净利和增长稳健，因而把目标价定在1至1.23令吉之间，但这也意味比Tune保险每股1.55令吉零售建议价低。

应该是怕第一天就跌吧？
很多分析员的目标价定在1至1.23令吉之间。

发售价有点高。

不过这应该是IPO第一次零售價下調吧？

williamnkk81

APULA 发表于 5-2-2013 10:14 PM
Tune保險首發股RM1.55改为RM1.35 ,william兄有何看法？？？

的确。。。 因为如果定在1.55 是最高的估价。。。。 可能加上市场没有这样的比较。。 但也要看长远的。。。 他的优势是很快有盈利和其他保险公司比较。。 因为只要飞机一入地就结束。。。。

开市应该没问题。。 因为有市场稳定经理。。 可以买入15% 的股票。。。。

Type	Announcement
Subject	OTHERS
Description	TUNE INS HOLDINGS BERHAD (“TIH” OR “COMPANY”) INITIAL PUBLIC OFFERING OF ORDINARY SHARES OF RM0.10 EACH IN TIH (“SHARES”) IN CONJUNCTION WITH ITS LISTING ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD (“BURSA SECURITIES”) (“IPO”)
We refer to the above subject matter. In accordance with Section 9(1) of the Capital Markets and Services (Price Stabilisation Mechanism) Regulations 2008 and as stated in the IPO Prospectus dated 23 January 2013, RHB Investment Bank Berhad, being the stabilising manager in respect of the IPO (“Stabilising Manager”), hereby announces that: (a) the Shares may be subject to stabilising action; (b) the maximum period during which the Stabilising Manager may stabilise the price of the Shares shall be the earlier of (i) 30 days from the commencement of trading of the Shares on the Main Market of Bursa Securities; or (ii) the date when the Stabilising Manager has bought, on the Main Market of Bursa Securities, an aggregate of 31,533,700 Shares representing 15.0% of the total number of Shares offered under the IPO; (c) an aggregate of up to 31,533,700 Shares are the subject of an over-allotment option, solely for purposes of covering over-allotments of the Shares in the IPO; and (d) the Stabilising Manager may purchase up to an aggregate of 31,533,700 Shares to undertake stabilising action. This announcement is dated 5 February 2013.

Attachments Press Release_Stabilising Manager (5.2.2013).pdf

shindo

plouffle0789 发表于 5-2-2013 10:35 PM
分析员认为，本月22日上市马交所的Tune保险控股公司（Tune Ins）未来净利和增长稳健，因而把目标价定在1至 ...

应该不是，印象中之前也是有几个IPO下调

williamnkk81

plouffle0789 发表于 5-2-2013 10:35 PM
分析员认为，本月22日上市马交所的Tune保险控股公司（Tune Ins）未来净利和增长稳健，因而把目标价定在1至 ...

这不是第一个IPO价调低的。。。 以前都有很多。。。。 因为IPO竞价。。。

只要亚行的市场越来越大。。。 那么tune的盈利就会很大。。。。PE高不是问题。。。 要时间消化。。。

APULA

williamnkk81 发表于 5-2-2013 11:12 PM
的确。。。 因为如果定在1.55 是最高的估价。。。。 可能加上市场没有这样的比较。。 但也要看长远的。。 ...

我对Tony 有信心 ！又提早上市，果难怕大选。。。

williamnkk81

APULA 发表于 5-2-2013 11:20 PM
我对Tony 有信心 ！又提早上市，果难怕大选。。。

哈哈。。。 有市场就要快快上市。。。 还有tune hotel 还在排队。。。。还有airasia X...

APULA

williamnkk81 发表于 5-2-2013 11:26 PM
哈哈。。。 有市场就要快快上市。。。 还有tune hotel 还在排队。。。。还有airasia X...

怎样100%中完？

williamnkk81

APULA 发表于 6-2-2013 02:24 PM
怎样100%中完？

什么意思？？？

APULA

williamnkk81 发表于 6-2-2013 02:28 PM
什么意思？？？

抽签成绩出了吗？

williamnkk81

APULA 发表于 6-2-2013 03:46 PM
抽签成绩出了吗？

还没。。。 没有那么快。。。 今天抽签嘛。。。。 加上基金的申请今天结算。。。。。

aquamax

申请了两粒...

sephiroth9457

大家还是小心比较好，第一天上市快点跑了。。。不要太贪心。。。