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RHB Research upgrades MNRB
Holdings' (6459.KU) rating to Market Perform from Underperform, with a higher
target of MYR3.09 from MYR2.60 based on 0.6X FY12 price to net tangible asset
valuations after its strong fiscal 1Q results.
The house notes MNRB's 1Q net
profit at MYR50.4 million accounts for 45% of its full-year earnings forecast,
but keeps its profit forecast, cautious of higher claims ratios in the quarters
ahead.
"We are comforted by the better-than-expected 1QFY03/13
earnings...Furthermore, there don't seem to be any major natural disasters
across the region as of yet in the 2Q FY13, which is a positive indication," it
says. The stock is currently up 4.8% at MYR3.08.
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