Hot Stocks - MNRB, Allianz Malaysia, L&G advance on positive quarterly results by THE EDGE

KUALA LUMPUR (May 29): MNRB, Allianz Malaysia, Allianz-PA and Land & General (L&G) were among the top gainers and actives in the morning session at Bursa Malaysia on Thursday following positive quarterly results announcements yesterday. At mid-day market break, MNRB gained 15 sen to trade at RM4.18 per share. Allianz rose 60 sen to at RM11 per share while its warrant added 56 sen to RM10.90 per share. L&G – the top six active – rose 2.5 sen to 57.5 sen with some 16 million shares traded. MNRB Holdings Bhd’s net profit jumped 63% year-on-year to RM73.7 million for its fourth quarter ended March 31, 2014, from RM45.3 million in the previous year. Revenue for the quarter rose to RM 588.0 million from RM581.0 million in the same quarter a year before. The higher revenue was a result of the increase in gorss premiums and contributions by the company’s reinsurance and takaful subsidiaries. The company attributed its higher net profits to higher underwriting surplus of the company’s reinsurance unit. Going forward, the group expects to achieve “satisfactory results” for the next financial year ending March 31, 2015. Allianz Malaysia Bhd reported net profit of RM86.2 million for its first quarter ended March 31, 2014, jumping 60% from RM53.7 million in the preceding year’s same quarter. Revenue for 1QFY14 rose 18% to RM1.02 billion from RM862.1 million in 1QFY13. The group sees a challenging outlook on the year, due to regulatory changes and consolidation in the industry, but said that it will maintain its momentum to maintain its market leadership. “The board believes that the group’s strategic initiatives will deliver satisfactory results and continues its long term sustainable growth,” said Allianz in its statement. Land & General Bhd’s net profit for its fourth financial quarter ended March 31, 2014, was positively flat at RM19.72 million from RM19.66 million in the same quarter a year ago Revenue for the quarter rose to RM120.74 million from RM83.15 million a year ago. Net profit for the full year more than doubled to RM131.6 million from RM57.2 million a year ago. Cumulative revenue rose to RM491.9 million from RM216.3 million a year ago. The company declared a 2 sen per share dividend.