在线博彩平台www.99cx.vip)是一个开放皇冠体育网址代理APP下载、皇冠体育网址会员APP下载、皇冠体育网址线路APP下载、皇冠体育网址登录APP下载的官方平台。在线博彩平台上最新在线博彩平台登录线路、在线博彩平台代理网址更新最快。在线博彩平台开放皇冠官方会员注册、皇冠官方代理开户等业务。

PETALING JAYA: The new Malaysian Financial Reporting Standards (MFRS) 17 will not have an impact on the fundamentals of Syarikat Takaful Malaysia Keluarga Bhd’s (STMK) business, in terms of its financial strength, ability to pay claims and dividend distribution.

This was revealed by STMK corporate finance and strategy general manager, Juliana Lo, at an expert speaker session on MFRS 17, organised by CGS-CIMB Research for institutional investors recently.

To put it into perspective, MFRS 17 is a new accounting standard for insurance and takaful contracts that will be adopted by insurance companies and takaful operators (ICTO) effective Jan 1, 2023.

Based on STMK’s guidance on the MFRS 17 impact on its financial year 2023 performance, CGS-CIMB Research said the establishment of contract service margin (CSM) is expected to reduce the group’s retained earnings by about 30% to 45%.

The group’s takaful contract liabilities will also increase, mainly due to CSM, said the research house in its note to clients.

Upon transition, CGS-CIMB Research expects STMK’s profit for the year to decline by 15% to 20%, mainly due to the recognition of new business profits in CSM and the change in the timing of earnings from investment-related activities.

,

皇冠管理端www.99cx.vip)实时更新发布最新最快最有效的皇冠管理端网址,包括皇冠管理端手机网址,皇冠管理端备用网址,皇冠管理端最新网址,皇冠管理端足球网址,皇冠管理端网址大全。

,

However, the group’s earnings are expected to normalise within five to six years, the research house noted.

“STMK projects a return on equity (ROE) of 22% to 25% upon adoption of MFRS 17. This is higher than our projected ROE of 17.3% in FY22 due to the reduction in its retained earnings by 30% to 45%,” said CGS-CIMB Research.

The potential decline in STMK’s retained earnings from the MFRS 17 adoption was due to the “carve-out” of some of the retained earnings into CSM, which is the future profits to be released by STMK to its profit and loss statement over the tenors of its takaful contracts.

CGS-CIMB Research, however, does not expect MFRS 17 to trigger any equity capital raising by STMK in the next two years.

“We think that the CSM will be included in its capital positions for the calculation of capital adequacy ratio under the risk-based capital framework. This is despite certain risk weights could be applied to the CSM,” the research house pointed out.

STMK also does not expect the adoption of MFRS 17 to materially alter its underwriting strategies as the adoption of MFRS 17 will not change the profitability of its takaful products, said CGS-CIMB Research.

The research house had also factored in the impact of MFRS 17 in its earnings forecasts for STMK in June, leading to a cut of 29% in FY23 and FY24’s net profit forecasts, together with the impact of the higher assumed tax rate.

Hence, it has retained FY22 to FY24 net profit forecasts with an “add” call on the stock at a target price of RM4 per share.

南昌新闻网声明:该文看法仅代表作者自己,与南昌新闻网无关。转载请注明:在线博彩平台(www.99cx.vip):Takaful unlikely to face negative impact of MFRS
发布评论

分享到:

Telegram群组爬虫(www.tg888.vip):画廊结缘 发掘新晋 李安姿与内地艺术家 情如家人
1 条回复
  1. 新二皇冠最新手机登录(www.hg108.vip)
    新二皇冠最新手机登录(www.hg108.vip)
    (2022-09-20 00:10:04) 1#

    事情室内王德明在丈量文物。新华社记者 杨文 摄在家宅着,很精彩

发表评论

◎欢迎参与讨论,请在这里发表您的看法、交流您的观点。