‘High Jump’ Shares of This Company - Kakiforex | Forex markets for the smart money. ‘High Jump’ Shares of This Company ‘High Jump’ Shares of This Company

February 24, 2021

‘High Jump’ Shares of This Company

 Syarikat Takaful Malaysia Keluarga Bhd (Takaful) emerged among the stocks that recorded profits in the initial trading session this morning after the firm recorded better-than-expected financial results for the financial year ended 31 December 2020.

Bernama reported that at 10.36am, Takaful shares jumped 27 sen to RM4.63 from RM4.36 when it closed yesterday afternoon with a total of 686,900 shares traded.

In a filing to Bursa Malaysia yesterday, Takaful stated that net profit earned in the fourth quarter of financial year 2020 increased by 37.3% year-on-year to RM103.2 million, driven by savings from management expenses.

Following the impressive fourth quarter performance, Kenanga Research reiterated the ‘outperform’ rating for Takaful and revised the counter target price to RM6.00 from RM5.25 previously.

“The encouraging performance of the fourth quarter of financial year 2020 saw Takaful income for financial year 2020 surpass market expectations.

"Positive vaccine distribution will also see better sentiment in the second half of this year, which is also a strong period for Takaful," he said in a research note today.

Meanwhile, CGS-CIMB also raised the 'add' recommendation from the previous 'hold' for Takaful with a higher target price of RM5.80 from RM5.06 previously.