Manulife Holdings Berhad Valuation

Is MANULFE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MANULFE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MANULFE (MYR2.15) is trading below our estimate of fair value (MYR3.69)

Significantly Below Fair Value: MANULFE is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MANULFE?

Key metric: As MANULFE is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MANULFE. This is calculated by dividing MANULFE's market cap by their current earnings.
What is MANULFE's PE Ratio?
PE Ratio	5.2x
Earnings	RM 93.45m
Market Cap	RM 483.09m

MANULFE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.4x
Enterprise Value/EBITDA	1.4x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does MANULFE's PE Ratio compare to its peers?

The above table shows the PE ratio for MANULFE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	6.6x
MNRB MNRB Holdings Berhad	3.4x	-6.3%	RM 1.7b
TAKAFUL Syarikat Takaful Malaysia Keluarga Berhad	9.2x	7.7%	RM 3.3b
ALLIANZ Allianz Malaysia Berhad	6.2x	12.0%	RM 3.7b
CIGPANNONIA CIG Pannónia Életbiztosító Nyrt	7.6x	n/a	Ft33.0b
MANULFE Manulife Holdings Berhad	5.2x	n/a	RM 483.1m

Price-To-Earnings vs Peers: MANULFE is good value based on its Price-To-Earnings Ratio (5.2x) compared to the peer average (6.6x).

Price to Earnings Ratio vs Industry

How does MANULFE's PE Ratio compare vs other companies in the Asian Insurance Industry?

6 Companies	Price / Earnings	Estimated Growth	Market Cap

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: MANULFE is good value based on its Price-To-Earnings Ratio (5.2x) compared to the Asian Insurance industry average (10.8x).

Price to Earnings Ratio vs Fair Ratio

What is MANULFE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MANULFE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	5.2x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate MANULFE's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.