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AXA Asia Pacific Holdings Limited (AXA) |
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| Company Name: |
AXA Asia Pacific Holdings Limited |
| Stock Code: |
AXA |
| Website: |
www.axa-asiapacific.com.au |
| Market Cap ($M): |
11,429 |
| Equiv. Shares (M): |
2,074 |
|
|
 |
|
| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
$ 5.750 |
$ 5.720 |
$ 5.760 |
$ 5.690 |
$ 5.680
|
4,473,241 |
$ 0.070 1.232 %
|
|
| Recommendation : |
Hold
|
| Recommendation Date : |
5th Aug 2010 |
| 12 Month Target Price (average) : |
$5.975 |
| Brokers Surveyed : |
8 |
|
| % of Market: |
0.5000 |
| % of Sector: |
n/a |
| Sector: |
Financials |
| Industry Group: |
Insurance |
| Industry: |
Insurance |
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| Company Overview |
| AXA Asia Pacific Holdings Limited (AXA) provides wealth management and protection services, namely superannuation, life insurance, funds management, master trusts, income protection and financial planning. AXA operates in Australia, New Zealand, Hong Kong, China and Southeast Asia. AXA SA, a French financial services multinational, is the parent company, with 53.0% of the issued capital. |
| Company History |
| AXA was formed through the demutualisation of National Mutual Life combined with a capital injection by French group AXA SA, which acquired a 51% stake in the National Mutual Holdings Group in 1995. The company restructured in 1998 to combine its Australian and NZ operations under one management team. National Mutual Asia was renamed AXA China Region and acquired mainland China life insurance interests from AXA in 1999. In March 2000, the company changed its name to AXA Asia Pacific Holdings. |
| Differentiating Factor |
| AXA has strong and growing representation in China/Hong Kong and South East Asia. The acquisition of MLC Hong Kong and Indonesia has increased scale and boosted earnings growth. The company has real potential to benefit from the long-term growth in the retirement savings and superannuation market in Australia. AXA Asia Pacific enjoys the support and backing of its major shareholder, French-based AXA SA. |
| Major Customers & Competitors |
| AXA operates through financial planners and agents in addition to its direct contact with policyholders and investors. Business is conducted directly with companies who also choose to invest in AXA products. Major competitors include other investment and funds management companies such as AMP, NAB/MLC, CBA/Colonial, Westpac/BT, ANZ/ING and TAL. |
|
Year to Dec
|
NPAT
Rep $M |
NPAT1
Adj $M |
EPS
c |
EPS chg
% |
PER
x |
PER rel
All Ords x |
PER rel
Sector x |
DPS
c |
Yield
% |
Franking
% |
ROE
% |
| 2007A |
n/a |
n/a |
n/a |
n/a |
0.0 |
0.0 |
0.0 |
n/a |
0.0 |
n/a |
n/a |
| 2008A |
(279) |
597 |
37.9 |
0.7 |
15.2 |
1.5 |
1.5 |
18.5 |
3.2 |
40.0 |
18.3 |
| 2009A |
679 |
587 |
33.0 |
-13.0 |
17.4 |
0.9 |
1.0 |
18.5 |
3.2 |
27.5 |
15.2 |
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| QBE Insurance Group |
QBE |
$16.60 |
$17,172M |
10.3475 |
9.4243 |
-16.7844 |
9.7965 |
7.8313 |
7.9518 |
| AXA Asia Pacific |
AXA |
$5.51 |
$11,429M |
18.6921 |
15.1981 |
-10.6575 |
22.9898 |
3.3575 |
3.6298 |
| Suncorp-Metway |
SUN |
$8.35 |
$10,700M |
13.7225 |
10.7744 |
1.9332 |
27.3625 |
4.1916 |
5.1497 |
| AMP |
AMP |
$4.95 |
$10,256M |
11.4869 |
10.5769 |
12.5321 |
8.6038 |
6.6667 |
7.4747 |
| Insurance Australia Group |
IAG |
$3.40 |
$7,055M |
21.9099 |
12.3881 |
66.8610 |
76.8634 |
2.5000 |
5.0000 |
|
| AXA |
-1.9573 |
-14.5736 |
25.7991 |
| Sector |
1.5078 |
-7.4657 |
-1.3958 |
| Market |
3.6177 |
-3.1195 |
2.8483 |
|
| P/E (x) |
FY07 |
0.0 |
15.2 |
15.4 |
|
FY08 |
15.2 |
10.4 |
10.1 |
| Yield (%) |
FY07 |
0.0 |
9.5 |
5.2 |
|
FY08 |
3.2 |
7.7 |
5.2 |
| EV/EBIT (x) |
FY07 |
0.0 |
6.7 |
10.5 |
|
FY08 |
17.5 |
3.9 |
14.0 |
| EV/EBITDA (x) |
FY07 |
0.0 |
6.1 |
12.5 |
|
FY08 |
17.0 |
3.7 |
12.0 |
|
| R H Allert |
Chairman |
| P A Cooper |
Director |
| P Sampson |
Non-Executive Director |
| M Butler |
Director |
| P Akopiantz |
Non Executive Director |
| J Dacey |
Non-Executive Director |
| T Froggatt |
Non-executive Director |
| Mr P Sullivan |
Non-Executive Director |
|
| A Penn |
Group Chief Executive |
| G Roberts |
Group Chief Financial Officer |
| W Lee |
Chief Executive Officer, Australia |
| K Keenan |
Group General Counsel & Company Secretary |
| D Mackay |
General Manager, Human Resources & Internal Communication |
| A Abey |
General Manager Strategy & Head of Wealth management Strategy Asia |
| R Stewart |
Chief Executive Officer, New Zealand |
| M Bishop |
Regional Chief Executive Asia Life |
|
| AMP Limited |
54.9 |
| Maple Brown Abbott |
5.02 |
|
| 13-Sep-2010 |
Dividend Date Payable for Half Yearly Result
(9.25c 10% franked)
|
| 13-Sep-2010 |
Dividend Date Payable for Final Year Result
(9.25c 10% franked)
|
| 20-Aug-2010 |
Dividend Record Date for Half Yearly Result
(9.25c 10% franked)
|
| 20-Aug-2010 |
Dividend Record Date for Final Year Result
(9.25c 10% franked)
|
| 16-Aug-2010 |
Dividend Ex-Dividend Date for Half Yearly Result
(9.25c 10% franked)
|
|
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Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
|
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