PINS - $12" MANDATORY INBOUND VISITOR’S INSURANCE SCHEME (MIVIS)

The $ 12 Covid-19 insurance, which is offered by Sri Lanka Tourism together with People’s Insurance, is comparatively low compared to other Asian competitors and was made mandatory, as most travel insurances obtained by tourists do not cover Covid-19-related expenses and even if they do, they might not cover the intermediary care centres in Sri Lanka. She also claimed that this Covid-19 insurance which grants a $ 50,000 coverage has been commended by many tourists. 

http://www.themorning.lk/monthly-target-of-100000-tourists-for-2022/

I'm surprised even this time also the government haven’t gone with SLIC ,where treasury has 100% holding. It could have been a good approach considering current forex issues. This move has again show’s how the government is backing PINS & opportunities available for PINS going forward.

It seems like this will be a new norm in the tourism industry.

"Thailand to charge a fee of $9 from foreign tourists-
The additional fee of $9 will be added to the price of the airline ticket, and will be part of the Thai government’s sustainable tourism plans. The country is expecting a rise in tourism this year, after two dismal years of inbound tourism. Thailand is hoping to get somewhere between 5 to 15 million foreign arrivals this year.

https://timesofindia.indiatimes.com/travel/travel-news/thailand-to-charge-a-fee-of-9-from-foreign-tourists/as88863858.cms

According to the sources PINS selected through open tender procedure.Out of the $ 12 fee, $ 3 will be taken by the SLTDA, $9 will be insurance premium & targeting $100Mn foreign exchange to the country till 2025
.
.
If this will be materialized , It will add $75Mn to the topline of Peoples insurance PLC(PINS).

LGIL , COOP is much bettter option to buy now .. all other insurance shares went up so these two will go up .100% return possible

Pins will record 13+ earnings for the FY 2022 if the targets can be met. With the help of new found $ fortune, I believe PINS will trade at higher PER multiples than its peers going forward . (Industry avarage PER 14)
+ Rs 3 dividend(FY2021) can be expected( 50% dividend policy )

AAIC had a marothon run towards 100s. Will there be a similar journey for PINS?

ErangaDS wrote:Pins will record 13+ earnings for the FY 2022 if the targets can be met. With the help of new found $ fortune, I believe PINS will trade at higher PER multiples than its peers going forward . (Industry avarage PER 14)
+ Rs 3 dividend(FY2021) can be expected( 50% dividend policy )

According to the numbers published & continued ,Pins likely to report EPS 3.00 (TTM PER : 6.4 @ currant MP 47) for Q1/22. 

As expected it will report 13+ earnings for the FY 22.

50 to 41 ,what is the reason for this sudden price drop?

Below par Q4 results(refer PLC Q3 )might be the reason, but holding well above 40.
There will be a major turnaround from Q1 (22/23) onwards.


New requirements for travellers arriving in Sri Lanka (17th February 2022)

3. All Tourist visa and Foreign Passport Holders (excluding Diplomatic passport holders and family) require mandatory Sri Lanka COVID-19 Insurance coverage at a cost of USD 12 which has a cover of USD 75,000 for one month.
To be purchased online https://portal.pionline.lk/covidinsurance/ or on arrival.
The COVID 19 Insurance coverage is not required to board an aircraft but upon landing in Sri Lanka, he/she must purchase the policy prior to leaving the respective airport in Sri Lanka.

4. Sri Lankan passport holders do not require the COVID-19 Insurance coverage when traveling to Sri Lanka

https://www.newswire.lk/2022/02/18/new-requirements-for-travellers-arriving-in-sri-lanka/

https://economynext.com/sri-lanka-welcomes-96000-tourists-in-feb-2022-led-by-russia-91119/

In February 96,507 travellers had visited the country taking the total number of tourists to 178,834 in 2022.

Ekanayake90 wrote:According to the sources PINS selected through open tender procedure.Out of the $ 12 fee, $ 3 will be taken by the SLTDA, $9 will be insurance premium & targeting $100Mn foreign exchange to the country till 2025
.
.
If this will be materialized , It will add $75Mn to the topline of Peoples insurance PLC(PINS).

Sri Lanka saw a total of 188,656 tourist arrivals so far and during the first three days of March 9,822 travelers.
.
In terms of imported cases, only 328 foreigners have tested positive for COVID-19.
.
Sri Lanka devalues rupee, expects Rs230 to dollar rate: Central Bank
.

https://economynext.com/sri-lanka-devalues-rupee-expects-rs230-to-dollar-rate-central-bank-91377/

https://www.ft.lk/news/1-147-COVID-19-cases-detected-over-the-weekend/56-731591

https://www.ft.lk/front-page/Sri-Lanka-Tourism-flies-higher-with-Emirates-Airlines-joint-promotions/44-731600

Ekanayake90 wrote:

Ekanayake90 wrote:According to the sources PINS selected through open tender procedure.Out of the $ 12 fee, $ 3 will be taken by the SLTDA, $9 will be insurance premium & targeting $100Mn foreign exchange to the country till 2025
.
.
If this will be materialized , It will add $75Mn to the topline of Peoples insurance PLC(PINS).

Sri Lanka saw a total of 188,656 tourist arrivals so far and during the first three days of March 9,822 travelers.
.
In terms of imported cases, only 328 foreigners have tested positive for COVID-19.
.
Sri Lanka devalues rupee, expects Rs230 to dollar rate: Central Bank
.

https://economynext.com/sri-lanka-devalues-rupee-expects-rs230-to-dollar-rate-central-bank-91377/

https://www.ft.lk/news/1-147-COVID-19-cases-detected-over-the-weekend/56-731591

https://www.ft.lk/front-page/Sri-Lanka-Tourism-flies-higher-with-Emirates-Airlines-joint-promotions/44-731600

Hope hotel run with PINS  start journey..

Mandatory insurance was cancelled when the new minister took the office. But interesting weeks ahead for Pins

** When the privatization take the street of Colombo PINS will be a front runner(Listed). It has rumored a foreign company already established in SL general insurance business ,showing an intend to acquire/merge the company. Interesting times ahead.
#ReformNow Finally

That's good . I have a house insurance with them .. no sales guy has ever called me at any point . Only a Robot replies on FB messenger . No wonder their revenues are flat .

any idea about valuations??

Its rumored SLIC will go for $350-450 Mn. When it comes to PINS Rs. 12Bn Assets (currant market cap Rs.4 Bn ) + potential captive business from the Peoples group can be considered.

පාඩු ලබන රාජ්‍ය ආයතන ප්‍රතිව්‍යුහගත කිරීම පසෙක ලා රජය ලාබ ලබන ආයතන විකිණීමේ මගඩියකට සූදානම් වෙන බව හිටපු ජනමාධ්‍ය ඇමති ආචාර්ය නාලක ගොඩහේවා පවසයි.
https://lankacnews.com/පාඩු-ලබන-රාජ්ය-ආයතන-පසෙක/

Same old politics again
Hopefully this time it wont affect the whole restructuring process.