Adamjee Insurance (AICL): Portfolio value accretion merits attention – By JS Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We reiterate Buy on Adamjee Insurance (AICL) over continued rally at the PSX. Even after building in (i) 30% discount to market value for listed equities and (ii) taking unlisted investments at costs, equity portfolio value stands at Rs61/sh vs stock price of Rs35.79/sh.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">To put this into further perspective, AICL&nbsp; investment in MCB alone has reached Rs12bn which is equal to AICL total market cap on the bourse&nbsp; signifying the attractive proposition embedded in its stock price.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">While core business turned profitable after seven quarters in 1QCY24, we rema...