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POSTED: Friday, July 10, 2009

Territorial stock seen nearly doubling

Territorial Savings Bank's parent, scheduled to go public Monday, is expected to have its stock nearly double over the next 12 months, according to a research report by analyst Laurie Hunsicker of Washington, D.C.-based Stifel Nicolaus.

Hunsicker is starting Territorial Bancorp Inc. with a “;buy”; rating and a 12-month price target of $18.50. The stock will begin trading at $10 on the Nasdaq under the ticker TBNK.

She said her valuation was based on current pricing relative to peers, management expertise, capital and credit.

“;While we generally have a cautious view on the bank sector, rating only 12 percent of the 111 banks we follow as a 'buy,' we think TBNK shares are a good investment, particularly in the face of likely credit erosion throughout the industry,”; Hunsicker wrote.

 

Hawaiian Air tops U.S. in punctuality

Hawaiian Airlines, which has led the nation in punctuality for each of the past five years, posted the best on-time performance in the U.S. in May with 90.3 percent of its flights arriving as scheduled, according to the monthly Air Travel Consumer Report issued yesterday by the U.S. Department of Transportation.

Overall, 80.5 percent of May flights from the 19 leading domestic carriers arrived on time, compared with 79 percent in May 2008 and 79.1 percent in April of this year.

Hawaiian also ranked second for best baggage handling, with 1.77 mishandled-baggage reports filed for every 1,000 passengers served, and was fourth in fewest flight cancellations at 0.3 percent with 16 cancellations out of 6,122 flights.

 

Mokulele, Qantas sign ticketing pact

Mokulele Airlines has signed an interline ticketing agreement with Australian carrier Qantas in which Qantas passengers arriving in or departing from Honolulu will be able to receive one-stop ticketing, check-in and baggage check when traveling to destinations beyond Oahu.

Mokulele offers service from Honolulu to Kahului; Kona and Hilo; Lihue; and Hoolehua, Molokai.

“;We are excited to include among our airline partners the rich heritage and legendary customer service that Qantas brings,”; Mokulele CEO Scott Durgin said.

 

Hurricane insurer's new owner OK'd

State Insurance Commissioner J.P. Schmidt has approved the purchase of ICAT Specialty Insurance Co. by Universal Insurance Holdings of North America. ICAT's name will change, but “;it will continue to provide stand-alone hurricane coverage,”; said Jack Graham, ICAT chief executive officer.

Universal North America writes homeowners, dwelling, fire and flood policies and has been operating in the Hawaii market since September.

“;ICAT provides hurricane insurance for those Hawaii homeowners who have had difficulty finding coverage,”; said Schmidt. “;ICAT's ... underwriting and risk management tools combined with Universal North America's breadth of coverage options and strong financial position will provide important choices for Hawaii's homeowners.”;

 

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ON THE MOVE

;  » Beachhouse at the Moana has appointed Brandon J. Maeda as general manager. He previously was the outlet manager for the Beach Bar & Snack Shop at Moana Surfrider, and became a member of the hotel's management team in 2007. He started as a bus helper when he joined the Moana Surfrider in 1999.

» SSFM International said the following staff are now Leadership in Energy and Environmental Design Accredited Professionals: Rizaldy Cortez, Renee Ishisaka, Wendy McLain and Lee Takushi. The certificate is issued by the U.S. Green Building Council, which recognizes those who demonstrate knowledge of the “;green”; building design and construction industry.

 

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Hawaii insurers make top-50 lists

Three Hawaii insurance companies have made the Top 50 lists of Ohio-based Ward Group's top performers in the property and casualty and life-health companies.

Ward's lists include First Insurance Co. of Hawaii Ltd. and Island Insurance Cos. Group among the top 50 property and casualty firms, and Hawaii-based Pacific Guardian Life Insurance Co. among its top 50 life-health companies.