New Branch in Anhui Province Shows Strength of Prudential's Position in China
We believe the new life branch of the joint venture between CITIC and Prudential plc in Anhui province demonstrates continued strengthening of Prudential’s position in China and more broadly its 12 Asian markets. We maintain our fair value estimate of GBX1600 per share and no-moat rating.This branch complements the existing CITIC-Prudential network across 66 cities in 16 Chinese provinces. This region is enjoying strong economic development with Anhui gross domestic product growth reaching 8.7%...
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