Two Directors at Prudential bought 119,135 shares at between 7.528HKD and 7.719HKD. The significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the las...
Despite APE sales meeting our expectation, Prudential’s 2023 NBP beat our forecast by 9.2%, mainly driven by better-than-expected margin performances across key markets due to favourable shifts in its product and channel mix. With sales growth momentum continuing into 2M24 and a more encouraging margin outlook, we foresee Prudential delivering strong NBP growth in 2024. Therefore, we revise our NBP forecasts upward and increase target price to HK$142.00. Maintain BUY.
KEY HIGHLIGHTS Results Anhui Conch Cement (914 HK/BUY/HK$17.20/Target: HK$21.00) 2023: In line; all set to expand market share. CSPC Pharmaceutical Group (1093 HK/BUY/HK$6.41/Target: HK$7.80) 2023: Results in line; expects double-digit revenue and earnings growth in 2024. Geely Auto (175 HK/BUY/HK$8.83/Target: HK$11.00) 2023: Results beat on margins again; upgrade to BUY. Raise target price from HK$6.50 to HK$11.00. Innovent Biologics (1801 HK/BUY/HK$39.35/Target: HK$60.00) 2023: Results ...
GREATER CHINA Results Geely Auto (175 HK/BUY/HK$8.83/Target: HK$11.00): 2023: Results beat on margins again; upgrade to BUY. Raise target price from HK$6.50 to HK$11.00. Innovent Biologics (1801 HK/BUY/HK$39.35/Target: HK$60.00): 2023: Results beat; well positioned for sustainable growth in 2024. Kuaishou (1024 HK/BUY/HK$52.25/Target: HK$85.00): 4Q23: Resilient earnings beat; strong ad monetisation momentum continues. Li Ning (2331 HK/HOLD/HK$21.45/Target: HK$19.60): 2023: Results miss; remain c...
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Summary Marketline's Legal & General Group Plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Legal & General Group Plc - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances...
Weak December premium data suggests that insurers kick off “jumpstart sales” without much fanfare under the new regulations. We believe that life insurers will focus more on quality growth over top-line premium growth in order to manage spread risks effectively amid the low interest rate environment. Maintain MARKET WEIGHT on the insurance sector. We prefer regional life insurers over domestic insurers due to the former’s diversified exposures at this juncture. AIA remains our top pick.
In the pre-blackout call, management indicated that there is no significant change in 4Q23 trend but it remains cautiously optimistic on Prudential’s MCV segment and CPL growth outlook in 2024 following the moderation in MCV arrivals and continued sales disruption in China due to regulatory changes. Maintain BUY with a lower target price of HK$140.00 after revising our NBP forecasts to reflect a slower growth trajectory in China.
GREATER CHINA Sector Automobile: Weekly: Destocking kicked off for EVs. Maintain UNDERWEIGHT. Top SELLs: BYD and Ganfeng Lithium. Update Giordano International (709 HK/BUY/HK$2.60/Target: HK$3.70): Store expansion remains on track. Prudential (2378 HK/BUY/HK$86.50/Target: HK$140.00): More conservative on growth outlook. INDONESIA Small/Mid Cap Highlights Solusi Sinergi Digital (WIFI IJ/NOT RATED/Rp158): Telco connectivity revenue surges 971% yoy in 9M23. MALAYSIA Sector Telecommunications: 3Q2...
KEY HIGHLIGHTS Sector Automobile Weekly: Destocking kicked off for EVs. Maintain UNDERWEIGHT. Top SELLs: BYD and Ganfeng Lithium. Update Giordano International (709 HK/BUY/HK$2.60/Target: HK$3.70) Store expansion remains on track. Prudential (2378 HK/BUY/HK$86.50/Target: HK$140.00) More conservative on growth outlook. TRADERS’ CORNER Techtronic Industries (669 HK): Trading Buy range: HK$87.00-87.15 CK Asset Holdings Limited (1113 HK): Trading Buy range: HK$37.50-38.00
Prudential’s 3Q23 NBP came in within our expectations with 31% yoy growth, driven by continued momentum in the Hong Kong and ASEAN markets despite regulatory headwinds in China. Margins would have improved if we exclude economic impacts, mainly due to a more favourable channel and product mix. With robust demand from MCV, we expect NBP growth momentum to continue in 4Q23 and leave our NBP forecast unchanged. Maintain BUY with an unchanged target price of HK$150.00.
KEY HIGHLIGHTS Economics Trade Disappointing October exports likely a prelude to further weakness. Sector Property Land markets remain weak, Shenzhen expresses firm support for Vanke. Update Prudential (2378 HK/BUY/HK$84.90/Target: HK$150.00) Strong NBP growth momentum sustained in 3Q23. TRADERS’ CORNER Chinasoft International Ltd. (354 HK): Trading Buy range: HK$5.80-6.00 Maanshan Iron & Steel Co. Ltd. (323 HK): Trading Buy range: HK$1.26-1.30
GREATER CHINA Economics Trade: Disappointing October exports likely a prelude to further weakness. Sector Property: Land markets remain weak, Shenzhen expresses firm support for Vanke. Update Prudential (2378 HK/BUY/HK$84.90/Target: HK$150.00): Strong NBP growth momentum sustained in 3Q23. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp344/Target: Rp440): Expect 9% yoy net profit growth in 2024 from improvement in stores’ productivity. Upgrade to BUY. MALAYSIA Results Fraser & Neave Holdin...
Both domestic and regional life insurers delivered strong NBV growth in 1H23 after China's reopening. P&C insurers continued their sustained premium growth with a slight increase in CoR. We expect domestic and regional life insurers’ NBV growth to diverge in 2H23 due to the suspension of higher-rate products in China and the attractive yield in Hong Kong, which is leading to higher growth in the MCV segment. Maintain OVERWEIGHT. Top picks: PICC P&C and Prudential. WHAT’S NEW
PICC P&C, Ping An and Prudential delivered impressive interim results, as reflected by strong growth in their premium income and new business value. In particular, the robust demand for saving products from China customers boosted the life insurers’ NBV with double-digit growth. Meanwhile, PICC P&C’s underwriting profit benefitted from the economic reopening and better combined ratio. Maintain OVERWEIGHT. Top picks: Ping An and Prudential.
MSCI China now trades at an undemanding 12-month forward PE of 10.2x, or a 37.0% discount to Emerging Asia. This steep discount is unwarranted and we expect valuation to normalise in 2H23, backed by additional policy support. However, a significant re-rating is only possible if credit growth accelerates; hence, our index target is at 74 points for now, implying 12.0x target PE. We prefer exposure to automobiles, consumer, industrial automation and online gaming. Steep discount unwarranted. We...
Summary Just Group plc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Just Group plc (Just Group) is a provider of retirement income, annuities, and mortgage solutions. Its product portfolio includes individually underwritten retirement income products, fixed-ter...
Summary Principal Financial Group Inc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Principal Financial Group Inc (PFG) is a global investment management company. It provides financial products and services to businesses, individuals and institutional clients. I...
GREATER CHINA Sector Property: Recovery of new-home sales weaker than expected; PBOC vows to stabilise property market. Results Aier Eye Hospital Group (300015 CH/BUY/Rmb27.83/Target: Rmb34.00): 9M22: Adjusted earnings up 15.1% yoy; demand for services remains resilient. Asian Gems Corporate Highlights Prudential (2378 HK/BUY/HK$68.75/Target: HK$128.20): Remains appealing with discounted valuation despite market volatility. INDONESIA Results Bank Negara Indonesia (BBNI IJ/BUY/Rp9,550/Target: Rp...
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