Summary Marketline's Principal Financial Group Inc. 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 Principal Financial Group Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships &...
Summary Marketline's Aviva 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 Aviva plc - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a...
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...
Prudential delivered mixed 1H24 results. NBP was broadly in line with a 1% yoy growth on a CER basis but sales volume growth (+6% yoy) was behind market expectation. Management saw sales momentum picking up in June which has continued into 2H24. Prudential will convert into TEV reporting starting 1Q25 and we expect that market will welcome this move as it will enhance Prudential's comparability with its peers. Maintain BUY. Target price: HK$126.00.
KEY HIGHLIGHTS Results Anhui Conch Cement (914 HK/BUY/HK$16.46/Target: HK$19.50) Anhui Conch reported 1H24 earnings of Rmb3,325.6m (-48.6% yoy), representing 29% of our full-year estimate and below expectations. Gross margin for self-produced products fell to 23.0% (-4.6ppt yoy). The slump in cement ASP of 21.6% was steeper than the 16.0% reduction in cement’s unit production cost. 1H24 cement and clinker sales volume declined to 126m tonnes (-3.4% yoy), and management expects 2024 demand to...
Prudential’s economic interest in PAMB, its life insurance business in Malaysia, has been reduced to 51% after the highest court ruled against its consolidation plan. As such, the insurer will reflect the 49% NCI in its upcoming 1H24 results, affecting >5% and >4% of shareholder equity and EEV respectively. Thus, we have revised our EEV estimates accordingly and cut our target price to HK$126.00. Maintain BUY. Management expects no impact on its Malaysia operations and existing shareholder retur...
KEY HIGHLIGHTS Economics PMI July manufacturing PMI fell for the third consecutive month to 49.4% (-0.1ppt mom), weighed by weak output and new orders. Non-manufacturing PMI fell to 50.2% (-0.3ppt mom), marking the weakest reading in the past eight months. This was mainly driven by a 1.1ppt decline in construction PMI. Overall, the report points to further slowing of economic activities, and the improved number of activities for large-sized enterprises has yet to trickle down to the mid- and...
GREATER CHINA Economics PMI Stuck in a soft patch. Results New Oriental Education & Technology Group (EDU US/BUY/US$69.25/Target: US$90.00) 4QFY24: Earnings miss; impact from East Buy to carve out after 1QFY25. Xinyi Solar Holdings (968 HK/HOLD/HK$3.71/Target: HK$4.00) 1H24: In line; murky demand outlook ahead. Downgrade to HOLD. Update Prudential (2378 HK/BUY/HK$69.90/Target: HK$12...
Summary Just Group plc - Company Profile and SWOT Analysis, 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 financial services company that provides retirement income, annuities, and mortgage solutions. The company's primary activities involve providing financial advice and sol...
A director at Prudential bought 8,000 shares at 725p and the significance rating of the trade was 71/100. 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 last two years clearly showing ...
Summary Aviva Plc - Company Profile and SWOT Analysis, 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 Aviva Plc (Aviva) is a composite insurer that offers a broad range of insurance and savings products. The company's primary activities include providing car, home, and health insurance, as well as pensions, i...
Summary Legal & General Group Plc - Company Profile and SWOT Analysis, 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 Legal & General Group Plc (Legal & General) is a global financial services group and a major global investor. The group's main activities include institutional retirement, capital investment, ...
Prudential’s 1Q24 ANP/NBP growth came in below expectations with 7%/11% yoy growth respectively, dragged by muted performance from China and Hong Kong on a high base, but offset by strong growth in Malaysia and the other markets segment. NBP margin ex-economic impact improved to 50% due to favourable product mix in the Greater China segment. The company will provide an update on capital management plans during its 1H24 results. Maintain BUY. Target price: HK$134.00.
KEY HIGHLIGHTS Economics PMI Manufacturing PMI came in better than expected at 50.4% (-0.4ppt) and stayed in the expansionary zone for the second month. It was mainly supported by production and new orders as employment remained a drag, dropping 0.1ppt to 48.0%. Non-manufacturing hit a three-month low of 51.2%, dragged by moderation in new orders and business expectations. We expect policy support to continue and the July Politburo may see new measures being rolled out. Sector Aviation T...
Summary Principal Financial Group Inc - Company Profile and SWOT Analysis, 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. It offers b...
Summary Hansard Global plc - Company Profile and SWOT Analysis, 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 Hansard Global plc (Hansard) is an insurance company. The company offers life assurance products such as unit-linked life assurance plans and single premium life assurance plans. Hansard offers tailo...
New York , April 18, 2024 – Moody's Ratings (Moody's) has assigned ratings to Prudential Financial, Inc.'s (NYSE: PRU) (PFI or Prudential) shelf registration filed in March 1, 2024, including (P)A3 to the senior unsecured shelf, (P)Baa1 to the subordinated shelf, (P)Baa2 to the preferred shelf and (...
We believe the recent regulatory action has limited impact on AIA and Prudential due to the small quantum of new business contribution from the involved brokers. We continue to expect regional insurers to deliver at least 20% yoy new business growth in 1Q24. However, high interest rates and market uncertainty could continue to weigh on their valuations in the near term. Any upside surprise in 1Q24 new business or favourable updates in shareholder returns could turn sentiment around. Maintain MAR...
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 ...
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