Prudential PLC - CGS-CIMB Research 2022-05-18: Tailwinds Add Up; Initiate With An ADD Rating

• We initiate coverage on Prudential Plc (SGX:K6S) with an ADD.
• Our bullishness is due to 12 tailwinds we see for Prudential in the near, medium and long term, which we believe can continually reduce its sizeable P/EV valuation gap vs AIA. AIA trades at a 119% P/EV premium to Prudential at 17 May 2022, a level exceeded only 4 times since 2010.

Near-term catalysts: Asia-based CEO, Macau and better capital + embedded values (EV)

• - Read this at SGinvestors.io -
• Obtaining a Macau licence is also positive as it allows Prudential to re-tap sizeable mainland Chinese visitors (MCV) insurance demand, which had grown rapidly to comprise two-thirds of Macau’s 4Q21 new business premiums.
• - Read this at SGinvestors.io -

Entry into key Asian stock indices is a medium-term catalyst

• Read more at SGinvestors.io.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

Read also CGS-CIMB's most recent report:
2024-03-12 Prudential - Market Share Growth Is Another Catalyst.

Previous report by CGS-CIMB:
2023-12-12 Prudential - Key Regional Financial Conference Takeaways.

Price targets by other brokers at Prudential Target Prices.

Listing of research reports at Prudential Analyst Reports.

Relevant links:
Prudential Share Price History,
Prudential Announcements,
Prudential Dividend Payout Dates & Corporate Actions,
Prudential News