Prudential - DBS Research 2023-03-28: Mainland Chinese Visitor (MCV) Segment To Drive FY23 Growth

Prudential - Mainland Chinese Visitor (MCV) Segment To Drive FY23 Growth

Prudential (SGX:K6S) | SGinvestors.ioPrudential (SGX:K6S)
  • Prudential (SGX:K6S)’s customer-centric strategy and broad product propositions enable it to cater to health and protection demand from premium market segments.
  • With the HK-China border reopening, economic normalisation across Asian markets, and strength in its multi-channel distribution, we believe Prudential’s growth momentum will reaccelerate.

HK market to drive net business profit growth of 20%/18% y-o-y in FY23F/FY24F.

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Trading at 0.8x 12-month forward P/EV, providing attractive risk-reward.

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  • We hence believe investors’ concern on Prudential’s exposure to risky names is overdone and the current valuation provides an attractive risk-reward.

Revise down target price to HK$150, with 48% upside, reiterate BUY (vs. previous target price of HK$165).

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Ken SHIH DBS Group Research | Iris GAO DBS Research | 2023-03-28

Read also DBS's most recent report:
2024-03-22 Prudential - Firm Growth Momentum Ahead.

Previous report by DBS:
2023-11-10 Prudential - Hong Kong Market To Drive Growth.

Price targets by 3 other brokers at Prudential Target Prices.

Listing of research reports at Prudential Analyst Reports.

Relevant links:
Prudential Share Price History,
Prudential Announcements,
Prudential Dividends & Corporate Actions,
Prudential News Articles


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