- Prudential announced 1Q23 new business profits (NBP) rose 30% y-o-y on a constant exchange rate (CER) basis, or 43% y-o-y once economic impact was excluded. Most impressively, its Hong Kong (HK) NBP y-o-y growth was 106%, with Hong Kong annualised premium equivalent (APE) sales up 299%.
- - Read this at SGinvestors.io -
106% growth rate could grow further in 2Q23F, 3Q23F and 4Q23F
- We expect Prudential's Hong Kong 2Q23F–4Q23F new business profits (NBP) growth to improve vs 1Q23’s 106% y-o-y, especially since mainland Chinese visitors is clearly rising rapidly. As noted in report: AIA Group - Benchmarking MCV; Better than 2018 dated 4 Apr 2023, rising mainland Chinese visitors use of the high speed rail (HSR) to Hong Kong could see investors underestimate a rebound in mainland Chinese visitors.
- - Read this at SGinvestors.io -
Tapping into growth potential of other mainland China regions
- 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/.
Michael CHANG CFA CGS-CIMB Research | Laura LI Zhiyi CGS-CIMB Research | https://www.cgs-cimb.com 2023-04-28
Read also CGS-CIMB's most recent report:
2023-12-12 Prudential - Key Regional Financial Conference Takeaways.
Previous report by CGS-CIMB:
2023-09-07 Prudential - Key Takeaways From Post Results Roadshow.
Price targets by other brokers at Prudential Target Prices.
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Prudential Share Price History,
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Prudential Dividends & Corporate Actions,
Prudential News Articles