Prudential - CGS-CIMB Research 2023-09-07: Key Takeaways From Post Results Roadshow

• We hosted Prudential post-results roadshow earlier this week, where Prudential’s Group CEO, Group CFO, and two of its Managing Directors of its Strategic Business Group answered investor questions.
• - Read this at SGinvestors.io -

Much unrealised potential exists to be tapped

• Prudential (SGX:K6S) believes upside exists as it increases technology and data spending with a greater ustomer focus. It plans ~US$1bn of additional investment in capabilities weighted to FY23F-25F, with half focusing on distribution, a third on customers and the rest on health, with plans to leverage more centres of excellence to grow scale and skills across the company.
• - Read this at SGinvestors.io -

Strong MCV growth, with the right product suite to tap this growth

• Prudential remains optimistic about Hong Kong (HK), with both segments of mainland Chinese visitors (MCV) and non-MCV growing strongly in 1H23, and likely in 3Q23F based on Jul and Aug MCV flow, in our view.
• Prudential believes it has the right product suite to tap this rapid growth amidst the evolving demand from MCV customers. It also pointed out the Greater Bay Area (of which HK is part) is now a more important strategic growth area for China policymakers.

Participating products and longer-term saving products in China

• Read more at SGinvestors.io.

Michael CHANG CFA CGS-CIMB Research | Laura LI Zhiyi CGS-CIMB Research | https://www.cgs-cimb.com 2023-09-07 SGinvestors.io

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