External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Prudential unveiled the long-awaited capital management update of US$2.0bn share buyback plan which will be completed no later than mid-2026, in addition to the annual dividend growth of 7%-9% in FY24E, as announced at year start.</li><li>The first tranche of US$700mn buyback will operate from 24 Jun 2024 to no later than 27 Dec 2024 throughout 2H24.</li><li>Under our estimates, this would reduce the company’s ordinary shares by c.78mn in FY24E, and c.224mn in total to 2,530mn shares outstanding by mid-2026, not taking into account of other buybacks, if any, relevant to employee and agent share schemes and/or scrip dividends in future. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudential unveiled the long-awaited capital management update of US$2.0bn share buyback plan which will be completed no later than mid-2026, in addition to the annual dividend growth of 7%-9% in FY24E, as announced at year start.The first tranche of US$700mn buyback will operate from 24 Jun 2024 to no later than 27 Dec 2024 throughout 2H24.Under our estimates, this would reduce the company’s ordinary shares by c.78mn in FY24E, and c.224mn in total to 2,530mn shares outstanding by mid-2026, not taking into account of other buybacks, if any, relevant to employee and agent share schemes and/or scrip dividends in future. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudential Plc. (2378 HK) - US$2bn Share Buybacks Brace for Sustainable Shareholders Return

<ul><li>Prudential reported strong FY23 results with new business profit (NBP) jumping by 45% YoY (CER) to US$3.13bn, beating consensus by 6.4%, thanks to +3ppt NBP margin expansion to 53% in full year.</li><li>The Group’s NBP margin (NBM) sequentially improved in 2H23 to 57% from 49% in 1H23, driven by a trend of margin recovery in 2H in almost all key markets, except the mainland JV CPL, whose NBP fell by 70% YoY in 2H23, adversely affected by tanked bancassurance sales and unfavourable economic sentiment that dragged down demand for protections.</li><li>Hong Kong sustained strong momentum into 4Q23 with NBP up by 3.3x YoY in 2H23, reflecting its market-first position for mainland Chinese visitors (MCVs). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudential reported strong FY23 results with new business profit (NBP) jumping by 45% YoY (CER) to US$3.13bn, beating consensus by 6.4%, thanks to +3ppt NBP margin expansion to 53% in full year.The Group’s NBP margin (NBM) sequentially improved in 2H23 to 57% from 49% in 1H23, driven by a trend of margin recovery in 2H in almost all key markets, except the mainland JV CPL, whose NBP fell by 70% YoY in 2H23, adversely affected by tanked bancassurance sales and unfavourable economic sentiment that dragged down demand for protections.Hong Kong sustained strong momentum into 4Q23 with NBP up by 3.3x YoY in 2H23, reflecting its market-first position for mainland Chinese visitors (MCVs). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudential Plc. (2378 HK) - NBP Beat Driven by Better 2H Margin

<ul><li>Prudential PLC reported 30%/26% YoY growth of NBP (new business profit) in 1Q23 on constant/actual FX (CER/AER) basis, driven by 35%/29% YoY growth of APE (annualized premium equivalent).</li><li>If excluded the effect of economic assumption changes (i.e. interest rates movement), 1Q23 NBP growth would reach 43%/39% YoY on CER/AER basis. In terms of geographic breakdowns, the insurer recorded double-digit NBP growth across 10 markets in Asia, incl. HK/China, Thailand and the Philippines.</li><li>Looking forward, we expect strong new business momentum to sustain into 2023, given that: 1) MCV (mainland visitors) business in HK continued to drive growth since China’s reopening in Feb 2023, which will enhance the uptick throughout 2Q-4Q23 sequentially in our view; 2) recovery of demands for life insurance in mainland China boosted value creation of local agency; and 3) rebound in ASEAN markets as their local economy recovered post pandemic. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudential PLC reported 30%/26% YoY growth of NBP (new business profit) in 1Q23 on constant/actual FX (CER/AER) basis, driven by 35%/29% YoY growth of APE (annualized premium equivalent).If excluded the effect of economic assumption changes (i.e. interest rates movement), 1Q23 NBP growth would reach 43%/39% YoY on CER/AER basis. In terms of geographic breakdowns, the insurer recorded double-digit NBP growth across 10 markets in Asia, incl. HK/China, Thailand and the Philippines.Looking forward, we expect strong new business momentum to sustain into 2023, given that: 1) MCV (mainland visitors) business in HK continued to drive growth since China’s reopening in Feb 2023, which will enhance the uptick throughout 2Q-4Q23 sequentially in our view; 2) recovery of demands for life insurance in mainland China boosted value creation of local agency; and 3) rebound in ASEAN markets as their local economy recovered post pandemic. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudential PLC (2378 HK) – HK NBP more than doubled in 1Q23

<ul><li>Prudential plc reported in line results for FY22, with NBP excl. HK up 5% YoY on constant exchange rates (CER) basis.</li><li>The group NBP declined 11% on CER basis in FY22, mainly dragged by interest rate assumption changes.</li><li>Excluding the impact of negative economic assumption changes, the insurer’s group NBP decreased 4% YoY in FY22.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudential plc reported in line results for FY22, with NBP excl. HK up 5% YoY on constant exchange rates (CER) basis.The group NBP declined 11% on CER basis in FY22, mainly dragged by interest rate assumption changes.Excluding the impact of negative economic assumption changes, the insurer’s group NBP decreased 4% YoY in FY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudential Plc. (2378 HK) – 15% APE Growth in 2M23

<ul><li>Prudential Plc. will report FY22 results on 15 March (Wed).</li><li>We expect to see decent APE (annualized premium equivalent) growth in 2H22 on the back of recovery in new business momentum of South East Asian (SEA) markets.</li><li>On the other hand, NBP (new business profit) margin is likely to see downtrend in 2H22, primarily due to negative assumption changes of interest rate hikes across the insurer’s key operating markets, except for China. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudential Plc. will report FY22 results on 15 March (Wed).We expect to see decent APE (annualized premium equivalent) growth in 2H22 on the back of recovery in new business momentum of South East Asian (SEA) markets.On the other hand, NBP (new business profit) margin is likely to see downtrend in 2H22, primarily due to negative assumption changes of interest rate hikes across the insurer’s key operating markets, except for China. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudential PLC (2378 HK) – Strong new biz momentum from China JV

Hong Kong

Prudential Public Limited Company provides long term savings and protection products. The Company offers life and health insurance for long term business including asset management services. Prudential serves customers in Asia and Africa.

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Prudential (2378 HK)

Prudential Plc. (2378 HK) - NBP Beat Driven by Better 2H Margin

Prudential reported strong FY23 results with new business profit (NBP) jumping by 45% YoY (CER) to US$3.13bn, beating consensus by 6.4%, thanks to...

CMB International

Prudential PLC (2378 HK) – HK NBP more than doubled in 1Q23

Prudential PLC reported 30%/26% YoY growth of NBP (new business profit) in 1Q23 on constant/actual FX (CER/AER) basis, driven by 35%/29% YoY growth...

CMB International

Prudential Plc. (2378 HK) – 15% APE Growth in 2M23

Prudential plc reported in line results for FY22, with NBP excl. HK up 5% YoY on constant exchange rates (CER) basis. The group NBP declined 11% on...

CMB International

Prudential PLC (2378 HK) – Strong new biz momentum from China JV

We expect to see decent APE (annualized premium equivalent) growth in 2H22 on the back of recovery in new business momentum of South East Asian...

CMB International

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