Prudential Plc 2378; PUK

[winston]

not vested

Jul 08, 2020

Is Prudential Public (PUK) a Good Value Investor Choice Now?

Prudential Public has a trailing twelve months PE ratio of 9.05.

Prudential Public has a forward PE ratio (price relative to this year’s earnings) of just 11.36.

Source: Zacks Investment Research

https://www.investing.com/analysis/is-p ... -200530225

[winston]

not vested

Prudential shares lower after scuttling Jackson National IPO and planning equity raise

By Steve Goldstein

Shares of Prudential plc fell as much as 11% on Thursday, as the U.K.-listed insurer said it was going to raise as much as $3 billion in equity and split off its U.S. arm in a demerger rather than an initial public offering.

Prudential PRU said it would be faster to split off Jackson National Life with a demerger onto the New York Stock Exchange, rather than an IPO. The demerger is planned for the second quarter, and Prudential said it would retain a 20% stake that it will gradually sell off.

Prudential also said it would raise between $2.5 billion and $3 billion through a sale of stock in Hong Kong, London, or both.

Source: Market Watch

https://www.marketwatch.com/discover?ur ... amp_social

[winston]

not vested

Prudential net jumps 170pc to US$2.1b

Prudential's (2378) net profit jumped by 170 percent to over US$2.12 billion (HK$16.54 billion) year-on-year in 2020, thanks to the strength in its main Asian business.

It declared the second interim dividend of 10.73 US cents per share, and recommended an annual dividend of 16.10 US cents.

The adjusted operating profit was US$5.51 billion for 2020, up 3.7 percent from the previous year.

Hong Kong annual premium equivalent sales plunged 63 percent year-on-year, due to a very sharp reduction in sales to mainland customers, reflecting the impact of the border closure early last year.

Chief executive Mike Wells said mainland demand for Hong Kong products will continue once the border is reopened.

In January, the life insurer said it would split off its US business Jackson through a demerger and may raise US$2.5-3 billion in new equity, following pressure from activist investor Third Point.

The group will retain a near 20 percent non-controlling interest in Jackson following the spinoff. It then intends to monetize part of the stake to support investment in Asia, and to eventually own less than 10 percent of the unit.

Source: Bloomberg

https://www.thestandard.com.hk/section- ... to-US$2.1b

[winston]

not vested

Prudential loses on demerger plan

Prudential (2378) recorded a first-half net loss of US$4.64 billion (HK$36.2 billion) after the write-down of its US business Jackson Financial to estimated fair value.

That compared to a net profit of US$534 million over the same period last year.

Basic earnings per share were 154.2 US cents. The insurance company declared an interim dividend of 5.37 US cents.

Adjusted operating profit rose 22.16 percent year on year to US$1.57 billion on an actual exchange rate basis.

Life new business profit from continuing operations jumped 28.95 percent.

Annual premium equivalent sales from Asia and Africa increased by 17 percent, while new business profit was up 25 percent.

In Hong Kong, APE sales were 35 percent lower and new business profit was 13 percent below the earlier period. Health and protection business represented 28 percent of APE sales.

The firm continued to work on the separation of Jackson and planned to complete the demerger in September, which allows the completion of Prudential's strategic transformation.

The group will focus exclusively on its higher-growth and higher risk-adjusted return businesses in Asia and Africa, making it one of the largest Asia and Africa-focused life insurance and asset management businesses.

Following the completion of the Jackson de-merger, the group is eyeing raising new equity of about US$2.5 billion to $3 billion to enhance financial flexibility and delever the balance sheet.

Source: The Standard

https://www.thestandard.com.hk/section- ... erger-plan

[winston]

not vested

UK insurer Prudential plans to raise almost US$3 billion in stock placement in Hong Kong Prudential said it will use the proceeds to strengthen its ‘financial flexibility’

The insurance company said it will sell roughly 130.8 million shares on the city’s stock exchange at an offer price of no more than HK$172 per share

by Zhang Shidong

Prudential is now entirely focused on long-term structural growth opportunities in Asia and Africa.

Prudential has branches covering 99 cities in mainland China.

Source: SCMP

https://www.scmp.com/business/markets/a ... lion-stock

[winston]

not vested

Prudential raises $22.5b to pay debts

by Caroline Zheng

Prudential (2378) plans to raise up to HK$22.5 billion in a share placement.

The new shares will be offered at up to HK$172 apiece, a 9 percent premium to Friday's closing price. They will be traded on October 4. And pricing is expected on September 25.

HK$17.5 billion is to redeem high coupon debt and the rest for Asian and African investments.

Everbright Sun Hung Kai Securities strategist Kenny Ng Lai-yin said the London-based insurer may try to expand its mainland presence by increasing its investor base in Hong Kong, like AIA Group (1299), with the recovery of mainland insurers being relatively weak this year.

Source: The Standard

https://www.thestandard.com.hk/section- ... -pay-debts

[winston]

not vested

Prudential (2378 HK)
Future-ready With Sights Set On Emerging Markets

Following the demerger of Jackson in Sep 21, Pru is keen to raise its stakes in its China
and India JVs.

This puts Pru in a strong position to support new initiatives and realise a four-year new business profit CAGR of 17% in 2022-25.

This should see Pru re-rate and narrow its valuation gap with peers.

Initiate coverage with BUY and target price of HK$204.50, implying 0.86x 2022F P/EV and 14.0x 2022F PE.

Source: UOBKH

https://research.uobkayhian.com/content ... 12aeec9724

[winston]

not vested

PRU 2021 New Biz Profit on CER Grows 13%; 2nd Interim Div US11.86 Cents

PRU (02378.HK) announced that, for the year of 2021, the APE sales of the group increased by 8% on a constant exchange rate (CER) basis and 10% on an actual exchange rate (AER) basis, to US$4.194 billion.

The new business profit, on the other hand, expanded by 13% on a CER basis and 15% on an AER basis, to US$2.526 billion.

A second interim ordinary dividend of US11.86 cents per share was declared, implying a DPS of US17.23 cents for the full year.

Source: AAStocks Financial News

[winston]

not vested

Prudential slides to US$2b loss in 2021

by Evan Liu

Prudential (2378) posted a net loss of US$2.04 billion (HK$15.91 billion) in 2021, compared with a US$2.12 billion profit in 2020.

The UK insurer declared a second interim dividend of 11.86 US cents per share. And the dividend for the full year rose 7 percent year on year to 17.23 US cents per share.

Adjusted operating profit from continuing operations last year reached US$3.23 billion, up 17 percent year on year.

Profit for new business rose 15 percent to US$2.53 billion and annual premium equivalent sales rose 10 percent to US$4.19 million

The insurer's Hong Kong business saw APE sales drop 27 percent year-on-year to US$550 million. Adjusted operating profit in Hong Kong was US$975 million in 2021, a 9 percent decrease year on year.

New business profits in Hong Kong fell 6 percent to US$7.36 million last year.

"New business levels in Hong Kong remained impacted by the continuing Mainland China border closure," Prudential's chief executive Mike Wells said.

Its shares closed 5.25 percent higher at HK$108.3 yesterday.

Source: The Standard

https://www.thestandard.com.hk/section- ... ss-in-2021

[winston]

Prudential (2378 HK)
2021: Results Beat On New Business Profit

Prudential’s 2021 headline numbers look modestly ahead of expectations, which we
think will be supportive for the stock.

New business profit was 11% ahead of our expectations.

The Board declared a second interim dividend of US$11.86 US cents per share.

The recent resurgence of COVID-19 in Hong Kong has pushed back the reopening of borders; we now expect the mainland Chinese visitor (MCV) business to return in 3Q22.

Maintain BUY with target price reduced to HK$195.90.

Source: UOBKH

https://research.uobkayhian.com/content ... b8ef0c69ba