External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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