Group 1 - The core viewpoint of the report is that Prudential (02378) is currently trading at 1.0x/0.8x 26e/27e P/EV, and the firm maintains an outperform rating based on the positive impact of the IPO of its joint venture in India on earnings [1] - The company announced that its joint venture with ICICI Bank, ICICI Prudential Asset Management Company Limited, completed its IPO on the National Stock Exchange of India, raising approximately $1.4 billion, which will be used to enhance shareholder returns [2] - A new stock buyback plan of $1.2 billion was announced, expected to be completed by December 18, 2026, with about $700 million coming from the IPO proceeds, continuing the previous $2 billion buyback plan completed in 2025 [3] Group 2 - The company is set to have a new independent chairman, Sir Douglas Flint, starting in May 2026, who has extensive experience in wealth management and asset management, suggesting a potential shift in strategic direction and financial goals [4] - The company reported a 13% year-on-year increase in new business profit (NBP) for the first nine months of 2025 at constant exchange rates, with double-digit growth in both Hong Kong and mainland China businesses in Q3 2025, indicating a strong growth outlook for the mainland insurance market [5]
中金：维持保诚(02378)跑赢行业评级 目标价151.35港元