Core Viewpoint - Goldman Sachs has released a report indicating that Prudential (02378) will announce its fiscal year 2025 results on March 19, with expectations of significant growth in new business value and operating free surplus [1] Group 1: Financial Performance Expectations - Goldman Sachs forecasts a year-on-year growth of 10% in new business value (NBP) for Q4 and 12% for the entire fiscal year 2025 [1] - The operating free surplus generation (OFSG) is expected to show strong momentum in the second half of the fiscal year, with a projected year-on-year increase of 16%, compared to 14% in the first half [1] - The target price for Prudential has been raised from HKD 136 to HKD 150, maintaining a "Buy" rating [1] Group 2: Regional Business Insights - Growth in Prudential's Hong Kong and Indonesia operations is anticipated to slow in Q4 of fiscal year 2025, but this will be partially offset by accelerated growth in mainland China, sequential improvements in Malaysia, and the positive impact of a weaker US dollar compared to Q4 of 2024 [1] - Overall, the 12% growth for fiscal year 2025 aligns with the company's double-digit growth target and is in line with Visible Alpha's expected year-on-year growth of 13% [1] Group 3: Surplus Generation Projections - Goldman Sachs estimates that the operating free surplus generation (OFSG) for the second half of fiscal year 2025 will reach USD 1.521 billion, reflecting a year-on-year growth of 16%, which is 6% higher than market consensus [1] - The net free surplus generation (NFSG), after accounting for new business investments and other expenses, is projected to grow at a faster rate, with a year-on-year increase of 27% [1]
高盛：给予保诚 “买入”评级 目标价上调至150港元