保诚20亿美元资本回购计划点评：回购方案超预期，派息政策延续稳定

Investment Rating - The report assigns an "Accumulate" rating to Prudential (2378) [2][6]. Core Views - Prudential announced a $2 billion share buyback plan, which is expected to enhance shareholder returns and stabilize market confidence amid concerns over slowing NBV growth [6]. - The company has a robust free surplus reserve of$8.5 billion, with a free surplus ratio of 242%, indicating a strong capacity for shareholder returns [6]. - The dividend policy remains stable, with an expected annual dividend increase of 7%-9% for 2024 [6]. - The target price is maintained at HKD 108.64 per share, with projected EPS for 2024-2026 at $0.87,$1.12, and $1.19 respectively [6]. Financial Summary - Revenue for 2023 is projected at$9.371 billion, with a growth rate of 9.6% [5]. - The net profit for 2023 is expected to be $1.701 billion, showing a significant recovery from previous losses [5]. - The PE ratio for 2023 is estimated at 16.18, indicating a more favorable valuation compared to prior years [5].