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Well that was a good 10 mins of passion 😟 … back to misery now ..
Lol Mr Market 🤣
Well done to Anil and his team. Excellent results and much more to come all the way to 2027. £10 per share incoming!
12 markets grew by double-digits, demonstrating the strength of our multi-market and our multi-channel platform.
Growth was led by Hong Kong but there were also notable performances in Malaysia, Indonesia and several businesses within our Growth markets segment.
Importantly, we delivered high-quality growth and compounding earnings; We were able to grow APE sales by 37 per cent whilst improving our margins.
Increasing new business investment by a third, generating around 4 dollars of value for every 1 dollar invested.
We delivered 8 per cent growth in IFRS earnings, and a 17 per cent increase in embedded value operating profit. This drove embedded value, up 7 per cent to 45 billion dollars.
The number of active agents per month grew by three per cent, and productivity increased by 59 per cent.
We continue to develop PRUForce, our technology-driven distribution platform for agents. Across the 115 thousand users that we have been able to onboard, we are seeing an average productivity uplift of around 30 per cent.
Singapore, we have begun to streamline our offering and build a scalable platform by launching Prudential Financial Advisors and at the same time establishing a Wealth Academy. We plan to double the number of advisors in this market in the next 12 months
in Hong Kong, we delivered an exceptional performance with new business profits over three times higher than the prior year as the border re-opened and the economy recovered strongly
India reported 1.1 billon dollars of new APE sales on a 100 per cent basis for 2023.
ICICI Prudential has a track record of increasing margins, and we see a clear path for further expansion
Should be the biggest winner today in love and war that is the PRU manipulation
Much more + than AIA….
NBP+45% a slightly better result too.
The book values are USD16.46 (Embedded value) and USD 13.56 (IFRS basis) so trading at a 25-40% discount depending on the metric.
A short term rise is on the cards based on these results and then it will be back to macro economics in Asia to see if there will be a sustained rise…..but we are reaching the bottom of the fall…….the chartists will no doubt confirm at some point.
Dial-in: +44 (0) 20 3936 2999 (UK and international) / 0800 358 1035 (Freephone UK), Participant access code: 131313.
Performance highlights on a constant (and actual) exchange rate basis
- New business profit up 45 per cent (43 per cent) to $3,125 million. Excluding the effect of interest rate and other economic movements, new business profit up 47 per cent (45 per cent)
- Operating free surplus generated from in-force insurance and asset management business of $2,740 million (2022: $2,725 million ($2,760 million))
- Adjusted operating profit up 8 per cent (6 per cent) to $2,893 million
- EEV shareholders' equity is up 7 per cent to $45.3 billion, equivalent to 1,643 cents per share, on an AER basis.
- GWS shareholder capital surplus over GPCR of $16.1 billion, equivalent to a cover ratio of 295 per cent (31 December 2022: 307 per cent)
- Second interim dividend of 14.21 cents per share, 20.47 cents per share for the full year, up 9 per cent
Commenting on the Results, CEO Anil Wadhwani, said: "These are a very strong set of results while operating in a challenging macro environment, with new business profit up 45 per cent driven by a relentless focus on execution in our markets in Asia and Africa. It is also an illustration of the strength of both our agency and bancassurance distribution channels as well as an affirmation of our leadership position in many key markets.
"It has been six months since the launch of our new strategy and it's highly encouraging to see the early progress on our strategic objectives of improving our customer experience, driving technology powered distribution and transforming our business model in Health. We have on-boarded senior leadership talent in Health, Technology and added to our talent in our key markets as we continue to strengthen our capabilities in line with our strategic priorities.
"We delivered an excellent financial and operational performance in 2023 and deployed increased levels of capital in new business, enhancing core capabilities and expanding distribution. Sales growth has continued in the first two months of 2024. Given the relentless execution focus in implementing our strategy, we are increasingly confident in achieving our 2027 financial and strategic objectives and in accelerating value creation for our shareholders
"Given the relentless execution focus in implementing our strategy, we are increasingly confident in achieving our 2027 financial and strategic objectives and in accelerating value creation for our shareholders," Chief Executive Officer Anil Wadhwani said in a press statement.
Dividend raised
Prudential (LON:PRU) also declared a second interim cash dividend of 14.21 cents apiece, which coupled along with the first interim dividend brought the yearly number to 20.47 cents, higher than 18.78 cents in 2022.
Reuters) -Prudential on Wednesday declared a cash dividend for 2023 and reported an 8% rise in its annual operating profit, as upbeat policy sales across its key markets in Asia and Africa propelled the insurer's revenue growth.
Bracing for a buying dip tomorrow but at 774p this is already at a bargain so in for a bounce too. Always a market reaction with this beauty.
Add £5/£6 bring it on
or
Trim £8/£9
Let's go Brandon ( Bless Joe even saying it himself ;) )
Getting slightly uneasy, as this continues to fall, prior to tomorrow. The markets expectations seem very low. Going to go either way, another poor one & I am not sure what would stop the continuous slide. On the other hand, 10% rebound would also not be out of the question, if the results are good & they raise the dividend.
Nail biting stuff.
All the best whatever your position is on this.
AIA continued its fall in HK overnight….ona 1 year basis it is now slightly worse than Pru.
Not sure this bodes well for Wednesday’s results….but I hope Pru stresses the positives in the future.
Yeah, patterns don't really mean anything more than a change might be happening or nothing at all. A lot of people assume they're definite and don't look for confirmation.
I find price action, macd and multiple timeframe analysis are quite reliable on larger timeframes, which is how I trade over periods of 2-3 months. But nothing's perfect.
FWIW there is something in the charting spotting patterns, but unless it can be corroborated with actual trading data / events to confirm the cause of the market behaviour I don’t have any belief in it.
As an example (happened in the last two weeks) I have a share that a chartist declared had a death cross (a very bad thing) - the share proceded to gain 30% in the following week. There has clearly been a change in sentiment, but it was not because of the death cross…..The falls leading to the death cross and the subsequent rally occurred with no company specific information and some adverse geo-politics. In my view there was no reason to support the death cross assessment and it proved an unreliable indicator. I am sure there are also lots of affirmed cases cited by chart followers…..but that does not make it reliable imho..
Yeah... Thought as much. Zero thoughts on the matter.
Thanks mate, and your view is?
I think you made the correct statement when you said.
i can't tell what will happen next, it depends on your time frame.
utter garbage and crystal ball bull gazing.
jmho.
SP often moves with regards to inflation/economic data which is of course volatile
oil price up on supply concerns ...market wobbly again !
Awesome, forgot to link to daily chart: https://ibb.co/PT0CDS9
Of course, having said that, the price has gone south... Standard.
I can't tell what will happen next, and it depends on your timeframe for trading/investing. Look at the weekly chart here: https://ibb.co/w0dfd3s you will hopefully see the long term down trend that's been influencing this stock price since Jan 2018. After that you'll see the current down trend from end Jan 2023 which is controlling price today.
I see a nice double bottom pattern forming between 8th Nov 2021, 23rd Jan 2023 and we're at the bottom of the 2nd bottom, which typically (not guaranteed) suggests a big reversal, and when you look at how depressed the share price has become since 2018, there is a strong probability of a reversal (not guaranteed).
If you look at price on the weekly vs the current trend, you'll see this week broke through it and if you look at the MACD (I prefer to use 21 55 8 for clearer trending) you'll see a divergence, where price has hit similar low levels, but not lower lows, and yet MACD has produced a higher low. This is another indicator of reversal. Finally, if you look at the MACD/Signal, they've almost converged, so now I would look to the daily timeframe to see what's going on there.
From the daily chart, you can see from price action that the lower lows are becoming less severe. From the MACD you can see that there's divergence which indicates reversal, and current price action has broken through the downtrend line and is currently reacting to the daily 50MA. If price stays above the trend line, and if it makes a higher high, I'd say we're in reversal.
With regard to flat, sharp up, or down trend re-establishing, it all depends on macro, RNS flow, and watching the price action.
But, DYOR and don't blame me if it all goes wrong :)
Swanley, if I understand correctly you the down trend is not as strong as it was and there may be signs of a change coming…..can you tell if that will be a flat period or sharp up and what are the chances that the down trend will re-establish itself as the dominant direction?