Member Info for Jatw

This is the preliminary work for the Savannah trial referenced in the company presentation and has moved on to phase II with an interim readout expected in 2020.
P17/18 of the company presentation contain the data.
P7/8/9 show savannah in the company pipeline and newsflow

Thought this was a bargain at 120p, again at 100 and now at 90p
I have bought a couple of thousand as a recovery play....and for the long term.....More African economies are entering the sweet spot that Asian economies have been in with more disposable wealth leading to insurance and asset purchases. OM should be a beneficiary of these positive underlying fundamentals.

Nice to have a comparator on the market.......KKR have listed CLSN.....any views which is superior?

Permanent.......
GSK results have knocked a few billion off its value.
It will shrink significantly in 2years time when its consumer healthcare business is separated.

AZN pipeline is strong GSK although getting stronger is several years behind.

As I wanted.....a decent update showing the business has continued to operate with stability.

Rebuilding investor trust.....and we will be rewarded with steady SP gains

The Pru profits were quite nicely split across Asia, US and Europe, however the market put very different valuations on the businesses hence there was value from separating the lower valued parts. Operationally, and financially, separating the US business is much easier than disentangling the UK from the Group.
Jackson is a niche operator in the US, good at variable annuities and quite small in value compared to other US a finance houses. It should not be too hard to find a buyer if one is needed and the business is self financing to be able to stand alone although whether there would be appetite among Pru shareholders to own a stand-alone US business is questionable.

The story yesterday of divesting in US and building in Asia makes perfect sense to me.
I suspect the difficulty will be in trying to get CITIC to sell at a reasonable price.

I suspect it reflects the last FY profits being v low and does not reflect the improvement in performance in 2019.......remember the share bombed to under 500.

RNS available on cvsg website appears to be what the veterinary surgeon ordered. Hope the market likes it.....although the good run may mean some profit taking today.
The strategy looks stable to exploit the strong fundamentals in this market...

The declaration of a second interim dividend is something that has occurred every year since Solvency II regulations came into force and affects all insurers. There is a technicality /conflict between SII and companies act which makes it illegal to declare a final dividend.
Just a quirk to work around......it has absolutely no impact on the ability of these companies to pay a dividend, merely the legal form of it.

Very positive indicator and an instant profit for the UWs.

A month to go to the results day....will an NDA for Savolitinib be announced beforehand?

But not accompanied by volume, so more likely MMs Walking the price up hoping to suck some day traders into the momentum....
I am hoping for a low market reaction to what comes out tomorrow.....just stable trading since the last announcement will be a positive.
I believe that veterinary services has a supportive demographic backdrop with more private medicine for pets becoming a long term trend......CVSG is well placed for profitable growth, as long as it does not get over ambitious and watches its credit rating and cash flows.

Clarity around Year of the separation
Cash from operations up significantly and profits
Positive news on pipeline in particular last years acquisition coming good

Less likely - a small increase in the dividend (save it for demerger)

Resulting in upgrades

Hopefully the virus effects will be short lived, however there is potential for disruption to many plans in China and the wider region.
Hospitals full of corona related patients, Oncology patients not allowed into hospital to get their treatments.....less reliable and missing data for clinical trials, regulators not working or redirected to other work......

As I say some bumps in the road ahead but for HCM the future is still bright.....buying opportunities ahead

UK stocks are being affected by concerns of a local slow down which seems all the more likely when China is in shut down and Trump can slap tariffs on European products. Given the US EU problem is rooted in the Airbus Boeing issue the recent penalties being paid by Airbus will only fuel a sense of American injustice.

Chatter about a cut in interest rates particularly hurt UK financials.....

In this context seeing Av under 400 and Lloyds back in the mid fifties is not that surprising. It is perhaps more surprising that LGEN MNG are less affected.

BTW in the telegraph today a FM was commenting on AV. He was seeing AV as undervalued and is a buyer hopeful of a recovery.

Pru has appointed shriti vadera as NED and Chair to succeed paul manduca.

Once again the company in front is prudential leaving the a viva in its wake.

Eg. The Savo indication is a positive for the valuation

Just to remind us all how risky drug development is, lower down the order theliatinib testing has been stopped since the 20 jan corporate presentation was posted.
This will have no material impact on prospects....but does show that not all HCM initiatives will be successful. Hence the market discount to the analyst models, which will close as the pipeline matures.
Back to 400p soon enough....500 by the year end with positive pipeline and higher analyst valuations.

A lot of Pru Asia business is health insurance.
The result of this epidemic will be rising food safety standards, increased public health spending across the region.
Assuming insurers pay out on health cover, income protection and death benefits this will be a reminder to the poplulations that until public healthcare is fully funded that they need to increase their spend on insurance.
It Is an ill wind that blow no-one any good.
My hunch is that 2020/21 will prove to be good years for insurers across the region.

The prospectus listed what the proceeds would be used for..nothing referenced M&A.

I hope any M&A will have a large element of locked up equity or is a relatively small bolt on $20-50m. Beyond this level it should be JV as this company does not have funding to p*** it up the wall paying hard cash for goodwill and maybes.