Member Info for Jatw

Some large gains for bio pharma in HK today….US started well yesterday but then faded badly…hopefully it will take a cue from HK which is trying hard but held back by US selling.

https://www.hl.co.uk/investment-services/fund-and-share-account/faqs
HL will automatically reinvest income…..this is their FAQ list in particular:
Reinvestment: Income will be held within your account and accumulated until it reaches or exceeds £10 per holding, when it will be automatically reinvested, or you can choose your own reinvestment level between £10 and £1,000. Reinvestments are made between the 11th and 21st of each month (or as soon as practicable thereafter). If you’d like any share income automatically reinvested, we charge 1% of the trade value (minimum £1, maximum of £10). There is no charge to reinvest fund income.

I think there is an option for each holding….that you have to tick or income will be held as cash.

Not a huge advance getting taz available in Hainan, still need the symphony trial to succeed, but it may provide some real world experience for comfort when the China authorities get to review a NDA in 2024/25

1pencil, think you should x5 the Nasdaq ADs, so more like 2.5m shares traded.

It is london that may lose out in a reduction to two.
Not everything is about cost….as dicussed here before a main market listing would increase the pool of potential shareholders as many funds cannot hold AIM listed stocks.

HSBC is looking to list its Indonesia operations…..it would not be a surprise to me to see Pru start to realise the value of its main Asian markets by floating 25-40% in local markets.

Seems to have bounced off lows in high 70s.
Nearly at HY….still confident this will make headway, but may need more clarity in the markets about the war, inflation and how credit ratings hold up.

Despite the management presentation the market has not reacted positively.
For those of a brave disposition now is a decent entry point….I don’t feel like committing more money until the recovery starts.

Davey, I would agree the logical investment decision is to fill up, the bottom must be near and the prospects not much different on a 3+ year horizon.

Pat XD…..did you walk away
Can you explain the fundamentals comment.
A rise in interest rates means a higher discount rate for the insurance liabilities, which means lower liabilities offset by risk of credit portfolio downgrades.
Investment performance has been improving with institutional inflows….overall lower AUM leads to lower fees, but if there are inflows offsetting market movements the result is marginal.
Inflation is a cost risk, but Athena business continues to reduce costs.
IMO fundamentals are mixed and largely neutral in current conditions…

it mostly depends on when Manulife want to stop paying him they have announced his successor, he will probably start earlier.

He will have limited access during his gardening leave but will have enough to have a plan on day 1.

They have a lot to do including building the Asian shareholder register, negotiating increased shareholding’s in China and Indian JVs, expanding African operations (profitably)
Getting the sales force productivity up from covid lows.
Convincing the HK market and London that Pru is worth more than a tenner a share.

I expect there will be some sales in the markets that favour the west (Philippines, Taiwan, Japan, Korea) and a pivot to areas China influences. If they want to buy their way into Africa now is the time to do it with lower valuations, but I suspect they are in limbo until the new CEO arrives….not sure that makes them vulnerable, but it makes them weaker and should a sizeable deal come along they are likely to lose out in the short term.

The share price is per share not per ADS which is 5 shares or 30USD per ADS.
General Atlantic let the warrant lapse which was prescient.

Now they can buy at $2 per share…..which might be why they want a director in place.

The pipeline keeps on getting better….no reason to sell, plenty to buy.

Hardly a vote of confidence….

Deal imminent?
Can’t be too hard to arrive at a deal with 3.
New hold co, e& buys 20%, vod and CKHH get some cash and 40% each. Vary % until the deal wworks

GA invested 100m USD which was about 3% at the time….the HK listing reduced their holding below the disclosure limit.
The page is not in the current company presentation, but a large number of investors were listed including GA on a governance and investors page.

Today there is no value gain, but the theory is that the dividend value will remain similar but be approx 15% higher per share. This is expected to result in a high share price or a more attractive yield……
The alternative while still distributing the cash would have been a special dividend which would have reduced the share price by 20p. Dividends on the shares would remain similar with performance related increases only.
There is not much difference because the cash has left the business and been paid to shareholders……you can choose how to reinvest it….or management could have kept it to spend on M&A or a fancy new head office…I prefer to squander it myself….

Always an if or But somewhere.

What is needed is some M&A to create a Chinese champion….
There are multiple companies with overlapping portfolios….all share mergers retain their cash balances, then focus the portfolios on the winners and best candidates this will save $$$ in duplicate programmes.
Beigene to lead? And swallow up innovent, Hutchmed, Zai labs….would be good Afro many shareholders and create a world leading franchise……this is how US and EU big pharma emerged so it could happen…..possibly more likely now as the existing big pharma may be deterred from shopping in China themselves.

Send your Qs to the Board this weekend so they can consider answering them in their presentation next week.