EFTA Document EFTA01385513

> Financials Deutsche Bank Gil 0 Prudential - Oliver Steel, close 1898p, 2050p tgt, 8% upside • Valuation is simply too low at just 5% premium to the wider sector (PE 11.5x 2019e vs broad sector at 10.8x), despite a superior growth rate (EPS CAGR to 2020 at 10%). • Long-term growth in Asia is the heart of the investment case: insurance spend in Asia is only 2.5% of GDP vs 7.5% in the UK, and mutual fund FuM only 12% of GDP vs Europe at 75%. We forecast 13-14% pa growth in Asia. • Pru ho