
I am upgrading Prudential plc to a 'BUY' as the valuation and price appeal now outweigh China-related risks. PRU's underwriting margins, strong EPS growth, and embedded value equity support a fair value above £12/share, with a maintained PT of £10/share. Despite a modest 2.25% dividend yield, PRU's capital appreciation prospects and buyback authorization drive an attractive risk/reward profile.










