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<Research>UBS Trims AIA's TP to HKD104, Projects ~15% Growth in Interim VONB
Recommend 7 Positive 9 Negative 4 |
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AIA (01299.HK) management noted that the growth momentum of its Hong Kong business remained strong in 1Q26, thanks to local customers and mainland China visitors, according to a report from UBS. The appreciation of RMB has a limited impact on the demand from mainland visitors due to the structural need for diversified wealth allocation and the attractiveness of Hong Kong insurance products. In mainland China, new business value recorded over 20% growth in 2M26, benefiting from agency and bancassurance channels. Due to the high base effect from the co-payment scheme at the end of March last year, it is expected that the value of new business (VONB) for the Thai market will decline YoY in 1Q26. UBS has trimmed its target price for AIA from HKD106 to HKD104. Remaining optimistic about the group's ability to achieve around a 15% growth in VONB and a total shareholder return of 4% in the medium term, the broker has kept the Buy rating unchanged. AAStocks Financial News |
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