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<Research>G Sachs: AIA 1Q VONB Beats; CN Mkt Shows Steady Growth
Recommend 10 Positive 27 Negative 5 |
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Goldman Sachs has released a report predicting that the market will react positively to AIA (01299.HK)'s 1Q25 business update, as its value of new business (VONB) growth exceeded expectations despite a high base effect in the Chinese market. This outperformance reflected stronger-than-expected growth in the Hong Kong market, as well as robust growth in Thailand and Malaysia. AIA also noted that its new business contract service margin grew at a faster pace, which should provide favorable conditions for post-tax operating profit growth. AIA's VONB rose by 8% YoY in the Chinese market before the impact of changes in economic assumptions. Considering that its 1Q24 VONB accounted for about 40% of the full year, Goldman Sachs considered this as solid underlying growth. Still seeing AIA's risk-reward profile as attractive, Goldman Sachs kept the Buy rating changed with a target price of $90. AAStocks Financial News |
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