[ET Net News Agency, 22 February 2018] Credit Suisse lifted its target price for AIA
Group (01299) to HK$76 from HK$71 factoring in strong equity markets and FX tailwinds, and
reiterated its "outperform" rating.
AIA will release results on 27 February (pre-market). The research house estimated VNB
of US$930mn in 4Q (+16% on AER); of US$1,754mn in 2H (+18%); and of US$3,507mn in FY2017
(+27.5%).
CS expects VNB momentum to stay strong (>55%) in China, led by 35% total premium growth
in 4Q 2017 and continuous protection sales. HK growth should normalise, given 4Q 2016 high
base (NB APE +70% YoY) and moderation of MCV business, but boosted by higher margin from
positive product mix shift.
It estimated US$49.7bn EV FY2017, as the research house factored in (1) strong equity
markets (+7.4% in 2H 2017) and (2) local FX appreciation against US$ (blended FX +1.6% in
2H 2017). It estimated OPAT US$4,570mn, up 15%. (KL)
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01299 AIA
Nominal 
54.000 +2.450 (+4.753%) Others
22/02/2018 16:09
[I-bank focus]Credit Suisse lifts AIA Group (01299) to HK$76
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