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01299 AIA
RTNominal unchange52.550 0.000 (0.000%)
Research Report

03/06/2020 15:44

{I-bank focus}Morgan lowers AIA Group (01299) to HK$78

[ET Net News Agency, 3 June 2020] Morgan Stanley lowered its target price for AIA Group
(01299) to HK$78 from HK$85 and maintained its "overweight" rating.
The research house lowered its VNB (value of new business) forecast for HK and ASEAN
markets to reflect extended lockdown periods to span all of 2Q, but it still assumed a
normalized growth rate in 2H.
Morgan now expects a slightly negative VNB growth rate for 2020, but kept its growth
rate for 2021 and beyond largely unchanged at 17%.
It also cut its EV (embedded value) forecast for 2020 by 12% to reflect potential
investment assumption changes due to 150bp rate cut in the US, and mark-to-market loss on
equity portfolio. (KL)

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