HSBC Global Research lifted its target price for AIA Group (01299) to HK$95 from HK$94 and maintained its "buy" rating.
AIA is due to report 1H results on 23 August. The research house forecasts: (1) NBV of US$2,266m, up 16%; (2) APE of US$3,609m, up 11%; (3) new business margin of 62.8%, up from 60.1% in 1H 2018; (4) Group EV of US$58.3bn, up 7%; (5) IFRS OPAT of US$2,919m, up 10%; (6) stable underlying free surplus generation of US$2,470m; and (7) DPS of HK$0.33, up 14%.
AIA shares are up 31% in absolute terms and have outperformed the HSI by 19% year-to-date. HSBC believes this is due to AIA receiving approval to expand its China presence as well as other attractive attributes.
18/07/2019 17:11
[I-bank focus]HSBC lifts AIA Group (01299) to HK$95
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