"Big Banks" JP Morgan: AIA's new business value growth in the first quarter slows down but does not pose a significant risk to the company; weak stock prices provide a buying opportunity

JP Morgan published a research report stating that AIA (01299.HK) stock price has underperformed the market, with its valuation falling below historical averages. The bank believes that the slowdown in new business value growth in the first quarter does not pose a significant risk to the company's full-year forecast, and the recent weak stock price may present an attractive buying opportunity for investors.

Morgan Stanley maintains an "Overweight" rating on AIA, with a target price of HKD 112. The bank expects AIA's new business value growth forecasts for the fiscal years 2026 to 2028 to be 13%, 19%, and 17%, respectively. Following the company's announcement of a buyback budget of USD 1.7 billion for this year, it is believed that the total shareholder return over the next 12 months could reach approximately 4%