M Stanley Gives AIA Overweight Rating; 1Q Results Healthy, Reinforcing Market Confidence
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Morgan Stanley has assigned an Overweight rating to AIAfollowing a strong 1Q performance, where the company reported a 13% growth in value of new business (VNB), surpassing forecasts. Notably, Hong Kong's VNB grew by 21%, while China's VNB increased by 26% YoY. Despite an 18% decline in Thailand, a rebound is expected in 2Q. The bank anticipates AIA will achieve mid-teens full-year growth, setting a target price of HKD109.
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