HSBC Research Maintains AIA Hold, TP HKD85
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HSBC Research has maintained a Hold rating on AIAwith a target price of HKD85. The company reported a 13% YoY increase in value of new business (VONB) in Q1, driven by strong growth in Mainland China, exceeding market expectations. Annualized new premiums rose 16% YoY, while VONB margin fell to 56%. AIA is conducting a strategic review, which may lead to restructuring or M&A opportunities. The report highlights mixed performance across regions, with Mainland China and Hong Kong showing growth, while Thailand experienced a decline.
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