---
title: "G Sachs Slightly Cuts AIA TP to HKD96, Keeps Buy"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296735693.md"
description: "Goldman Sachs slightly lowered AIA's target price to HKD96 from HKD97, maintaining a Buy rating. The adjustment reflects weaker-than-expected Hong Kong sales in H1 due to high base effects from Mainland Chinese Visitors, despite strong local business growth. Forecasts for FY2026-28 VONB and book value were reduced by 2-3% and 5-7% respectively. However, the broker remains optimistic about long-term structural growth and expects a return to mid-double-digit growth by FY2027."
datetime: "2026-08-24T04:26:55.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296735693.md)
  - [en](https://longbridge.com/en/news/296735693.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296735693.md)
generator: "portal-rs"
---

# G Sachs Slightly Cuts AIA TP to HKD96, Keeps Buy

Goldman Sachs issued a report on AIA (01299.HK) -0.450 (-0.599%) Short selling $639.83M; Ratio 22.852% , of which 1H results, Hong Kong sales performance fell short of expectations, in wake of the high base in Mainland Chinese Visitor (MCV) business, while local business logged strong growth momentum. The broker believed the high base impact had been well flagged, and the market's near-term focus will shift to 3Q results as the first data point for investors to assess the impact of various regulatory announcements on customer demand.

The broker was encouraged by the QoQ improvement in value of new business (VONB) for MCV business compared with 1Q. However, as the high base effect will become more challenging in 2H, the broker lowered its sales forecasts and expects Hong Kong VONB to record only low-single-digit growth in 2H26. The broker emphasized that Hong Kong's structural growth story remains intact, with VONB CAGR reaching 18% from 2023 to 2026, and expects Hong Kong to return to mid-double-digit growth in FY2027.

Following the 1H results update, Goldman Sachs revised its forecasts by lowering FY2026-28 VONB estimates by 2-3%, mainly reflecting feebler Hong Kong sales, partly offset by strong momentum in ASEAN markets. It also lowered FY2026-28 book value forecasts by 5% to 7% owing to unrealized losses in the bond portfolio. The broker assumed the recent share price has already reflected structural disruptions to MCV sales, and expected the growth slowdown to be brief. It viewed the risk-reward attractive and lowered the 12-month target price from HKD97 to HKD96 while maintaining the Buy rating.  
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-21 16:25.)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**