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<Research>BofAS: AIA (01299.HK) 3Q VNB Growth Beats Forecasts, Momentum Remains Solid
Recommend 6 Positive 11 Negative 2 |
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AIA (01299.HK) released its operational data for 9M25 and 3Q25, BofA Securities issued a research report saying. The Group's 9M25 value of new business (VNB) grew by 19% YoY based on actual exchange rate basis, or 18% based on constant exchange rate basis, compared to the broker's expectation of 15%. Growth in 3Q25 was 27% and 25% each. VNB margin increased from 53.3% in the same period of 2024 to 57.9% in 2025. Among its 18 markets, 11 recorded double-digit YoY growth in 3Q25, led by the Hong Kong market. The growth momentum remained solid. The stock is currently trading at a projected P/EV of approx. 1.2x for 2026. Therefore, the broker reiterated rating at Buy, with a target price of $90. AASTOCKS Financial News Website: www.aastocks.com |
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