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<Research>CITIC Securities: AIA (01299.HK) Actively Manages Capital to Defend Shareholders' Interests
Recommend 17 Positive 39 Negative 13 |
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AIA (01299.HK)'s 1Q24 VONB grew 31% YoY, with an additional US$2 billion share buyback plan, while the Company's updated capital management measures exceeded expectations, CITIC Securities released a research report saying. CITIC Securities kept rating at Buy, with a target price of $83, on its strong channel and regional strategies, which provide high certainty in value growth, and shareholder return increase due to capital management. AIA's proactive capital management and safeguarding of shareholders' interests are expected to bring about a rebound in share price and valuation correction, according to the report. With reference to the 1Q24 situation and the new dividend policy, CITIC Securities adjusted its 2024-2026 EVPS forecasts to US$6.23/ US$6.87/ US$7.56, compared to the prior forecasts of US$6.34/ US$7.00/ US$7.68. With a current PEV of 1.3x and a corresponding ROEV of 13%, the valuation of AIA is still at the low end of the reasonable range. AAStocks Financial News |
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