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<Research>UBS: Non-deal Roadshow Hosted for AIA (01299.HK); Investors Satisfies with Results, Efforts to Meet Shareholders' Needs
Recommend 27 Positive 24 Negative 19 |
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AIA (01299.HK) picked up nearly 0.5% to $55.4 this morning (13th) after leaping 3.7% yesterday (12th). UBS held a non-deal roadshow in Asia (including Singapore, Mainland China and Hong Kong) after AIA's interim results announcement, UBS released a research report saying. Most investors appeared to be satisfied with the Company's solid p1H24 results, with NBV on a CER basis increasing by 25% YoY, and operating profit after tax (OPAT) rising by 10% YoY. Most importantly, investors appreciated AIA's efforts to meet their needs, one of which is the provision of the Company's first OPAT per share guidance of 9-11% CAGR (on a CER basis) for 2023-2026, and UBS believed that it had stress-tested the target. UBS kept rating at Buy and a target price of $90 on AIA, noting that the current valuation is attractive as it trades at 0.97x of projected PEV ratio). The broker expected its 2024/ 2025 shareholder returns to be 8.2%/ 5.5%, composed of dividends of 3.2%/ 3.5% and share buybacks of 5%/ 2%. AAStocks Financial News |
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