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<Research>BofAS Drops AIA (01299.HK) TP to $90, Rating Buy
Recommend 6 Positive 21 Negative 4 |
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AIA (01299.HK)'s 1H25 net profit dropped by 24% YoY to US$2.5 billion, BofA Securities published a research report saying. On a constant exchange rate (CER) basis, the Group's VONB rose by 14% YoY to US$2.8 billion, slightly below the broker's expectation. The VONB margin increased from 53.9% in 1H24 to 57.7%. After repurchasing approximately US$1.9 billion in 1H25, AIA's embedded value hiked by 4% YoY to US$70.9 billion. BofA Securities lowered its 2025-2027 earnings forecasts for the Company by 8-11%, reflecting higher forecasts for net finance expenses from insurance contracts. The broker dropped its target price from $92.2 to $90, with rating at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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