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GS lowers AIA (01299) price target to $93
16 May 2019
(Infocast News) Goldman Sachs has lowered its target price on AIA Group (01299) to HK$93 (implying a 20% potential upside) from HK$94 and reiterated its Buy rating (on Conviction List) on the stock. While AIA Group's rate of growth is unlikely to be as high as in the past, the premium valuation is still justified, the brokerage says.

Goldman Sachs identified ten markets that would align AIA Group's footprint with leading foreign peers and add 157%/132% to the insurer's existing markets measured by 2018 GDP/life insurance premium. The brokerage expects AIA Group's growth of embedded value to reach 16% by 2021 driven by VONB (value of new business) growth and positive operating variances, up from 15.5% in 2018, and expects the companu to grow its dividend 18% p.a. until 2021.

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