[ET Net News Agency, 13 July 2020] Nomura lifted its target price for AIA (01299) to
HK$72.61 from HK$72.73 and maintained its "neutral" rating.
The research house said AIA's weak NBV (new business value) growth momentum continued
into 2Q, mainly dragged by HK and ASEAN markets. Nomura expects AIA's overall NBV to be
down 21%, with the HK market down 40%, ASEAN down 15% and mainland China & others largely
flattish in 1H, implying overall NBV down 15% for 2Q.
Nomura also noted a significant decline in the number of mainland visitors to HK over
the past 12 months, particularly in 1H. It expects AIA's HK NBV to drop 40% in 1H. (KL)