AIA Group 1299

Re: AIA Group 1299

Postby winston » Mon Aug 19, 2019 9:41 am

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AIA Group
Shifting benchmarks: Thailand 2010 protests


Thailand’s 2010 protests are now our conservative benchmark for assessing impact of protests on insurance sales (previous: HK 2014 Occupy Central).

We estimate negative impact of 24-28% pts on AIA HK's FY19F VONB (5-6% of AIA Group VONB) or half that if only MCV segment is affected.

Impact of HK protests on AIA Group’s FY19F VONB still not a concern to us.

Expect strong 2Q19 results to be released on 23 Aug. Our TP dips to HK$94 due to adverse effects from investment market and currency movements.

Source: CIMB

https://brokingrfs.cimb.com/tRVMd2wiXG0 ... QUvUg2.pdf
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Re: AIA Group 1299

Postby winston » Fri Aug 23, 2019 10:04 am

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<Result Ann>AIA Interim VONB Rises 20% on CER; Interim DPS HK33.3 Cents

AIA (01299.HK) announced the interim results for the six months ended 30 June 2019 (financial year end date is changed to 31 December).

Value of new business (VONB) increased by 20 per cent to US$2.275 billion on a constant exchange rate basis, slightly beating brokers' forecast of US$2.235-2.325 billion.

Annualised new premiums (ANP) increased by 9 per cent to US$3.443 billion.

VONB margin went up 6.2 ppts to 65.6 per cent.

Net profit attributable to shareholders burgeoned 132.49 per cent yearly to US$3.864 billion for the first half of 2019, consistent with brokers' forecast of US$2.554-4.23 billion.

Basic EPS equaled US$0.32, while interim DPS grew by 14 per cent to HK33.3 cents.

Source: AAStocks Financial News
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Re: AIA Group 1299

Postby winston » Tue Sep 17, 2019 11:53 am

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<Research Report>Nomura Trims AIA (01299.HK) TP to $75.91: Rated Neutral

Nomura trimmed AIA (01299.HK)'s 2019E overall VONB growth to 16% from 18% on constant exchange rate basis, implying 2H19E VONB growth of 13% YoY, dented by persistent protests and growing competition of insurance market in Hong Kong.

Also, the broker slashed the 2019E Hong Kong VONB growth to 9% from 17%.

The target price on AIA was cut to $75.91 from $76.01 with rating retained at Neutral.

Nomura preferred PING AN (02318.HK) with rating of Buy and target price of $114.87.

Source: AAStocks Financial News
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Re: AIA Group 1299

Postby winston » Thu Sep 19, 2019 1:59 pm

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Aug 29, 2019

<Research Report>JP Morgan Axes AIA (01299.HK) TP to $100; Rated Overweight

JP Morgan trimmed AIA (01299.HK)'s single premium growth forecast to factor in 1H19 performance.

During 1H19, the single premium volume of the company slashed 30% YoY to US$2.3 billion to reflect lower bond yield.

The broker expected the full-year 2019 single premium to drop 39% YoY.

JP Morgan also cut the insurer's NBV forecast for next ten years (excluding China). Thus, the target price was axed to $100 from $108 with rating retained at Overweight.

Source: AAStocks Financial News
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Re: AIA Group 1299

Postby winston » Thu Sep 26, 2019 1:01 pm

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<Research Report>Citi Initiates AIA (01299.HK) at Buy with TP Up to $90

Citigroup initiated AIA (01299.HK) at Buy with target price raised to $90.

Owning high quality and long-term outstanding business record across 18 Asian markets, AIA was believed to strive for the mainland insurance market which is gradually opening up, despite unfinished social unrest in Hong Kong.

The 2019E-2021E NBV of AIA hit US$4.387 billion, US$4.97 billion and US$5.921 billion, up 10.9%, 13.3% and 19.1% YoY.

Source: AAStocks Financial News
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Re: AIA Group 1299

Postby winston » Fri Oct 11, 2019 5:51 pm

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Daiwa Cuts AIA (01299.HK) TP to $95; Rated Buy

Daiwa covered AIA (01299.HK) in its report, saying the latter's 1-3Q19E VNB may grow 13% YoY on a constant exchange rate (CER) or rise 10% on an actual exchange rate (AER), suggesting a 2% YoY fall in VNB in 3Q19E.

As for Hong Kong market, new business from mainland tourists was significantly infected since social movement escalated in July because new clients were reluctant to visit Hong Kong.

Independent financial adviser channels were affected especially, which contributed approximately 30% VNB to AIA HK.

AIA's rating was reiterated at Buy with target price cut to $95 from $98. Daiwa assumed the impact from Hong Kong is temporary and will not influence the structural growth of AIA.

Source: AAstocks.com
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Re: AIA Group 1299

Postby winston » Tue Oct 22, 2019 9:42 am

MCV pullback: Permanent or temporary?

A commonly asked investor question recently is whether the pullback of MCV insurance demand since the HK protests started is temporary or permanent.

We see the pullback as temporary due to 5 reasons, not least being the ease & cost of travel to HK vs. other regions, plus its large pool of US$ policies.

Macau, where AIA also has a strong presence, is a more likely beneficiary of MCV shifting their insurance purchases, compared to other non-HK regions.

Maintain an Add rating, with TP of HK$84

Source: UOBKH

https://rfs.cgs-cimb.com/api/download?f ... 447253F3BC
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Re: AIA Group 1299

Postby winston » Fri Oct 25, 2019 11:53 am

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C Suisse Cuts AIA (01299.HK) TP to $91; Rated Outperform

Credit Suisse estimated AIA (01299.HK)'s 3Q19 VNB at US$989 million (+1%/ +1.2% on AER/ CER basis), slightly above street forecast of US$984 million.

Hong Kong posted a mid-teen VNB decline YoY in the quarter, given the disrupted Chinese visitor business.

Agents were shifting their focus to onshore clients, likely improving margins and offsetting the demanding new business sales trend.

UBS Trims AIA (01299.HK) TP to $90; Rated Buy

Overall, AIA was rated Outperform, with target cut from $96 to $91.

Source: AAstocks.com
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Re: AIA Group 1299

Postby winston » Mon Oct 28, 2019 8:08 am

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AIA third-quarter new business posts tepid rise as HK demand slows

The Hong Kong-based insurer earns a large chunk of its revenue from visitors from mainland China and is the latest in a series of companies to flag concerns about the impact of protests in Hong Kong on business activity.

Hong Kong: Asia-focused insurer AIA Group Ltd said on Monday it posted only a small rise in new business for the third quarter, affected by a "challenging operating environment" in Hong Kong amid political unrest in the Asian financial hub.

AIA's new business value, which measures expected profits from new premiums and is a key gauge for future growth, inched up 1% to $980 million in the three months to Sept. 30. Excluding Hong Kong, new business grew 14%.

The Hong Kong-based insurer earns a large chunk of its revenue from visitors from mainland China and is the latest in a series of companies to flag concerns about the impact of protests in Hong Kong on business activity.

"Some of our markets are experiencing headwinds from the lower interest rate environment, falling consumer confidence and rising political and trade tensions," the company said in a statement.

"In particular, the reduced numbers of Mainland Chinese visitors to Hong Kong continue to affect sales."

The company's Hong Kong business reported a double-digit reduction in new business during the period, while the operation in mainland China "was our fastest-growing reportable market segment in the third quarter," AIA said.

Source: Reuters

https://www.thestar.com.my/business/bus ... AWIRTrx.99
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Re: AIA Group 1299

Postby winston » Mon Oct 28, 2019 9:50 am

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<Blue Chip Results>AIA (01299.HK) 3Q19 CER VONB Up 1%, In-line

AIA (01299.HK) announced the results for the third quarter ended 30 September 2019, where the value of new business (VONB) grew 1% yearly to US$980 million on a constant exchange rate basis (or up 11% yearly on an actual exchange rate basis).

The group's VONB was estimated to be US$989 million by Credit Suisse and US$984 million by the market.

Annualised new premiums (ANP) decreased by 8% yearly to US$1.444 billion.

VONB margin improved to 67%, up 6 ppts, mainly driven by a positive shift in both product and geographical mix, operating assumption changes and the positive effect of a tax rule change that increased the tax deductibility of commissions in Mainland China.

Source: AAStocks Financial News
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