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"Big Bank report" Credit Suisse downgraded 01299.HK 's target price to 95 yuan to "outperform the market"
阿思達克 09-19 09:57
Credit Suisse published a research report pointing out that the reopening of the mainland is a key catalyst for 01299.HK, such as the opening of the border is beneficial to the insured business of Chinese and mainland visitors to Hong Kong (MCV). However, some investors prefer other sectors that are cheaper and have stronger potential for rebound, or other internal insurers with low valuations. The current price-to-connotation value of AIA is 1.55 times, which is about 2 standard deviations lower than the 3-year average. In addition, Credit Suisse pointed out that with the mitigation of epidemic prevention and control measures, investors expected AIA's sales in Hong Kong and ASEAN to regain growth momentum in the second half of the year. In fact, AIA has also demonstrated its ability to rebound from the epidemic. In the long run, Credit Suisse believes that insurers, especially life insurers, will benefit from the interest rate hike cycle, and AIA's total annualised return to shareholders is estimated at 5.5 per cent. The bank maintained its new business value growth forecast for AIA at fixed exchange rates (CER), but cut its earnings per share forecast for fiscal year 2022-2024 by 5 per cent, 2 per cent and 2 per cent, respectively. The target price will be reduced from 97 yuan to 95 yuan, maintaining the "outperform" rating.
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