Morgan Stanley releases reportozwincasinonodepositbonus2022, AIA's new business value in the first quarter is expected to increase by 19% year-on-year at real exchange rates and by 23% at constant exchange rates, driven mainly by strong growth in the mainland, Hong Kong and Thailand. Profit margins have hit bottom and I believe that financial data is recovering. I maintain its "overweight" rating with a target price of HK$94.

The bank expects the mainland to be the main factor affecting the value of new business. It estimates that the value of new business in the mainland will increase by 26% year-on-year at real exchange rates in the first quarter, mainly because it was still affected by the epidemic in January last year, the comparative base is low, and customer demand remains strong in the first quarter of this year. The value of new business in Hong Kong is estimated to increase by 27% in the first quarter. The local market growth is stable and visitors from the mainland are growing quarterly. The bank continues to pay attention to regulatory news, but believes that the impact will be minor.

Morgan Stanley believes that AIA performed steadily in the first quarter in the ASEAN market, with Thailand being the bright spot and India slowing down slightly, but growth remains healthy.