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Goldman Sachs reiterated its "buy" rating for AIA with a target price of HKD 92.
Goldman Sachs released a research report stating that it reaffirms its "buy" rating on AIA (01299) and includes it in its "conviction buy list" with a target price of HKD 92 based on the company's solid new business value growth, strong balance sheet and profit generation. The bank expects investors to revalue the current value after having a higher visibility of the company's post-tax surplus and free cash flow rebound and growth prospects. The report stated that AIA's stock price has fallen 22% since May 20, erasing the gains since the company announced its capital management policy and expanded stock buyback plan in April. The situation is believed to reflect the Hang Seng Index's decline and investors' continued focus on profit rebound and intrinsic value.
