Goldman Sachs: Lowering AIA's (01299) target price by 1% to HK$95, reaffirming the “buy” rating

The Zhitong Finance App learned that Goldman Sachs released a research report stating that it will reduce the target price of AIA Insurance (01299) by 1% from HK$96 to HK$95, reaffirming the “buy” rating. The bank expects AIA's new business value (VONB) for the third quarter of 2026 to drop 3% year-on-year (at a fixed exchange rate) due to the high base effect brought about by previous promotions in Hong Kong, Mainland China, and Thailand.

The bank believes that recent offshore tax-related news may cause a slowdown in consumer demand in China. Affected by this, the company's stock price weakens, providing investors with an attractive time to buy because the company's potential structural growth trend is still stable.

Despite a temporary decline in the third quarter, the bank expects the compound annual growth rate of major markets to remain strong over the next two years, and the value of new business will return to double-digit growth in the fourth quarter of 2026 and fiscal year 2027.