Goldman Sachs: Raises AIA (01299) target price to HK$97, reiterates "buy" rating.

Goldman Sachs released a research report stating that AIA (01299) 2025 fiscal year performance is roughly in line with expectations. The growth of new business value in the fourth quarter is slowing down, but they are pleased to see positive growth momentum in major markets in 2026. Management pointed out that from January to February 2026, the year-on-year growth of new business value in mainland China was more than 20%, and the strong growth momentum in Hong Kong has continued into 2026. Goldman Sachs believes that concerns about the high proportion of savings products have been reflected in the currently lower P/EV multiples compared to historical averages, making the risk-return ratio attractive at this level. The bank updated its forecast, raising the expected new business value/EV ratio for AIA for the fiscal years 2026 to 2028 by 1% to 2%, and raising the operating net profit forecast by 2% to 3%. The target price has been raised from HK$96 to HK$97, and the "buy" rating has been reiterated.