JP Morgan: Maintains "overweight" rating on AIA (01299) with a target price of HK$59.4.

JPMorgan Chase released a research report stating that it maintained a "buy" rating for AIA (01299) with a target price of 59.4 Hong Kong dollars. AIA's stock price has underperformed the market so far this year, but its 2025 fiscal year price-to-earnings ratio forecast is 12 times, significantly higher than mainland insurance companies listed in Hong Kong (forecasted price-to-earnings ratio of 5 to 7 times). The bank stated that before AIA's 2024 fiscal year performance report, it recommended buying AIA over Chinese life insurance companies, mainly due to the sustainability of shareholder returns, differentiated growth characteristics, and stable cash generation prospects. The bank mentioned that AIA's large buyback plan exceeding 75% of net free cash flow could serve as a catalyst for its stock price in the near term.