JP Morgan: AIA (01299) has outperformed the market in the past year. Potential upward revision of earnings forecasts will be a catalyst for valuation.

JPMorgan Chase released a research report stating that AIA (01299) has outperformed the market in the past 12 months, with a cumulative increase of 63%, compared to a 37% increase in the same period in the Hang Seng Index. The current price level is equivalent to about 1.5 times the intrinsic value ratio of the forecasted stock price for the fiscal year 2026. The bank has raised AIA's target price to HK$115 and maintains a "overweight" rating. JPMorgan Chase pointed out that AIA is a major beneficiary of the weakening US dollar. If the market further raises its future business growth forecasts, it will become the next catalyst to drive its valuation higher. The bank anticipates a positive performance in the markets of China, Hong Kong, mainland China, and Thailand, as well as the possible disclosure of data on the joint venture business in India, will support market adjustments to AIA's new business value growth forecasts for the fiscal years 2026 and 2027.