Citi: Raises target price for AIA (01299) to HK$103, expected growth of new business value by 19% last year.

Citigroup released a research report stating that it predicts AIA (01299) will have a steady performance in 2025. The new business value is expected to grow by 19% year on year (up 17% based on fixed exchange rates) when calculated at actual exchange rates (AER), mainly driven by the growth of businesses in China, Hong Kong, Thailand, and Singapore. The bank forecasts that AIA's operating profit increased by 8% last year, with earnings per share expected to rise by 12%, surpassing the guidance given by management. The intrinsic value is expected to increase by about 12% year on year. The expected full-year dividend per share is expected to increase by 10% to 1.94 Hong Kong dollars, while the bank predicts share buyback amount to reach approximately 1.3 billion US dollars. Accordingly, Citigroup has raised AIA's target price from 99 Hong Kong dollars to 103 Hong Kong dollars, and rated it as "buy".