Goldman Sachs: Cuts AIA (01299) target price by 1% to HK$95, reiterates "Buy" rating.

Goldman Sachs released a research report stating that it has cut AIA's (01299) target price by 1%, from HK$96 to HK$95, and reiterated its "Buy" rating. The bank expects that, due to the high base effect from previous promotional activities in Hong Kong, mainland China, and Thailand, AIA's value of new business (VONB) in the third quarter of 2026 will decline by 3% year-on-year (at constant exchange rates). The bank believes that recent investor concerns over offshore tax-related news, which could lead to a slowdown in Chinese consumer demand, have weighed on the company's share price, providing investors with an attractive buying opportunity, as the company's underlying structural growth trends remain solid. Despite the temporary decline in the third quarter, the bank expects compound annual growth rates in key markets to remain strong over the next two years, with value of new business returning to double-digit growth in the fourth quarter of 2026 and fiscal year 2027.