Goldman Sachs: The target price for Friends Provident (01299) is 90 Hong Kong dollars, with a rating of "buy."

Zhitong Finance and Economics App learned that Goldman Sachs has released a research report stating that, based on an 8 times forward-looking new business multiple, they have set a 12-month target price of HK$90 and a "buy" rating for AIA Group (01299), with the target price implying a 1.6 times 2026 P/E ratio. They have made adjustments to the report's application of China's mainland intrinsic value/annualized new business premium (EV/VONB) to reflect the current spot 10-year government bond yield. Overall, AIA Group is expected to have limited interest rate impact, and a weakening US dollar will have a positive translation effect. The company continues to focus on developing its business in China while reducing exposure to downward interest rate risks.