AIA Group Ltd

01299: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	?nX	LOCK\|&H!	LOCK\|s@J&d#W

AIA Earnings: OPAT and Dividend Growth in Line; VNB Growth Slightly Missed

Iris Tan

Mar 14, 2025

We retain our fair value estimate of HKD 96 per share for no-moat AIA. The stock is undervalued trading at 1.1 times 2025 EV equity per share. AIA is our top pick and we like its steady growth outlook and progressive dividends. The stock offers a 6% total shareholder return via USD 2.4 billion dividend payment and USD 2.3 billion buyback. Given its near-term goal to reduce its capital ratio and achieve strong OPAT growth, we see upsides in both metrics.

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United States

AIA Group Ltd

AIA Earnings: OPAT and Dividend Growth in Line; VNB Growth Slightly Missed

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