JPMorgan maintains an Overweight rating on AIA due to the belief that concerns over risks related to Mainland Chinese Visitors have been largely priced in. Despite recent declines in share prices, the firm sees potential for growth and cash generation capabilities beyond the MCV business, which constitutes only 21% of AIA's new business value. The valuation is at historical lows, which may limit downside risk, and forecasts for operational profit after tax growth remain strong at 10% and 12% for FY2026 and FY2027, respectively.
