The analyst rating for AIA (01299.HK) is "Buy" with a target price of HKD96. This rating is supported by the company's FY25 results, which were largely in line with expectations, as the Value of New Business (VONB) for FY25 was USD5.5 billion, meeting street consensus but slightly below Goldman Sachs' forecast. The report highlights strong growth momentum in Hong Kong and a significant share buyback announcement of USD1.7 billion, exceeding market expectations. Despite some deceleration in business growth in Thailand and Mainland China, the outlook remains positive, particularly with anticipated growth in VONB in early 2026.
