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Express News | AIA: Spends approximately HKD 0.426 billion to repurchase 8.23 million shares.
AIA (01299) spent 0.426 billion Hong Kong dollars on July 26th to buy back 8.23 million shares.
AIA (01299) announced that on July 26, 2024, the company will spend 0.426 billion Hong Kong dollars to repurchase...
AIA (01299.HK): 1H24 Performance Preview: Steady Growth in New Business Under High Base.
It is forecasted that OPAT per share will increase by 5.7% year on year. AIA will announce its performance for the first half of 2024 on August 22. We expect that the company's new business value in the first half of the year will increase by 21% (actual exchange rates) / 2% (fixed exchange rates) respectively.
"Hong Kong stock" Hang Seng Index rose 16 points, household appliances and heavy equipment stocks rose sharply, and East Buy selection fell 23%.
The US economy grew more than expected last quarter. The Dow rose 81 points or 0.2% on the evening of the 25th, and the Hong Kong stock market rebounded with the external trend. The Hang Seng Index opened high by 74 points, rose 224 points in the early stage to 17,229 points, and then fell back. It once fell 80 points to 16,924 points, rose 16 points or 0.1% in the whole day, and closed at 17,021 points. The HSI Tech Index rose 22 points or 0.7%, and closed at 3,443 points. The total turnover of the market for the whole day was 104.67 billion yuan, and the net inflow of southbound transactions of Shanghai, Shenzhen and Hong Kong stock connect was 5.791 billion and 4 billion yuan respectively.
Goldman Sachs reiterated its "buy" rating on AIA and expects the new business value to increase by 17% annually in the next quarter.
Goldman Sachs stated that since May 20, the stock price of AIA has fallen by 22% and evaporated the increase in the announced capital management policy and expanded share buyback plan in April, which is believed to reflect the decline of Hang Seng Index and investors' continuous attention on profit rebound, intrinsic value and new business value growth. The bank believes that AIA's mid-term performance to be released on the 22nd of next month will be the first step in the company's response to investor concerns. The bank predicts that AIA's new business value in the second quarter will increase by 17% and 15% per year under fixed exchange rates and effective exchange rates, respectively. The mid-term after-tax surplus growth will turn negative to positive, increasing by 2% per year. The bank will focus on AIA management's outlook for the second half of the year. Goldman Sachs reaffirmed.
UBS recommends a buy rating for AIA (01299) with a target price of HKD 88.
Furui expects Aia Insurance (01299) to roughly meet the expected profits and growth in the first half of the year.
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