Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:Academy Sports and Outdoors, Inc. (ASO) is a company that operates as a sporting goods and outdoor recreational products retailer. The Zacks Consensus Estimate for its current year earnings has been revised 8.5% downward over the last 60 days.Alexander & Baldwin, Inc. (ALEX) is a Hawai’i-based exclusive publicly-traded real estate investment trust. The Zacks Consensus Estimate for its current year earnings has been revised 13.7% downw ...

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:AFC Gamma, Inc. (AFCG) is a cannabis financial services provider. The Zacks Consensus Estimate for its current year earnings has been revised 5.2% downward over the last 60 days.AIA Group Limited (AAGIY) is a life insurance based financial services provider. The Zacks Consensus Estimate for its current year earnings has been revised 16.6% downward over the last 60 days.Alexander & Baldwin, Inc. (ALEX) is a real estate investment trust ...

Financial Performance - AIA Group reported total assets of $286 billion as of December 31, 2023[15]. - The company achieved insurance payouts and claims of $21 billion in 2023, an increase of $2 billion compared to 2022[16]. - AIA reported a total weighted premium income of US$340 million in 2023, reflecting a growth compared to US$262 million in 2022[53]. - The annualized new premiums reached US$71.2 billion in 2023, showing a slight decrease from US$71.2 billion in 2022[36]. - New business value increased by 33% to $4.034 billion, with double-digit growth in 10 markets and all distribution channels[62]. - The operating profit attributable to underlying value per share rose by 37%, driven by the growth in new business value, resulting in an operating return on embedded value increase of 350 basis points to 12.9%[111]. - The embedded value operating profit increased by 33% to $8.890 billion, reflecting significant growth in new business value and higher expected returns due to rising interest rates[157]. - The basic free surplus generated was $6.041 billion, with a per share increase of 5%, driven by higher interest rates, partially offset by medical claims experience[160]. - The contract service margin rose to $53.115 billion, with a basic contract service margin growth rate of 8.4%, driven by the continued achievement of large-scale and high-quality new business[158]. - AIA recorded a strong financial performance in 2023, with new business value increasing by 33% to $4.034 billion, supported by double-digit growth in 10 markets[154]. - The local capital adequacy ratio reported at 275% as of December 31, 2023, indicating strong financial health[184]. Shareholder Returns - AIA has returned US$7.2 billion to shareholders through an ongoing share buyback program, part of a total plan of up to US$10 billion[42]. - The group returned USD 5.9 billion to shareholders through increased dividends and ongoing share buyback programs, with free surplus before capital return increasing by 25%[103]. - The board proposed a final dividend of HK$1.1907 per share, a 5% increase, resulting in a total dividend of HK$1.6136 per share for 2023[64]. - The total dividend for 2023 reached HKD 1.6136 per share, a 5% increase from 2022[140]. - The share buyback program repurchased approximately 740 million shares for a total value of $7.207 billion, reducing the number of shares outstanding by 6% since the program's launch in March 2022[161]. - The company plans to return excess capital of $3.637 billion to shareholders through a share buyback program, in addition to a dividend of $2.293 billion[138]. Market Expansion and Operations - AIA Group's business covers 18 markets, with a focus on Asia, and serves over 42 million individual policyholders and more than 18 million group insurance plan participants[16]. - The company opened a new branch in Henan, upgraded its Shijiazhuang center to a branch, and is preparing to expand into Hubei and Sichuan provinces[19]. - AIA's joint venture Tata AIA Life is the third-largest private life insurance company in India and the leading retail protection provider[20]. - The company operates in 12 markets and has expanded its community initiatives across 18 markets in 2023[29][49]. - New business value in mainland China grew by 28% from February to December 2023, with total new business value for the year increasing by 20% to USD 1.037 billion[107]. - AIA's new business value in Singapore increased by 10% to USD 0.394 billion, supported by strong performance from agency and partner distribution channels[109]. - The investment in China Post Life Insurance, representing a 24.99% stake, provided additional growth opportunities and a complementary customer base[108]. - The company is expanding its operations into new major cities in Hubei and Sichuan provinces in China[133]. Technology and Digital Transformation - The company has been recognized as the "Digital Insurer of the Year" for three consecutive years by InsuranceAsia News[5]. - AIA's cloud technology adoption rate reached 90%, significantly higher than the global financial services and insurance industry average[44]. - AIA's digital transformation led to over 20 million existing and potential registered customers using its app, with over 85% of customer transactions completed digitally[115]. - The end-to-end processing ratio improved from 35% in June 2020 to 85% by December 2023[142]. Sustainability and ESG Initiatives - AIA Group has become the first life and health insurance group in the Asia-Pacific region to have its short-term reduction targets verified by the Science Based Targets initiative[24]. - The company launched a climate transition plan aiming for net-zero emissions by 2050, integrating climate factors into its core business[46]. - The company received recognition for its leadership in ESG, being awarded top industry and regional badges for three consecutive years[68]. - AIA's commitment to sustainability was highlighted by becoming the first life and health insurance group in the Asia-Pacific region to have its near-term reduction targets verified by the Science Based Targets initiative (SBTi)[170]. Employee Engagement and Corporate Culture - AIA has been recognized with the "Gallup Exceptional Workplace Award" for the second consecutive year, highlighting high employee engagement[44]. - The company remains confident in growth opportunities, focusing on achieving substantial profitability in new business growth while maintaining financial discipline[185]. Product and Service Development - The company launched the "AIA Junyu Wealth Management Center" and "AIA Junyu Health Garden" in Hong Kong, offering integrated health and wealth management services[19]. - AIA's comprehensive ecosystem combines various new products and services to meet a broader range of financial and health protection needs for customers[116]. - Approximately 60% of new customers opted to include "AIA Vitality" in their policies when given the choice[49]. - AIA's distribution platform, supported by the "Best Agents" strategy, accounted for 76% of the total new business value, growing by 23%[167]. Market Performance - New business value in Hong Kong increased by 82% to $1.43 billion, contributing significantly to the group's new business performance[132]. - The new business value in China grew by 55%, with the company now operating 10 branches in the mainland[133]. - In Thailand, new business value rose by 21% to $713 million, with the company holding a 41% market share[134]. - The overall new business value in other markets remained flat at $406 million, but excluding Vietnam, it increased by 15%[137]. - New business value from partner distribution channels surged by 58%, with bank insurance channels achieving a 42% increase[143].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for investors [3][16]. Core Insights - The company has demonstrated strong growth in new business value, with a 33% year-on-year increase to $4.034 billion as of December 31, 2023. Notably, the new business value in mainland China grew by 20%, while Hong Kong saw an impressive 82% increase [3][16]. - The annualized new premium increased by 45% to $7.650 billion in 2023, driven by a shift towards long-term savings products and increased contributions from bank insurance in mainland China [3][16]. - The company's new business value margin decreased to 52.6% for the year but improved to 54.5% in the second half of 2023, reflecting operational enhancements [3][16]. Financial Metrics - Total assets for 2023 are reported at $286.32 billion, with total liabilities at $244.7 billion, resulting in a net asset value of $44.75 billion [1][10]. - The company’s operating profit after tax for 2023 was $6.213 billion, with a return on equity (ROE) of 9.0% [17][31]. - The intrinsic value increased by 7% to $76.083 billion, and the new business value is projected to grow to $4.87 billion in 2024, with a year-on-year growth rate of 20.8% [15][22].

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------|--------|----------------|------------------------|-----------------|--------------------------|--------|--------|--------|--------|--------|--------------| | 表 1 绝对估值法得到公司 | 2024E | 2024 \n2025E | 年每股评估价值 \n2026E | 91.38 \n2027E | 港元（百万美元） \n2028E | 2029E | 2030E | 2031E | 2032E | 2033E | 未来年份 NBV | | 折现因子 | 92% | 84% | 77% | 70% | 64% | 59% | 54% | 49% | 45% | 41% | 41% | | NBV （折现 后） | 4149 | 4145 | 41 ...

Investment Rating - The report maintains a "BUY" rating for the company with a revised target price of HK$96.50, implying a 1.8x FY24E P/EV [18][19]. Core Insights - The company reported a full-year Value of New Business (VNB) growth of 33% year-on-year to US$4,034 million, with Annualized New Premium (ANP) increasing by 45% to US$7,650 million, aligning with forecasts [18]. - The VNB margin narrowed to 52.6%, but improved sequentially by 3.8 percentage points to 54.5% in the second half of 2023 [18]. - The company is expected to sustain mid-double digit VNB growth in the first quarter of 2024, driven by strong momentum in the MCV segment [18]. Summary by Sections Financial Performance - The company achieved a net profit of US$3,781 million in FY23, with an EPS of US$0.33 [19]. - The return on equity (ROE) is projected to increase from 8.8% in FY23 to 15.0% in FY24E [19]. - The operating return on embedded value is expected to rise from 13.0% in FY23 to 14.2% in FY24E [15]. Valuation Metrics - The report indicates a P/Embedded Value of 1.3x for FY23, projected to decrease to 1.2x in FY24E [19]. - The dividend yield is expected to increase from 2.1% in FY23 to 2.9% in FY24E [19]. - The average risk discount rate for the group has been revised down from 10% to 9.5% [20]. Embedded Value and Growth Projections - The embedded value for FY23 is reported at US$67,447 million, with projections of US$71,790 million for FY24E [24]. - The long-term growth rate is set at 3.0%, with VNB growth expected to be 11.5% in FY24E [24]. - The company’s new business multiplier is projected to be 22.8x for FY24E [24]. Market and Economic Assumptions - The report highlights a trend of negative investment variances impacting profitability, alongside higher medical claims [18]. - The average long-term investment return is estimated at 8.6%, reflecting a prolonged low-interest-rate environment [20].

Investment Rating - The report assigns an "Outperform" rating to AIA Group, with a target price of HK$91.38 [4][16][129]. Core Insights - AIA Group's New Business Value (NBV) reached $4.03 billion, reflecting a 33% year-over-year increase at constant exchange rates, with Q4 2023 NBV at $1.01 billion, up 24% year-over-year [15][36][129]. - The NBV margin was reported at 52.6%, down 4.5 percentage points year-over-year, but showed recovery in the second half of 2023 to 54.5% [36][58][129]. - Annualized New Premiums (ANP) hit a record high of $7.65 billion, up 45% year-over-year, with H2 2023 contributing $3.67 billion, a 39.4% increase [36][129]. - The net profit for the year was $3.76 billion, representing a 15% increase year-over-year [36][129]. - The embedded value was $67.4 billion, down 2% year-over-year, while the operating profit from embedded value increased by 33% year-over-year [36][129]. Summary by Sections Channels and Manpower - The agency channel's NBV increased by 23% year-over-year, accounting for 75.7% of total NBV, while the NBV margin decreased by 8.0 percentage points to 65.4% [100][129]. - The partner channel outperformed with a 58% year-over-year increase in NBV, and the bancassurance channel saw a 42% increase [100][129]. Regional Performance - Hong Kong regained its position as the largest contributor to NBV, with an 82% year-over-year increase to $1.43 billion, half of which was contributed by mainland visitors [15][130]. - Mainland China's NBV grew by 20% year-over-year, with a notable 28% growth from February to December [15][130]. - The "New Malaysia Thailand" region continued to show positive growth, with increases of 10%, 7%, and 21% year-over-year [15][130]. - Other regions maintained stable NBV, with a 15% year-over-year increase when excluding Vietnam [15][130]. Financial Metrics - The report indicates a decrease in the overall NBV margin to 52.6%, with a recovery in the second half of 2023 [58][129]. - The average credit rating of the fixed income investment portfolio improved from A- in 2022 to A in 2023 [37][129]. - The report projects continued growth in 2024, supported by the development of new branches in Mainland China and strong growth in the ASEAN region [16][129].

非银行金融 2024 年 03 月 18 日 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 未经许可，禁止转载 比+1.5pct 到 67.2%，保障类产品占比有所上升。（3）马来西亚：2023 年实现 新业务价值 3.19 亿美元，同比+7%；年化新保费 4.73 亿美元，同比+12%；新 业务价值利润率同比-2.6pct 到 67.3%。 其他市场：2023 年实现新业务价值 4.06 亿美元，同比-3%（实际汇率）；年化 新保费 13.96 亿美元，同比+4%；新业务价值利润率同比-1.4pct 到 28.9%。多 数市场新业务价值实现较好的增长（合计同比+15%），但被越南市场承保开支 超支增加、新业务价值下降影响所部分抵消，主要原因在于当地市场负面的消 费者情绪。 净/总投资收益率均上行。2023 年净投资收益率 4.3%，同比+0.1pct；总投资收 益率 4.8%，同比+0.3pct。截至 2023 年末，总投资资产达到 2685.48 亿美元， 其中保单持有人及股东账户占比 88%，单位连接式合约及合并投资基金占比 12%。（1）单位连接式合约及合并投资基金主要进 ...

Investment Rating - The report maintains a "Buy" rating for AIA Group with a current price of HKD 61.0 [16]. Core Insights - AIA Group's new business value (VONB) showed strong growth, particularly in the mainland China market, with a year-on-year increase of 30.5% to USD 40.3 billion [16][18]. - The company achieved a net profit of USD 3.76 billion in 2023, reflecting a 13.0% increase compared to the previous year, driven by improved investment returns [16][18]. - AIA's annualized new premiums reached a record high of USD 76.5 billion, up 41.5% year-on-year, indicating robust demand for savings insurance products post-pandemic [16][18]. Summary by Sections New Business Value Performance - AIA's new business value in mainland China was USD 10.4 billion, with a year-on-year growth of 13.2% [9]. - The agency channel's new business value grew by 21.1% to USD 3.22 billion, while the partner distribution channel saw a 55.0% increase to USD 1.03 billion [3]. Financial Performance - The company's total assets increased to USD 286.3 billion in 2023, with total liabilities at USD 244.7 billion [10]. - The net profit for 2023 was USD 3.76 billion, with a projected growth of 28.6% in 2024 [21]. Market Outlook - AIA Group is well-positioned in 18 major markets across the Asia-Pacific region, with a clear strategy to penetrate the mainland China market further [18]. - The report anticipates continued growth in new business value driven by high-quality agency and partner distribution channels [18].

退，新业务价值强劲复苏 [Table_Summary] 核心观点： | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|--------|---------|--------|--------| | [Table_ 单位：美元 Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 5,466 | 5,091 | 5,343 | 5,921 | 6,896 | | 增长率 （ % ） | - | -6.86% | 4.95% | 10.82% | 16.47% | | 归母净利润（百万元） | 3,331 | 3,764 | 8,856 | 9,696 | 11,927 | | 增长率 （ % ） | - | 13.00% | 135.27% | 9.49% | 23.01% | | EPS （元 / 股） | 0.28 | 0.33 | 0.62 | 0.68 | 0.84 | | P/E | 28.42 | 24.11 | 12 ...