Zhi Tong Cai Jing·2025-11-03 08:17Core Viewpoint - Morgan Stanley's report indicates that AIA Group (01299) has delivered strong new business value results supported by both mainland China and Hong Kong, leading to an expected positive market reaction and an upward revision of new business value forecasts [1] Group 1: Financial Performance - AIA's new business value for Q3 2025 reached USD 1.48 billion, representing a year-on-year growth of 27%, significantly exceeding Morgan Stanley's forecast of USD 1.29 billion [1] - The strong growth is driven by factors such as product margin expansion, slightly higher business volume growth, and the appreciation of local Asian currencies against the US dollar [1] Group 2: Investment Outlook - Morgan Stanley suggests accumulating AIA shares with a 12 to 24-month investment horizon, anticipating more catalysts in 2026 and beyond, along with potential for further expansion in valuation multiples [1] - Key drivers for future growth include potential acceleration in the mainland market, strategic upward potential in India and ASEAN markets under new leadership, and greater clarity regarding excess capital returns to shareholders in 2026 [1]