Zhi Tong Cai Jing·2026-01-06 07:14Group 1 - The core viewpoint of the report is that Citic Securities has downgraded the expectations for AIA Group (01299) due to capital market volatility, while maintaining a target price of HKD 110 and an "outperform" rating [1] - AIA Group remains the top choice in the Asian insurance sector according to Citic Securities, which appreciates the company's ability to achieve long-term quality profit growth and shareholder returns [1] - The shift from stock buybacks to investing in new business for organic growth is expected to enhance long-term shareholder value [1] Group 2 - Citic Securities forecasts a compound annual growth rate of 10% for earnings per share dividends from 2024 to 2027, along with stock buybacks of USD 1 to 1.1 billion in 2026/27 [1] - The total shareholder return rates are projected to be 3.4% and 3.7% for 2026 and 2027, respectively [1]