Ageas Worries on China continue to be exaggerated
The economic headwinds China has been facing post-covid, and the dim outlook in the near future; continue to create a negative sentiment around Ageas. Although some impact cannot be avoided, we believe the market continues to overestimate the risks and exaggerate the negative view.We believe there still is a lot of value in the Asian business which is currently not reflected in the stock. We reiterate our Buy recommendation and the €50 TP.
Ageas is an insurance company engaged in providing a range of life and non-life products distributed through a variety of channels. Co. focuses on helping its customers to mitigate risks related to property, casualty, life and pensions. Co. serves its customers through a combination of wholly owned subsidiaries, equity associates and partnerships, with financial institutions and distributors in Belgium, the U.K., Luxembourg, Italy, Portugal, Turkey, France, China, Malaysia, India, Thailand and Hong Kong. Co. is organized into five operating segments: Belgium, U.K., Continental Europe, Asia, and General Account.
We are a financial services provider for several types of professional clients, each with distinct needs.
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