AIA’s FVE Increased to Reflect Time Value of Money, While Growth Will Slow
We increase our fair value estimate for AIA to HKD 55 from HKD 52 per share after rolling our model into 2017 and reflecting the time value of money. The stock is currently fairly valued, trading at a 10% discount to our new fair value estimate, which implies 1.9 times price/2017 embedded value and 12 times 2017 new business value per share. We expect embedded value and NBV growth will inevitably slow to 8% and 18%, respectively, in 2017, from 10% and 25% growth in 2016. The NBV margin should fa...AIA Group is an investment holding company. Co. is a life insurance based financial services provider operating throughout the Asia Pacific region. Through its subsidiaries, Co. is engaged in writing of life insurance business; providing life insurance, pension, accident and health insurance and savings plans throughout Asia; and distributing related investment and other financial services products to its customers. Through a network across Asia-Pacific, Co. serves the holders of over 28 million individual policies and over 16 million participating members of group policies. As of Nov 30 2013, Co. had operations in 17 markets throughout Asia-Pacific region.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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