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Citi lifts AIA Group (01299) to HK$72

  Citi Research lifted its target price for AIA Group
(01299) to HK$72 from HK$64, and reiterated its "neutral" rating.
  The research house revised its estimates post FY2017 results by raising operating profit
and earnings to reflect better investment income, but trimming VoNB estimates to reflect 
weaker sales in 1H 2018.
  While Citi continues to like AIA's best-in-class execution and top-notch management, it
believes valuation (1.8x P/EV, 11x NB multiple) is not particularly attractive. Citi sees
better value but similar operating momentum at China insurers.

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