20150623-瑞银证券-友邦保险（1299）：1H15_EXPECTED_TO_SURPRISE_POSITIVELY_ON_HKCHINA-592022

AIA＇s share price has underperformed HSI，HSCEI and HSCEI financials index by 6-11% in 2Q where the average P/EV gap between AIA and its Chinese peers has narrowed down from over 50% to around 20% over the past nine months.We believe that AIA＇s strong franchise，superior management and powerful free cashflow surplus generation would help the stock maintain a strong P/EV premium vs its Chinese peers for as long as AIA continues to deliver strong VoNB growth.We are upgrading AIA to a Buy where we expect strong H115 result to be a positive stock re-rating catalyst.