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

$友邦保险(hk01299)$
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.
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*声明:文章为作者独立观点,不代表格隆汇立场

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