Futai: Maintains "Buy" rating and target price of HKD 114 for AIA (01299), believing that the Thai business is undervalued.

Fidelity released a research report stating that Thailand is one of AIA's (01299) third-largest and highest-quality divisions, with over 90% of sales coming from protection or fee-based businesses. As of the first half of 2026, AIA Thailand accounted for 15% of the group's value of new business (VONB) and 12% of embedded value (EV). The firm maintains a Buy rating on AIA with a target price of HKD 114, believing that the Thai business is undervalued by investors. The report noted that AIA Thailand has over 5 million customers, with a median policy term of 13 years and a renewal rate exceeding 90%. More than 70% of customers purchase multiple products; there are over 24,000 active agents, with a market share of approximately 44%, and a strategic partnership with the largest local bank, Bangkok Bank. The market shares for critical illness, investment-linked, and medical products are approximately 63%, 59%, and 49%, respectively.