■ Recent investor feedback suggests a lot of interest in AIA’s China operations
in Mar, given our estimate of a 35% yoy VONB growth for the month.
■ We note AIA’s use of ‘excellent’ to describe its China performance in 1Q21.
Historically, ‘excellent’ refers to an average VONB growth of 41%.
■ Following 2020‘s ‘sub-optimal’ product mix, we see margins improving in
2021F. This bodes well for AIA China’s growth outperforming peers in 2Q21F.
■ Reiterate Add. AIA remains our top pick of the sector, TP: HK$127.