Robust new business growth ahead
- 4Q23 VNB up 20% y-o-y, beating expectations by 20%
- 4Q23 core earnings up +15% y-o-y, largely in line
- VNB growth momentum expected to continue in FY24F, driven by robust growth in Asia, especially HK MCV segment
- Revise up VNB forecasts by 9%/14% in FY24F/25F, lift TP from HK$182 to HK$210 on the back of its robust new business and earnings growth, maintain BUY
