JPMorgan released a research report stating that the share price of AIA Group (01299) has outperformed the market over the past 12 months, achieving a cumulative increase of 63%. This compares to a roughly 37% rise in the Hang Seng Index over the same period. The current price level corresponds to approximately 1.5 times the forecasted price-to-embedded value ratio for the 2026 fiscal year. The firm raised its target price for AIA to HK$115 and maintained an "Overweight" rating.

JPMorgan pointed out that AIA is a primary beneficiary of a weakening US dollar. Should the market further upgrade its future business growth forecasts, this would become the next catalyst driving its valuation higher. Optimism regarding strong performance in the Hong Kong China, Mainland China, and Thailand markets, coupled with the potential for the group to disclose data from its Indian joint venture business, are all factors expected to support market upgrades to AIA's new business value growth forecasts for the 2026 and 2027 fiscal years.