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AIA 4Q23 Results Due 14-Mar; Interesting For HSBC and StanChart

FINANCIALS

AIA Group (1299 HK) 4Q23 results due very early on 14-Mar. Interesting for HSBC and StanChart.


  • 3Q23 results (on 3-Nov-23) were ahead of expectations on good new business growth across a range of territories (incl. China) which pushed the equity higher on the day. Subsequently it’s given that performance back, tracking the Hang Seng (and HS Financials) indices lower.
  • AIA only has one EUR750m sub debt here but it’s tightened c.9bp YTD, c.4bp better than the sub financials index.
  • Moody’s downgraded AIA Group’s outlook to negative (from stable, on the back of both PRC and HK SAR’s similar sovereign downgrades).
  • The interest here will be in the laterals operating across banking and insurance in both HK SAR and the mainland. HSBC (which owns 40% of BoComm (3328 HK) ) and StanChart (47% owner of Bohai Bank (9668 HK)) are the key Euro issuers affected here.

Conf call is 0130 (London time, 0930 HKT) and details will appear at: https://www.aia.com/en/investor-relations/overview

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