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Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Equity Bottom-Up

<p>We're increasing our fair value estimate for no-moat <a href="https://www.smartkarma.com/entities/14895" target="_blank" data-smartkarma-citation="entities:14895:1">AIA Group Ltd (1299 HK)</a> to HKD 72 per share from HKD 67 to factor in more favorable assumptions after 2017 results. An increased premium growth assumption accounts for HKD 3 of the increase, while the time value of money is responsible for HKD 2. We think the stock is fairly valued, trading at a 9% discount to our fair value estimate.</p><p>Full-year results were solid, with new business value growing 28% and embedded value increasing 19%, higher…</p>

We're increasing our fair value estimate for no-moat AIA Group Ltd (1299 HK) to HKD 72 per share from HKD 67 to factor in more favorable assumptions after 2017 results. An increased premium growth assumption accounts for HKD 3 of the increase, while the time value of money is responsible for HKD 2. We think the stock is fairly valued, trading at a 9% discount to our fair value estimate.Full-year results were solid, with new business value growing 28% and embedded value increasing 19%, higher…

AIA's 2017 Results Deliver Strong New Business Value Growth Despite High Base in Hong Kong in 2016