On July 26th, Morgan Stanley released a research report which stated that although AIA's second-quarter business slowed down in line with expectations, the group's new business value increased steadily by 21% in the first half of the year, when calculated by actual exchange rates (AER), and rose by 23% when calculated by fixed exchange rates (CER), benefiting from strong growth in the Mainland and Hong Kong. Morgan Stanley stated that due to forex headwinds and moderate negative investment differences, key financial indicators may be basically flat. The bank expects the group's post-tax operating profit and dividends to grow slightly by 1% in the first half of the year. The bank recommends a "shareholding" rating for the group with a target price lowered from HKD 94 to HKD 86.