We identify the twelve new regions AIA plans to enter in China by 2030F and incorporate into our forecasts the higher growth potential from these regions. We estimate these regions can help China 2020F VONB rise almost nine-fold by 2030F; hence, the need to reassess AIA’s long-term growth potential. AIA is also a clear beneficiary of US$ weakness and rising US bond yields. Reiterate Add. We raise our TP to HK$126, primarily on higher EVPS, EPS and a higher long-term growth rate ‘g’ within our GGM.