Despite challenging conditions, AIA reported reasonable volumes in Q4FY21. However, new customer engagement and acquisition are expected to pick up as the travel situation is expected to normalise in H2FY22E and will allow AIA to gain incremental volume growth in coming years despite likely short term challenges due CBA investigation on anti-dumping. AIA's strong balance sheet, decent cash balance and efficient working capital management are expected to support long term growth. We expect overall revenues, EBITDA to grow at 6.5%, 6.2%, respectively, in FY20-23E. We...