Goldman Sachs: Downgrades PRU (02378) target price to HKD 144, rating "buy"

Goldman Sachs released a research report stating that it has lowered the target price of PRU (02378) from 145 Hong Kong dollars to 144 Hong Kong dollars, a decrease of 0.7%, with a rating of "buy". PRU will announce its first quarter operating indicators for 2025 before the market opens on April 30. The bank expects that with the driving force of profit margins in multiple markets, the growth of new business profits (NBP) will exceed the double-digit growth target for the 2025 fiscal year. The bank believes that the tailwinds of profit margins and strong growth are already reflected in the stock price. Therefore, despite strong growth in new business profits, the bank believes that the stock price has responded tepidly, as the stock price has already risen 27% so far this year. In the short term, the bank believes that the valuation is still attractive.