UBS: China Taiping's first-half net profit exceeds expectations, target price raised to 41 Hong Kong dollars.

UBS released a research report stating that China Taiping Insurance's net profit in the first half of the year increased by 11% year-on-year, surpassing market expectations of 2% to 9% growth; operating surplus increased by 7.1%, slightly higher than UBS' forecast of 6% growth. The new business value in the first half of the year increased by 32% year-on-year, in line with expectations. According to comparable metrics, Taiping's new business value growth slowed in the second quarter, attributed by UBS to the slowing growth of first-year premiums quarterly, but the performance remains strong. In response to the recent rise in China Taiping's stock price, UBS has raised its intrinsic value forecast for 2025 by 5%, raising the target price from HK$37 to HK$41, with a "Buy" rating.