CMB International: Raises target price of China Taiping (02601.HK) to 40 Hong Kong dollars, rating "buy"

According to the Wise Finance APP, CMB International released a research report stating that under a high base, China Taiping (02601.HK) saw its net profit in the first half of the year increase by 11% to 27.9 billion RMB, indicating a 36% year-on-year growth in the second quarter. Due to the higher insurance business structure, the new business value profit margin in the first half of the year increased slightly by 0.4 percentage points to 15% compared to the same period last year. The bank pointed out that the group's earnings per share forecast for this year, next year, and 2027 have been raised to 4.54 RMB, 4.81 RMB, and 5.28 RMB respectively, with its target price raised from 34 Hong Kong dollars to 40 Hong Kong dollars, maintaining a "buy" rating.