Goldman Sachs: Raises target price for China Taiping Insurance Holdings (02601.HK) to 34 Hong Kong dollars, maintains "buy" rating.

Intelligence Finance APP learned that Goldman Sachs released a research report stating that it will update its forecast after China Taiping's (02601.HK) third quarter 2025 performance announcement. After incorporating the investment income that exceeded expectations in the third quarter, the net profit forecast for the 2025 fiscal year will be raised by 11%, and the profit forecast for the 2026 to 2027 fiscal years will be adjusted slightly by 2% to 3%. However, due to the lower-than-expected growth in book value in the third quarter of 2025, the shareholder equity forecast for the 2025 to 2027 fiscal years will be reduced by 2%. The bank will raise the forecast for the new business value of Taiping for the 2025 to 2027 fiscal years by 7% to 11%, reflecting the continued expansion of profit margins in the 2025 fiscal year and the positive outlook for new policy sales in the 2026 to 2027 fiscal years. In terms of property and casualty insurance business, the forecast for the comprehensive cost rate for the 2025 fiscal year is adjusted upward by 0.1 percentage point to 97.8%. The target price has been raised from HK$32.5 to HK$34, maintaining a "buy" rating.