Morgan Stanley lowers the target price for CHINA TAIPING to 25.7 yuan, maintaining a "Market Perform" rating

Morgan Stanley published a research report indicating that CHINA TAIPING (00966.HK) is expected to see strong profit growth in the fiscal year 2025, leading its peers, with a significant increase in dividends as well. However, looking ahead to 2026, its new business value growth may continue to lag behind major peers, although the company's business is shifting towards high-quality dividend products. Investors still have concerns about its balance sheet, as management stated that it has recorded impairment losses exceeding RMB 30 billion since 2020.

The bank raised its forecast for CHINA TAIPING's attributable net profit for the next two years by 4% and 3.7%, respectively, but lowered its new business value forecast by 5% and 2%, and adjusted the company's target price from HKD 27.3 to HKD 25.7, maintaining a "market perform" rating