Huachuang Securities Maintains "Recommend" Rating on China Taiping (00966) with HK$29.6 Target Price

Stock News01-26

Huachuang Securities issued a research report forecasting China Taiping's (00966) embedded value per share (EVPS) for 2025 to 2027 at HK$56.9, HK$65.8, and HK$75.6, respectively. The report projects a 2026 price-to-embedded-value (P/EV) ratio of 0.45 times, corresponding to a target price of HK$29.6, and maintains a "Recommend" rating. According to the company's announcement, China Taiping's net profit attributable to shareholders for 2025 is expected to increase by 215% to 225% year-on-year, translating to a full-year performance of HK$26.6 billion to HK$27.4 billion. In the first half of 2025, the company achieved a net profit attributable to shareholders of HK$6.8 billion, a 12% increase year-on-year; this implies an expected net profit for the second half of 2025 of HK$19.8 billion to HK$20.6 billion, representing a projected surge of 723% to 758% year-on-year. The bank stated that the performance exceeded expectations, driven by a low base, equity market resilience, and one-off tax impacts, with active equity investments in the first half expected to continue providing earnings flexibility.

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