Glonghui, April 30 | Morgan Stanley released a report stating that China's Taibao's key indicators for the first quarter beat expectations. The profit for the quarter was 11.8 billion yuan, up 1.1% year-on-year, better than the bank's expected decline in the number of units. The bank maintains its “Overweight” rating, with a target price of HK$19. According to the bank, Taibao's new business value increased by 31% year-on-year. The bank is expected to reach about 44% after adjustment. It is still one of the highest in the industry, mainly benefiting from improved gross profit. As for the company's property and accident (P&C) insurance, the comprehensive cost ratio (CoR) improved by 0.4 percentage points, mainly due to better expense management.
大行评级｜大摩：维持太保“增持”评级 首季关键指标胜预期
Big Bank Ratings｜Damo: Maintaining Taibao's “Accumulation” Rating Outperforms Expectations in the First Quarter
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