Bocom Intl expects the company's profit growth rate in 2024 to accelerate on a low base in the second half of 2023, with new business value growth continuing to lead the industry.
Zhixin Finance and Economics APP learned that Bocom Intl issued a research report stating that it raised China Taiping's target price by 29.3%, from HK$11.6 to HK$15, maintaining a "buy" rating. Based on the company's solvency report and adjustments to the company's profit and new business value forecasts in the third quarter report of the industry, it is expected that the company's profit growth rate in 2024 will accelerate on a low base in the second half of 2023, with new business value growth continuing to lead the industry.
The bank expects a 56% year-on-year growth in the company's new business value in 2024. It is also expected that the already announced policies supporting the economy and stabilizing the capital markets will continue to be implemented, with further room for fiscal policy to exert force, driving the stock market to show a stable recovery trend, benefiting the asset side performance of insurance companies.
