HK Stock Market Move | CHINA RE (01508) up over 3% with a year-on-year forecasted increase of over 80% in net profit. Institutions have raised the company's earnings forecast and target price.

CHINA RE (01508) rose more than 3%, at the time of writing, up 3.09% to HK$1, with a turnover of HK$25.0386 million. On the news front, CHINA RE recently announced that the net profit attributable to the company's shareholders for the 2024 fiscal year is expected to increase by approximately 80% to 100% compared to the same period in 2023. Huatai released a research report stating that the company's high-speed profit growth may be mainly driven by the strong growth in investment financial reports and stable growth in the insurance business. The bank predicts that the net profit of the group's personal reinsurance business in 2024 is expected to increase by 236%, with an overall COR for the non-life insurance business reaching 99.8% in 2024. The bank stated that considering investment fluctuations, it has raised its earnings forecasts for the previous year, this year, and next year to RMB 0.25 per share, RMB 0.21 per share, and RMB 0.21 per share respectively, with a target price increased from HK$1 to HK$1.1, and maintains a "buy" rating.