CMB International: Raises target price of China Property & Casualty Insurance (02328) to HK$23.6, maintains "buy" rating.

According to the WiseMoney Financial APP, CMB International has released a research report stating that China Taiping Insurance (02328) had a strong performance in the third quarter, with net profit increasing by 91.5% year-on-year to 15.8 billion RMB (same below), driving net profit growth by 50.5% to 40.3 billion RMB in the first nine months, benefiting from improved underwriting profitability and significantly increased investment income. CMB International points out that China Taiping Insurance (current fiscal year 2025 price-to-book ratio of 1.35 times) maintains a "buy" rating, with the target price raised from 21.6 Hong Kong dollars to 23.6 Hong Kong dollars.