Goldman Sachs Raises CPIC (02601) Target Price to HK$34, Maintains "Buy" Rating

Stock News

11/10

Goldman Sachs updated its forecasts for CPIC (02601) following the release of its Q3 2025 results. After factoring in better-than-expected investment income for the quarter, the bank raised its 2025 net profit forecast by 11% and adjusted 2026–2027 earnings estimates slightly by 2%–3%. However, due to lower-than-expected book value growth in Q3 2025, shareholder equity projections for 2025–2027 were trimmed by 2%.

The bank also lifted CPIC’s new business value forecast for 2025–2027 by 7%–11%, reflecting sustained margin expansion in 2025 and positive prospects for new policy sales in 2026–2027. For the property and casualty insurance segment, the combined ratio forecast for 2025 was revised up by 0.1 percentage point to 97.8%.

Goldman Sachs raised its target price for CPIC from HK$32.5 to HK$34 and reiterated a "Buy" rating.

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After factoring in better-than-expected investment income for the quarter, the bank raised its 2025 net profit forecast by 11% and adjusted 2026–2027 earnings estimates slightly by 2%–3%. However, due to lower-than-expected book value growth in Q3 2025, shareholder equity projections for 2025–2027 were trimmed by 2%.</p>\n<p>The bank also lifted CPIC’s new business value forecast for 2025–2027 by 7%–11%, reflecting sustained margin expansion in 2025 and positive prospects for new policy sales in 2026–2027. 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