Ge Long Hui·2025-09-08 02:57Core Viewpoint - Goldman Sachs has updated its forecasts for Ping An's operational profit and new business value following the company's half-year results, reflecting higher contributions from Ping An Bank and better-than-expected property insurance underwriting results [1] Group 1: Operational Profit and New Business Value - Goldman Sachs raised its 2025 fiscal year operational profit (OPAT) forecast by 3% [1] - The annual new business value (NBV) forecast was increased by 4% [1] Group 2: Future Outlook - The recent product repricing in September is expected to enhance profit margins, leading to an 11% to 12% increase in NBV forecasts for fiscal years 2026 to 2027, based on a 2 percentage point increase in margin estimates [1] - The forecast for the embedded value of life insurance for fiscal years 2025 to 2027 was raised by 6% to 7% [1] - OPAT forecasts for fiscal years 2026 to 2027 were adjusted upward by 1% to 3% [1] Group 3: Target Price Adjustments - Based on the sum-of-the-parts (SOTP) valuation method, Goldman Sachs raised the target price for H-shares from HKD 58 to HKD 61 and for A-shares from CNY 65 to CNY 67, maintaining a "Buy" rating [1]